2024-05-08 28Hse Editor
The pressure on the US to raise interest rates continues, but the HKMA has eased the pressure test, coupled with the government's relaxation of entry quarantine restrictions and social distancing measures, the decline in property prices has slowed down slightly. The Central Plains City Leading Index CCL, which reflects second-hand property prices, recently reported 170.62 points, rebounding 0.75% on a weekly basis, ending an 11-week losing streak, but property prices in the New Territories continued to record lows. Centaline analysis pointed out that the government has introduced the above two favorable measures, but it remains to be seen whether the trend of property prices will turn from continuous decline to repeated decline. CCL's short-term target is to test 160 points before the end of 2022.
Huang Liangsheng, senior co-director of Centaline Property Research, pointed out yesterday that CCL recently reported 170.62 points, up 0.75% on a weekly basis. CCL rebounded in a single week after falling for 11 consecutive weeks, but this week's index has yet to reflect the market conditions after the September 22 rate hike. The pressure to raise interest rates continues, the property price decline has not stopped, and the downward direction has not changed.
New Territories East property prices hit 3-1/2-year low
The short-term target of CCL is to test 160 points by the end of 2022, and the difference is 10.62 points or 6.63%. The leading index of large housing estates, CCL Mass, reported 170.72 points, up 0.53% on a weekly basis, and rebounded in a single week after falling for seven consecutive weeks. CCL (small and medium-sized units) reported 169 points, up 0.51% on a weekly basis, and rebounded in a single week after falling for 11 consecutive weeks. CCL (large unit) reported 178.53 points, up 1.8% week-on-week, the largest increase in 41 weeks, and rebounded in a single week after falling for 4 consecutive weeks.
As for the four districts, property prices in the New Territories continued to fall, while the urban areas of Hong Kong and Kowloon rebounded. The New Territories East property price index reported 180.09 points, hitting a new 191-week low, returning to the level in February 2019, down 0.27% week-on-week, and fell 3.22% for 3 consecutive weeks. The New Territories West property price index reported 159.3 points, hitting a new 129-week low, returning to the level in April 2020, down 0.9% week-on-week, and falling 2.95% for 4 consecutive weeks. The Hong Kong Island Property Price Index reported 173.75 points, up 1.42% on a week-on-week basis, and recovered 1.42% for two weeks after falling for four consecutive weeks. The Kowloon Property Price Index reported 164.45 points, up 1.31% on a weekly basis, and rebounded in a single week after falling for two consecutive weeks.
According to the statistics of Midland Property Branch, this weekend (October 8-9), the number of reservations for property inspections in 15 indicator housing estates recorded about 455 groups, a slight increase of about 2.5% on a weekly basis. Bu Shaoming, CEO of Midland Realty's Residential Department (Hong Kong and Macau), said that the market is looking forward to whether the policy address announced this month will bring good news, which will help stimulate the local economy and the sentiment of the property market. In addition, the recent relaxation of the pressure test requirements by the Hong Kong Monetary Authority is positive. With the atmosphere of entering the market, there is no shortage of second-hand discounted properties to undertake, and many housing estates have made good appointments for property inspections on weekends.
Looking forward to the increase in the number of bookings for property inspections in the policy address
Entering the market in October, looking forward to the good news of the policy address, some prospective buyers also took the opportunity to hunt for treasures in the second-hand market. This weekend, the number of property inspection appointments in the four benchmark housing estates on Hong Kong Island increased by about 3.8% week-on-week, recording about 110 group level. The number of appointments for property inspections in the seven benchmark housing estates in Kowloon over the weekend was temporarily recorded at about 146 groups, a slight decrease of 2.7% over the previous weekend. New projects in the New Territories are active in the market, the wait-and-see atmosphere is gradually dissipating, and buyers are more motivated. This weekend, the number of appointments for inspections in 4 second-hand benchmark housing estates in the New Territories recorded a level of about 199 units, which was higher than last weekend.
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