To conclude the first quarter of this year, the top 10 estates recorded 825 transactions, a 7-quarter high and an increase of about 50% quarter-on-quarter. In terms of weekend viewings, the top 10 estates recorded 490 appointments this weekend, down 2.6% week-on-week.
Centaline Property's Chief Executive Officer of the Residential Division, Mr. Chan Wing Kit, said that the property market has rebounded significantly this year as a result of the resumption of customs clearance, with new developments being put up for sale in March. However, the sentiment in the property market continues to improve, with a series of good news in the market, such as the reduction in stamp duty, slower pace of interest rate hikes and a full recovery of the economy, etc., continuing to motivate buyers to enter the market, and buyers in the secondary market continue to be confident in entering the market. With a number of brand new properties ready for launch, the property market is expected to continue to focus on the primary market in April, with secondary transactions moving sideways.
On Hong Kong Island, Centaline Property's senior regional sales director in Taikoo Shing, Chiu Hung Wan, said that the full recovery has led to a rebound in the property market, with developers actively pushing out properties to compete for buying power, resulting in a sharp drop in secondary transactions.
Taikoo Shing recorded 16 transactions in March, a 61% drop month-on-month. As flat prices were absorbed, prices rose, with Taikoo Shing's average saleable feet price rising 2.3% to $18,253 in March, a seven-month high of $18,000. This weekend, the first-hand market continued to have a large number of offers, freezing a large amount of purchasing power, the number of appointments for viewing the estate remained flat on a weekly basis, with 30 groups of appointments recorded.
Centaline Property Kornhill Hong On Street Branch Chief Division Manager Yeung Man Kit said that the recent good news has pushed up the market sentiment, with brand new properties being put up for sale frequently, stealing a lot of purchasing power and market focus and slowing down secondary transactions, but owners' confidence has not wavered.
Kornhill recorded 14 transactions in March, down 39% month-on-month, while the average price per saleable square foot was $16,126, up 7.3% month-on-month. The number of bookings fell by 22% to 35 this weekend, while asking prices rose by 1.2% week-on-week to $16,500 per square foot.
The four major blue-chip estates in Kowloon saw an increase in prices and a decrease in volume this month, with the weekend viewing atmosphere being uneventful. Centaline Property's Whampoa Station Deputy Divisional Sales Manager Prince Kin said Whampoa Garden finally recorded 31 transactions in March, a slight drop of 8.8% or 3 cases month-on-month, the smallest drop among the four major blue-chip estates in Kowloon, while the average saleable feet price rose to $14,778, up 2.4% month-on-month.
Whampoa Garden has maintained a stable viewing atmosphere this weekend, with 50 bookings. Second-hand owners are expected to continue to trade steadily as two major new developments are on sale this weekend and are restraining their asking prices.
Centaline Property's Tseung Kwan O Metro Station Branch Senior Divisional Sales Director Ko Yung said, from today onwards, there are three days in a row of large new homes for sale in the city, secondary transactions can hardly avoid pressure, coupled with the approaching Easter, some people are the first to travel to celebrate the festive season, so the atmosphere of property viewing is slightly reduced.
Metro City recorded 50 bookings this weekend, down 9.1% week-on-week. The estate recorded 18 transactions for the month, down 21.7% month-on-month, while the average price per saleable square foot rose to $15,478, up 3.7% month-on-month.
In the New Territories, Lai Chung Man, Regional Sales Director of Centaline Property's City One Shatin Branch, said that City One Shatin recorded 22 transactions in March, down 50% from 44 in the previous month, with the average price per square foot at $15,875, a slight increase of 1.3%. Buyers need time to digest and adapt to the situation. The number of viewings at the end of this week was maintained at about 50 groups, no increase or decrease compared to the previous week.
Centaline Property Tin Shui Wai Deputy Regional Sales Director Ng Yiu-chor said, in March, there are a number of new homes for sale in Tuen Mun and Yuen Long, to grab the market focus and purchasing power, Kingswood Villas transactions fell by 20% month-on-month, recording 33 transactions, but the performance is still not bad, reflecting the buyers' mindset to enter the market is still positive, to promote transactions continue, the average price per square foot in March also regained 10,000 yuan, at $10,256, up 3.1% month-on-month. The average price per square foot in March also rebounded to $10,000 at $10,256, up 3.1% month-on-month. With the battle for new construction shifting to the urban area, the number of transactions at Kingswood Villas is expected to pick up in April.
