Hong Kong's Wen Wei Po News ( Reporter Ngan Lun Lok )The government have launched a heavy drugs to the property market since October last
year,launching two heavy taxes continuously within a half year,the maximum taxes amount up to the property price of 23.5% and the rally trend of the property market slowed down significantly.Newspaper statistics shown that the cumulative increase of the property price in the first nine months recorded only 3.8%,can't catch up the inflation of 4.3% which recorded at the same time,the residential transaction also fell to an average level of 3,500 to 4,000 cases per month.There are a lot of new mansion sales launched out'reduce spicy discounts' recently,the industries think that this move is a "catalyst " of the property price fall,and expected that the property market have turned into the corner and the outlook will keep on softening continuously.
Spicy trick have been launched out for one annual anniversary,statistics for the first nine months performance of the property market this year,the price is still rising,according to the Centa-City Leading Index (CCL),from 115.6 index points which recorded at the beginning of this year,rose to 120 points which recorded in September,an increase of 3.8 %,just by these figure would think that the spicy trick is not working on the property price,but it must be noted that at the same time of last year have recorded an increase of 15.37%.In contrast,it can see the increase of property price this year have slowed down sharply.
Official price index ended the five times of price increase
According to figures released by HKTDC Economic Research,the first nine months of consumer prices rose by 4.3%,in other words,the width
of price increase is slower than the inflation,which reflected the trend of property price have been controlled.Checked the information of last year,the annual inflation rose 4.1%,and at the same time,the property price rose 21.43%,so there is a big gap between these two figures.Studies predict that the annual inflation will be 4.3%,judging from the recent price of new properties was close to the second-hand price,it is expected that the second-hand price will fall,and the outlook of the property market will 'fall more than rise',and the width of the annual property price increase was expected to lag behind the inflation.
RVD released the price index of September last Thursday,although only recorded a fall of 0.32% monthly,but it have ended the five consecutive months of price increase Knight Frank director and head of research Lam Ho Man said after the interview,think that the property market have entered a corner market.Cushman & Wakefield Valuation Advisory Director of China Cheung Kiu Cho also said that the recent new properties attracted buyers by tax incentives,the preferential accounted a significant proportion of the property price,but need to pay attention to these price discounts will not calculate in the property prices,so it will affect the calculation of price index by RVD,expected that the substance property price have already callback.
The purchasing power rush to the first-hand market,added pressure on the secondary market
Midland Realty chief analyst Lau Ka Fai refers to the new properties under the condition of'supply increase,demand reduce',the pricing will be under pressure,especially in the short term period of the property market is expected there will have many new properties launching out for sale,so the pricing will be more restrained.The premium of new property narrowed,the attention and purchasing power is bound to invest the first-hand market,so owners who need to sell their properties need to discount the price in order to attract the buyers,expected there will have further decline in future property price.
In fact, since the government launched double-spicy moves,including buyer's stamp duty (BSD), an additional stamp duty (SSD) )enhanced
version,the trend of property market have entered the'watershed'obviously. Newspaper statistics the diversification of the property market of last year,BSD which launched out at the end of October last year,CCL recorded about 116.07 points,and the residential transaction have recorded about 8,855 cases at the same month,as until December have recorded a fall to 114.38 points,the transaction cases fell 61.6% to 3,400 cases.
Big impact by the DSD,the tradings plunged 60%
However,the property market gradually digested the affect of the DSD,the capital flows to middle and small residential property,the industrial and commercial market,and the property market resumed the rally trend,until February,CCl have also recorded a new high of 120 points,the market recorded 6,420 residential transactions. So,the Government in February this year and then launched out extra moves for the property market,including double stamp duty (DSD) in order to cool down the property market,and after the implementation of it,the CCL has been hovering at 118 points to 120 points for six months,and the latest recorded 120.72 points,compared to last year,recorded an increase of 4.4%.As for the transactions,the residential transaction volume is still hovering around 3,500 cases to 4,000 cases of very low levels,representing a fall of approximately 60% which compared to a year ago.
