CCL breaks 190 points for the first time, and will maintain up and down in high level.
(by Lai ChiTin)
Although the political and economic environment in Hong Kong is not stable, but no significant impact on property prices have been seen due to rigid demand in the market, and the second-hand property price index has reached a record high. The Centa-City Leading Index (CCL) which reflects the property price index, breaks through 190.48 points of the first time, up by 1.41% per week and 0.5% higher than the old record this year, also the three indexes have risen for three weeks, besides CCL had risen totally 9.16% in the first half year. According to the analysis of Centaline Property, the property market has entered a short-term and repeated situation, and property prices continue to up and down at high level, while it needs time for the index to keep stable from fluctuation.
Midland Real Estate data also shows the second hand property price had risen to new high, and Midland Property Price Index was 175.17 from June 26 to July 2, continued to rise about 0.21% per week, but it was still lower about 0.97% than that in four weeks ago, which means property price had been up and down in high level, with falling from high level for two weeks and then rising for two weeks. In summary, property price had a cumulative increase of about 8.79% in the first half year.
Centaline Property pointed out in their report yesterday that, the latest CCL is 190.48 points, up 1.41% per week, and 0.5% higher from the highest level of 189.42 points on May 26. The Mass Centa-City Leading Index(CCL Mass) is 191.58 points, down 1.53% per week. The CCL four overall indexes all had risen by three times and fallen by two times during the five weeks after the escalation of the Sino-US trade war, which means the property prices were up and down in high level. CCL had risen by 0.56%, CCL Mass had risen by 0.11%, CCL (small and medium units) had risen by 0.33%, and CCL (large units) had risen by 1.74%.
The index is fluctuating, and it is estimated the fluctuation will increase.
The Senior Co-director of Centaline Research Department, Woo LeungSing pointed out that, the market was affected by a series of social events, and property prices enter a short-term and repeated situation, with the fluctuations expand, but it is not a trend of rising or falling. In the past five weeks, the CCL had a maximum of 190.48 points, a minimum of 186.26 points, with the fluctuation in 4 points. Property prices continue to up and down at high level, while it needs time for the index to keep stable from fluctuation.
Woo LeungSing continued, the indexes of four districts this week had two rising and two falling. New Territories East CCL Mass is 174.59 points, up 1.86% per week, and it has risen by 2.30% for four weeks. New Territories West property price continues to be high under support of rigid demand. Hong Kong Island CCL Mass is 199.24 points, up 5.69% per week, and it has risen by 6.62% for two consecutive weeks. Kowloon CCL Mass is 185.72 points, down 0.95% per week, and it falls after rising for two weeks. New Territories East CCL Mass is 199.35 points, down 0.30% per week, and it has fallen by 0.82% for two consecutive weeks.
New Territories East has the highest increase of over 10% in half year.
Summarizing the performance of property prices this year base on the date of the formal agreement for sale and purchase, in the first half of 2019, CCL had risen 9.16%, CCL Mass has risen 8.86%, CCL (small and medium units) has risen 9.17%, CCL (large units) has risen 9.13%, Hong Kong Island has risen 9.22%, Kowloon has risen 7.60%, New Territories East has risen 10.10%, and New Territories West has risen 9.43%.
On the other hand, the latest Midland Property Price Index was reported at 175.17 points from June 26 to July 2, continued to rise by about 0.21% on a weekly basis. However, it still fell by about 0.97% compared with four weeks ago, which means it has been up and down. In summary, property price had a cumulative increase of about 8.79% in the first half year. In the three districts of Hong Kong Island, Kowloon and the New Territories, the property price indexes of Kowloon and the New Territories had increased weekly in last week, and the Kowloon District has the highest weekly increase.
Ip KinPo’s son sold The Leighton Hill for HKD130 million.
Property prices have reached new heights, and there is senior investor purchased quality property. Market source pointed out, high level connected flat in block 7 of The Leighton Hill in Happy Valley owned by Ip Wing, son of Ip KinPo who is ex-husband of artist Fu MingHin and the founder of Ocean Grand Holdings Limited, was sold at about HKD130 million, with the usable area sq ft price of HKD44,490 base on the usable area of 2,922 sq ft, and it is reported that the new buyer is a senior investor Wan PakKui or related person. The unit was originally purchased by Ip KinPo in 2003 by HKD31.28 million, and it has appreciated by HKD98.72 million or 3.1 times in 16 years.
