(By Yan Lunle)
Property market is still in downward; however, the transaction before the Lunar New Year is rising up, appearing a boom market. The transaction volumes of ten leading projects from Centaline and Midland on weekend were 18 and 11 cases respectively, up 63.6% and 120% by week, making the latest peak on weekend recently. The agents believed, there are many potential buyers in the first hand property market, many among turn to the second hand property market, pushing up the house visiting volume and transaction, at the same time, the price of houses suitable to first housing people in each district is falling, dragging back the purchasing power and making the transaction warms up in advance.
There were 18 transactions from ten leading projects registered on the past weekend (26th and 27th January), up 7 cases or 63.6% comparing with the previous weekend, and the transaction volume is the latest peak in 41 weekends, which was only a little lower than 19 cases on 14th and 15th April last year, according to Centaline statistics. The ideal sales in the first hand property market warms up the second hand property transaction, and buyers going out for housing visiting in advance makes both the first hand and second hand property market boom, which is expected to continue after the lunar New Year, the Asia Pacific Vice Chairman and President of Residential Department of Centaline, Chen Yongjie expressed.
The Second hand property is benefited from the first hand property hot market; Future market depends on owners’ decision.
11 transactions from Midland ten leading blue chip projects on weekend were registered, an increase of about 1.2 times comparing with 5 cases on the previous weekend, which not only rose above 10 cases again but also broke the highest record in 8 weeks. A series of new projects were launched before the lunar New Year, sales of which were ideal, driving up the overall market atmosphere, and the first hand property market boom appears in January in advance under the accumulating purchasing power, the Chief Executive Officer of Residential Department of Midland, Bu Shaoming said.
Some of the large amount potential buyers in first hand property market turn to the second hand property market, leading visiting volume in several second hand projects rose obviously, so as the transaction volume, especially in index projects suitable for first housing people in each district, because the price has fallen to a popular level from high, he continued to point. There are still a lot of prospective buyers out before the holiday, and the second hand property transactions volume in short term will depend on owners’ decisions, which means more potential buyers will decide to buy if owners willing to enlarge the bargaining space, while the long term property market will lead by first hand projects, Bu Shaoming believed.
Hong Kong Property Services registered 6 transactions from ten leading projects in the period, up two times comparing with 2 cases on last weekend, making the highest record in 27 weeks after July 2018. Many potential buyers predicted the New Year boom market is coming soon and speed up the purchasing worrying about the property price will rise, but at the same time, several owners start to narrow the negotiation space in 3-4% seeing the market is warming up, furthermore, some owners even close the sales to wait and see after the Lunar New Year, restricting the rising of second hand property transactions, the Chief Executive Officer of Hong Kong Property Services, Li Zhicheng expressed.
Ricacorp: Buying intention increases.
Current second hand property market atmosphere is good, and buyers have rising purchasing intention, who hope to buy at low price in earlier, but the price recently is gradually stable and even a slightly rise, leading some buyers extend the negotiation time, Liang Weiqiang from Ricacorp pointed. 8 cases of second hand property transactions on weekend from ten leading projects were registered, no up or down by week, according to Ricacorp statistics.
Transactions with price cut in each district appear in succession. High floor room 3 in Tai Sang Building of public housing Kin Sang Estate in Tuen Mun, just sold, which is in 208 sq ft and sold at HKD 2.33 million including land premium after accumulated price cut of HKD 0.67 million or 22.3% from the opening price of HKD 3 million when owner released in last September, and the price declined about 18% comparing with the high level of HKD 2.85 million of the same style units sold in last June, besides the new buyer is a first housing people, Hu Zhiwei from Many Wells expressed. It is known, the original owner bought this unit by green form price of HKD 63,200 from Housing Authority in 1999.
Sale of unit in The.Met.Bliss including SSD finished with profit.
The.Met.Bliss in Ma On Shan registered the first case of the second hand property transaction, which is room B05 on high floor of block 2 in 230 sq ft and open style, and it was sold at HKD 4.28 million with sq ft price of HKD 18,609, Hu Yaozu from Centaline expressed. The original owner bought it in HKD 3.63 million in 2016, who earned book profit of about HKD 0.222 million after deducting the 10% of SSD and holding it less than three years.
