Hong Kong's Wen Wei Po (Reporter Wong Tsz Man) Due to the fact that the atmosphere of Lunar New Year holiday have declined,coupled with the owners relented the attitude and willing to discount the price,so it cause the second-hand property transactions rebound.According to top three proxies in the local,Midland Realty,Centaline and Ricacorp statistics,in this past Saturday and Sunday,top-ten second-hand property transaction volume has recorded a growth of more than doubled the number,reaching a double digits.
Top 10 Housing Estates of Midland Realty have recorded ten transactions,have rebounded more than 2.3 times when compared to three transactions which recorded in last weekend,it have recorded a new high in seven weeks since last year's winter solstice weekend.Chief Executive Officer of the Residential Department of Midland Realty Pu Siu Ming cleared that there are new properties of New Territories will be launched out the sales soon,the atmosphere of waiting to see on the second-hand property market is strong,Tsuen Wan Centre,City One in Shatin and Kingswood Villas have recorded four transactions,just more than one transaction which recorded last week.The trend of discounts have spread to the Kowloon area,there are buyers are waiting 'bargain the price" in order to buy the properties,the tradings are led by Mei Foo Sun Chuen and Metro City Plaza,four indicators housing estates in Kowloon,including Laguna City ,Whampoa Garden,Metro City Plaza and Mei Foo Sun Chuen have recorded approximately six transaction in this weekend,which ended a decadent situation of zero turnover which recorded last weekend.In contrast,Hong Kong Island which have stronger force on properties holding,the owners are still the asking price is widespread tough,three indicators of housing estates in the region,including Taikoo Shing, KORNHILL and South Horizons,have continued 'holding the egg' in this weekend.
Beginning to see significant fall on the new property market
Mr.Pu is expected that under a trend of the major developers launched out the property sales with 'focus on the volume more than the price',it is expected to see significant fall on the first-hand property market,while second-hand property prices downward pressure also increased,the owners are also expected to adjust the asking price significantly due to the first-hand property market conditions,so it cause the frozen situation of second-hand property have rebounded slightly.
Another proxy Centaline statistics,top ten housing estates totaling recorded 13 transactions over the past two days,rose 1.6 times weekly;except some transaction performance of housing estates polarized,Taikoo Shing recorded the most transactions with four,rose three times by week;but there are still a half of housing estates recorded zero turnover.Centaline Asia-Pacific president of Residential Department,Chan Wing Kit said the purchasing power have returned to the market after the holiday,second-hand property visits and transactions in every district have recovered gradually,due to the recent new property supply concentrated in the New Territories,the large housing estates in urban areas such as Taikoo Shing,Mei Foo Sun Chuen and so on under no direct impact from the new property sales,coupled with the owners are willing to discount the price,and thus speed up the tradings.
Nan Fung Sun Chuen 8% lower than the market price
The bargaining space of owners have been widened significantly,it cause the property market appeared many transactions with the price lower than the market price.Deputy regional sales manager of Centaline Yeung Man Kit said that Nan Fung Sun Chuen recorded a transaction which located in Flat F,Lower Floor,Tower 10,salable area of 391 feet,put on sale for three months,the original asking price of HKD $4.68 million,then reduced to HKD $4.48 million,recently further reduced to HKD $4.12 million then attract a buyers to buy it,equivalent to HKD $10,537 per sq.ft.The recent trading price of the same type of units generally HKD $4.5 million,the latest transaction price was 8% lower than the market price.
In addition,Cheng Ka Fai of Tung Chung Property said Flat E,Middle Floor,Tower 2,Seaview Crescent,Tung Chung,with 508 practical feet,just transacted in HKD $4.3 million,with HKD $8,465 per sq.feet,about 5% lower than the market price.
Ricacorp Properties president Liu Wai Kung pointed out that some of the owners due to the unfavorable external factors affected the psychology,relented the attitude and willing to discount the price,so that it makes trading volume has increased.Although there are an increase in trading volume,but also just a return to normal levels under the static market,the overall second-hand property transactions remained subdued,coupled with the usual appearance of rebound after the lunar new year in the past,it is a far cry even more.Ten indicators housing estates recorded 14 transactions,rose 133% when compared to 6 transactions which recorded last weekend.
The manager of the branch of Ricacorp Properties which located in mount sterling mall,Mei Foo,Yu Hao Shing said that Mei Foo Sun Chuen have recorded five transactions in total on this weekend,of which there are transaction with discounted price,a transacted unit located in Flat K,Middle Floor,No.15 Nassau Street,with 412 feet of salable area,the original asking price of the owners was HKD $4.5 million,and ultimately to HKD $4.05 million and sold,a decrease of 10%,with the price of HKD $9.830 per sq.feet.
Hong Kong Property Services (Agency) said the property market will still lead by the first-hand property sales
HKP Senior Executive Director Ng Chong Yip said that although the second-hand tradings have been improved this weekend,especially some of the units which with discounted price have a strong undertake power,but the monthly trading performances of some housing estates can't catch up over the performance which recorded in the same period of last month,it is believed that the first-hand property market will keep on leading the property market in the short term period.
