Property

Quarry Bay’s secondary market still offers great choices

Quarry Bay

Thanks to financing plans and discounts offered by developers, new developments are dominating Hong Kong’s property market. A spectrum of deals and discounts can offset some or all of the stamp duty, while buyers are able to enjoy up to a 95% mortgage rate, enabling them to feel financially confident in buying first-hand properties. The downside is that the pressure and confidence may cause them to ignore practical considerations such as quality, size of the property and whether it fits into the buyers’ long-term life plans. Experts warn that the benefits of discounts are often cancelled out by the inflated home prices - after all, developers are not in the business to lose money.

>> The mighty power of Quarry Bay

Whether primary or secondary homes are better is a matter of personal preference. But if we look at the effective rate, second-hand properties do have an edge. Blue chip estates, in particular, boast a high effective rate, while large numbers of past transactions ensure fair prices. Two of Hong Kong’s top 10 blue chip private residential estates - Kornhill and Taikoo Shing - are located in Quarry Bay, where the second-hand market is affected by the overall market environment, yet below-market-price transactions do occur from time to time. The continuous stagnancy of the second-hand market have made some homeowners to soften their pricing positions.

>> Comparison of primary and secondary markets

According to Midland Realty’s transaction statistics, a duplex unit in Pine Mansion, Taikoo Shing, originally priced at HK$25 million and on the market for half a year was finally sold in late July at HK$22.16 million, or HK$20,672 per square foot- 3% below the market price. Some homebuyers in Nan Fung Sun Chuen also chose to sell their homes at lower prices. In this residential estate, a high-level unit in Block 11 was put on the market in late June, selling at HK$6.7 million and was eventually sold at HK$6.05 million a month later. Right now, prices of similar units start at HK$6.5 million.

>> Selected properties in Quarry Bay

Due to its large-sized flats and high effective rate, Quarry Bay properties are preferred by buyers seeking a home upgrade. The flock of Grade-A office buildings in the area also attract expat professionals to rent in the district, making Quarry Bay homes an ideal investment. As a result, however, the market threshold of Quarry Bay tends to be higher which requires buyers to possess strong financial capabilities under the tightened mortgage policies.

>> Things to know before moving into Quarry Bay

What else you can do in Quarry Bay?
>> What to do in Quarry Bay
>> Hang Out At Quarry Bay's Tong Chong Corridor

Serviced appartmnet in Quarry Bay:
>> Taikoo Place Apartments

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