Hong Kong Wen Wei Po (By Cen Jianle)
Property boom market appeared near Lunar New Year, with CCL rising for two weeks. But the transaction on the past weekend (2nd and 3rd January, hereinafter, “the weekend”) fell slightly, with transactions in ten leading projects from each agents were only 4 to 11 cases. Buyers are afraid of the boom market will continue after the Lunar New Year and the property price will rise higher, so it is predicted the transaction will be still buoyant after the Lunar New Year holiday, the agents believed.
The first hand projects’ hot sale drives up the transaction in the second hand property market.
Centaline recorded 11 cases among the ten leading projects over the weekend, down 7 or 38.9% from the previous weekend, but the volume remained above 10. The sale of new project is faster, driving up the second hand property transaction in the same time, so the second hand property market appeared both rising on price and transaction volume, the Asia Pacific Vice Chairman and President of Residential Department of Centaline Property. Chen Yongjie expressed. The pace of transactions accelerated in the past week as the coming of Lunar New Year, reflecting buyers, who is afraid of property price rising as the boom market will continue after the Lunar New Year when they will harder to afford housing, are very confident in the future and rush to enter the market before the Lunar New Year. The transaction will continue to buoyant after the 4th of Lunar January, Chen Yongjie predicted.
Since the recent first hand property sale is ideal and potential buyers’ purchasing intention and confidence increase seeing the whole market is warming up, so the second hand property transaction on 28th and 29th of Lunar December was still stable and thrive under effect from the festive atmosphere, the President of Ricacorp Properties, Liao Weiqiang expressed. 7 cases of second hand property transaction were registered among the ten leading projects on the past weekend, down 1 or 12.5% comparing with the 8 on the previous weekend, according to the network data from Ricacorp Properties branch.
Owners and buyers are traditionally prepare for the Lunar New Year and slow down the transaction around the festival, but many buyers would rather finish the transaction in early worrying owners may rise price or there will be less choice after the Lunar New Year holiday, leading property boom market prepared, liao Weiqiang pointed. He predicted the second hand property market will be stimulated if the new project sale will continue hot after the Lunar New Year and the Sino-US trade negotiations will have progress before the deadline of 2nd March, then the property boom market after the Spring Festival will highly possible appear.
8 cases of transactions were registered among ten leading projects on the last weekend of dog year, down 27.3% by week, under affect from festival preparation and visiting outside and so on, according to data from Midland. Property demand will be stronger, driving by positive factors of continued emergence of purchasing power in the market, the US pause in interest rate hikes and the opportunity to reduce balance sheet, the Chief Executive Officer of Residential Department of Midland, Bu Shaoming expressed. The second hand property transaction fell comparing with that in the previous week, because many owners and potential buyers prepared for the festival or traveled outside on weekend.
The bargaining space is maintained within 5%.
4 cases of transactions were registered among the ten leading second hand index blue chip projects in Hong Kong Island, Kowloon and the New Territories on the weekend, down 33% by week, according to the statistics from Hong Kong Property Services branch until the 3:00pm yesterday. Recently, the comments from the federal reserve lean to dove faction, and interest rates hike may slow down, plus with the stock market rebounds, so the sale of new project continues hot, driving up the whole property market, besides many buyers are actively on visiting for satisfied houses, and the bargaining space in each projects ranged from 3% to 5%, the CEO of Hong Kong Property Services, Li Zhicheng expressed. However, as the lunar New Year is approaching, both buyers and sellers are prepare for the festival and plan to get into the market after the Spring Festival, leading the second-hand transaction down. It is not exclude that the property market will be boom after the Lunar New Year, pushing by the accumulated purchasing power.