Property prices in Hong Kong Island rise fast by 2.2%. The house viewing appointments from agents increase.
The negative factors, such as the COVID-19 epidemic and Sino-us tensions, have subsided in the market. The property market even experienced an upward trend, driving the Centa-City Leading Index (CCL) to a latest of 180.26 points. It surpasses the 178.84 points in February, temporarily reaches the highest this year, and creates a new 27-week high. The company points out that the relevant data mainly came from the signing of temporary sales contracts from May 11 to 17. The effects of recent local confirmed cases and the recurrence of violent demonstration conflicts have not yet been reflected. On the other hand, with the property market's improvement, the two leading agents in Hong Kong have made an increase in reviewing appointments for second-hand properties this weekend.
Journalist Ngan LunLok
The Senior Co-director of Centaline Research Department, Woo Leung-Sing, points out that the latest CCL is 180.26 points, an increase of 0.96% this week, and the increase is the largest in 29 weeks. Property prices continued to rise after the May Day holiday. CCL has increased by 2.45% for three consecutive weeks. However, the effect to CCL of recent political and economic changes, coupled with repeated epidemics, will show in a few weeks later. He estimates that growth may slow down, but there is no sign of falling.
Centaline estimates that growth may slow down.
In addition to CCL, the leading index for large housing estates, the index for small and medium-sized units, and the index for large-scale units rose by 1.04% to 1.07%. Property prices in Hong Kong Island rose the most weekly, by 2.2% to 191.75 points. The increase is the largest in 11 weeks. And it has increased by 5.36% in three consecutive weeks after the May Day holiday. The index in Kowloon is 178.92 points, down 0.21% weekly, and it falls after rising for three consecutive weeks.
Property prices in both New Territories districts have risen. The index increase of New Territories East is significant, with the latest report at 194.19 points, a new 36-week high, a rise of 2.18% weekly, the most significant increase in 57 weeks, and a consecutive rising for three weeks by totally 4.11%. The index of New Territories West is 164.29 points, up 0.84% weekly. Property prices bottomed out, and Hong Kong Island and New Territories East rise first. In the past three weeks, Hong Kong Island has risen 5.36% in a row, New Territories East has raised a total of 4.11%, Kowloon has risen 2.5%, and New Territories West has fallen 0.3%.
On the other hand, as the housing market warming up, peoples move out for viewing houses as the epidemic eased. Centaline Property recorded house viewing appointments for ten leading housing estates this weekend with a total of 495 cases, up 3.1% weekly. Midland recorded the house viewing appointments for indexing estates with 470 cases, a continued increase by about 5.4%.
Chen Wing-Kit expects buyers to cater to the price increase.
The APAC Vice President and Residential Department President of Centaline Property, Chen Wing-Kit, expresses that there would be many first-hand property projects being launched this weekend. The sales will grab a lot of purchasing power in the second-hand property market. The pace of the second-hand property transactions in the first week of June slowed down significantly. At the same time, the number of favorable houses in the second-hand property market decreased significantly, and buyers need time to adjust to property price increases and enter the market by paying a higher price.
The Chief Executive of the Midland Real Estate Residential Department, Po Siuming, expresses that the epidemic has gradually eased, and the purchasing power that has been accumulated for a long time will release. Therefore, sales of many new projects have been booming recently, which is conducive to the stability of the second-hand property market. The house viewing activities in the second-hand housing estates continue to rise this weekend.
He also predicts that the first-hand property transactions are expected to reach about 2,000 in the month.
