(by Lai ChiTin)
Hong Kong property market rebounded from adversity after the new mortgage insurance measures were announced, and it was reflected in the property price indexes compiled in the market. Centa-City Leading Index (CCL) is latest reported at 182.10 points, up 1.51% per week, and it has risen for two weeks, also the rising range is significantly increased. Centaline Property analyzes and confirms the property market has rebounded into an upward stage, and the property prices are estimated to continue to rise in the next few weeks, also the stimulation from interest rate cuts will be reflected in the CCL next week.
Property prices may continue to rise in the coming weeks.
The Senior Co-director of Centaline Research Department, Woo LeungSing points out that, this week's CCL eight major indexes rose together for the first time in 32 weeks, and the previous appearance date to March this year, when the property price was rising. The three overall indexes have risen for two weeks with a significantly expanded increase in this week after the Government raised the property price upper limit under the mortgage insurance plan. CCL Mass rose 1.80%, CCL (small and medium-sized units) rose 1.77% and CCL rose 1.51%. Property prices continue to rise, confirming that the property market has entered a rebounding phase, and it is expected that property prices will continue to rise in the coming weeks. On October 31, the Federal Reserve System announced an interest rate cut of 0.25%, which will be reflected in the CCL next week.
CCL is latest reported at 182.10 points, up 1.51% per week and is the fastest in 29 weeks. The Mass Centa-City Leading Index(CCL Mass) is 183.66 points, up 1.80% per week, and it is the fastest in 84 weeks. The CCL (small and medium units) is 182.28 points, up 1.77% per week, and it is also the fastest in 84 weeks. The three overall indexes rose for two weeks, CCL Mass rose 2.18%, CCL (small and medium-sized units) rose 2.04%, and CCL rose 1.73%.
New Territories West has risen for two weeks and New Territories East rebounds from four consecutive falling.
CCL (large units) is 181.19 points, up 0.20% per week, and two weeks falling stoped. The luxury property prices have been narrowly up and down around 180 points in the past 5 weeks, waiting for an upward break. Property prices in four districts all rose on this Thursday, the first time in 32 weeks. The price increase in the New Territories West continued to be the most significant, leading the market to rebound. As for New Territories West, the property price index is reported at 166.23 points, up 1.64% per week, and it has risen by 3.04% for two weeks. As for Hong Kong Island, the property price index is reported at 190.83 points, up 3.15% per week, and it is the highest rising range in 19 weeks, also it has risen by 3.41% for two weeks. As for Kowloon, the property price index is reported at 178.75 points, up 1.31% per week, and it is the highest rising range in 25 weeks, also it has risen by 1.67% for two weeks. New Territories East property prices index is reported at 191.68 points, up 0.88% per week, and the falling for four weeks stoped.
