Hong Kong people went out for trips during long holiday. The weather was bad and houses available for sale were less.
(By Yan Lunle)
The second-hand property trading volume during the Easter holiday fell because Hong Kong people went out for trips, the second-hand houses available for sale were less, and the weather was bad etc. Centaline only recorded 18 transactions during 4 days holiday (April 19 to 22), down 18% from 22 transactions in last year's Easter, reaching a new low of 9 years; There were only 8 transactions among the ten leading housing projects on Saturday and Sunday, which was back to level under 10 cases. However, the dull market did not hindered prices rising to new high, Vision City in Tsuen Wan latest recorded a transaction at sq ft price of HKD 21,673, creating a second-hand property price new high record in the downtown area of Tsuen Wan. As for Yu Chui Court in Sha Tin, it even become the “HOS King” after land premium in New Territories by house price of HKD 9.6 million.
Centaline pointed, many prospective buyers who had made appointments finally canceled their appointments because of the bad weather in the past few days, and there will be large scale projects of starter homes being launched in New Territories, plus many stock houses from first-hand projects are put on sale at market prices, so part of the second-hand potential customers were attracted. Moreover, the second-hand property owners are aggressive on pricing, narrowing the bargaining space, which also slows down the pace of the second-hand housing transactions.
The agent said buyers are waiting for the new houses.
Midland Real Estate Statistics also pointed out that only a total of 8 transactions were made among the ten leading housing projects on the past Saturday and Sunday, down about 52.9% from last weekends. As for the four-day long holiday, there were 18 transactions, which was similar to the number during the three-day holiday in last Easter.
Bu Shaoming, the chief executive officer of residential department of Midland said, many people traveled outside during the holidays, which affected the house visiting activities and the second-hand property sales. In addition, the second-hand houses available for sale decreased after the hot sales in February and March, so many prospective buyers are waiting for the sale of multiple new projects after the holidays, which transferred some purchasing power in the second-hand market.
However, the market purchasing power is still strong, since individual housing estates have recorded new high prices successively in recent days. Lai Changwu from Centaline expressed,Vision City in Tsuen Wan recorded another transaction of top floor rooftop feature compound apartment in block 6, in area of 2,207 sq ft, which was sold at HKD50 million, with the sq ft price at HKD21,673, and it is estimated the prices are the new highs of the project, also the latest peak second-hand property prices in downtown area of Tsuen Wan. In addition, the parking space was sold at HKD 3.1 million. It is known, the original owner purchased this house in 2006 with a total of HKD18.12 million, and the book profit in this resale is more than HKD31.88 million, an appreciation of 1.7 times.
Nam Fung Sun Chuen appeared transaction at nearly ten million Hongkong dollars.
One rooftop house in Nam Fung Sun Chuen, Quarry Bay with an area of 516 sq ft, source pointed was just sold at HKD 10 million, with the sq ft price at HKD19,380, breaking the record of HKD 9.6 million of this project in last year, and the buyer is from the same district who want to change houses. It is known, the original owner purchased this house in 2009 at HKD2.99 million, and the book profit in this resale is HKD7.01 million.
East Point City in Tseung Kwan O also has two-bedroom house being sold at new peak price. Lin Zhijian from Midland Realty expressed, this house is room E on high floor of block 3, in area of 524 sq ft, which was sold at HKD 8.66 million with the sq ft price at HKD16,527, being the latest highest among two-bedroom same style houses of the project. The original owner bought the above house at HKD3.338 million in September 2009 and earned book profit of HKD5.322 million.
Yu Chui Court becomes the ‘HOS King’ in New Territories.
Yu Chui Court which is HOS project in Sha Tin appeared ‘HOS King’. Source pointed, room 1 on the middle and lower floor of Block A, with an area of 650 sq ft, was sold at HKD9.6 million (after land premium), breaking the former record of HKD9.13 million in last year and becoming the ‘HOS King’ after land premium in the New Territories, and the sq ft price was HKD14,769.
It is known, the original owner bought the above house at HKD4.8 million in September 2012, and earned book profit of HKD4.8 million or gained appreciation of 1 time from this resale.
