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Cheap Houses Have Been Sold Early. Ten Leading Housing Estates Only Have 6 transactions.

Image Caption
2019-11-11-(Mon)
【28Hse.com】  
Hong Kong Wen Wei Po (By Yan HaauLing)

In the past weekends (9th to 10th), the second-hand property trading had been dull, and the second-hand property transactions in the four major agencies fell 40% to 60%. The Chief Executive of the Midland Real Estate Residential Department, Po Siuming yesterday expressed, the second-hand property transactions in the index housing estates of each district have fallen down this week, because most cheap houses had been sold in early, and it needs time to add more high-quality houses, plus owners are strong on pricing leading no much negotiation space in prices, then it affected individual customers’ decisions to enter the market, furthermore some individual customers turn to the first-hand property market.

According to Midland Realty Branch statistics, on the second weekend of November, ten leading second-hand housing estates had recorded about 6 transactions, down about 45.5% per week and returns to a single digital level.

Po Siuming continued, the sales of brand new projects in Tsing Yi are ideal, and many developers are also actively deploying to launch projects, attracting a lot of mainstream customers, so it is estimated there will be first-hand property rush in the market again. In the second-hand property market, Po Siuming believes that the market sentiment is good, and the visiting activities in index housing estates are still active. It is expected that some potential buyers will turn to the second-hand property market after the sales of new projects, so owners’ relaxation on pricing will help to speed up the trading.

The first-hand properties absorb a lot of purchasing power.

The transactions in ten leading housing estates recorded by Centaline Property on the weekend were 4 cases, sharply down by 60%, and the transactions had fallen two weeks, hitting a three-month low. The APAC Vice President and Residential Department President of Centaline Property, Chen Wing-Kit yesterday expressed, the first-hand housing projects attracted many purchasing powers benefiting from the recent positive factors, and owners increased prices seeing the market is warming up, plus the traffic in some areas was affected by the amendment crisis, so the transactions decreased obviously.

The President of Ricacorp Properties, Liao Wai-keung expressed, the transactions in ten leading housing estates have been recorded in double digits in the past three weekends after the Policy Address relaxed the mortgage insurance percentage, but owners increased prices after a round of sales, plus with the effect from amendment crisis, leading the transactions in ten leading housing estates in last weekend to fall to single digit. According to Ricacorp data, the second-hand property transactions in ten leading housing estates in the past weekend were 6 cases, down by 40% per week.

Liao Wai-keung continued, the second-hand transactions had risen sharply in early, while some owners increased prices after part of houses had been sold, and the time for potential buyers to enter the market increases, so the transactions fall. He also expected that as there are no factors to reduce owners’ price, it is believed that the second-hand property transactions in ten leading housing estates will maintain stability in the short term.

In the past weekend, Hong Kong Property has recorded 4 transactions, down 42.8% per week, a four-week new low. The Chief Executive Officer of Hong Kong Property, Lee Chi-shing expressed yesterday that, generally speaking, the prospective buyers are quite active and the market is also active, so it is believed the property market performance in the fourth quarter will be ideal, but it is expected that there will be lack of houses in the second-hand property market in short-term since the sales of favorable houses with bargaining space are fast, thus buyers will return to the first-hand property market when the competitiveness is weakened.

St Barths sold 5 villas.

For the first-hand housing projects, SHKP’s St Barths Phase 2 “St Barths Villas” in Ma On Shan announced that it had sold 5 villas by tenders in the past weekend, and they are Violet Avenue No.2 villa with usable area in 2,151 sq ft, transaction price at HKD51,0743 million, and average sq ft price at HKD23,744; Jasmine Avenue No.5 villa with usable area in 2,151 sq ft, transaction price at HKD51 million, and sq ft price at HKD23,710; Lily Avenue No.5 villa with usable area in 2,161 sq ft, transaction price at HKD45.455 million, and sq ft price at HKD21,034; Lily Avenue No.2 villa with usable area in 2,161 sq ft, transaction price at HKD45.1217 million, and sq ft price at HKD20,880; Lily Avenue No.1 villa with usable area in 2,181 sq ft, transaction price at HKD45.1031 million, and sq ft price at HKD20,680;
Translated by 28Hse.com . All right reserved.