During the first weekend after the full customs clearance at Lo Wu, there was a marked increase in the number of mainland property buyers, with the top 10 blue-chip estates recording 12 to 26 second-hand transactions over the weekend and Sunday (11 and 12) respectively, with a steady increase in transaction volume.
Centaline Property Asia Pacific Vice Chairman and Chief Executive Officer of the Residential Division, Mr Chan Wing-kit, said that the number of second-hand transactions has continued to rise recently, and there are also more than 20 transactions in the first-hand market every day, making the overall property market robust.
According to statistics, Centaline's top 10 estates recorded 24 transactions over the weekend, two more on a weekly basis, recording double-digit transactions for the eighth consecutive week and stabilising at 20 for the second consecutive week.
Among them, Hong Kong Island is performing well, with Taikoo Shing continuing to enjoy a strong trading atmosphere during the month, recording 12 transactions at an average price of $17,100 per square foot, and two transactions over the past weekend.
Other agents are also expecting a return to a buoyant property market. According to the analysis of Mr Liu Wai-keung, President of Ricacorp, buyers are optimistic about the future market and property prices as the local retail market continues to be driven by arrivals and the lack of further interest rate hikes in the US, as well as the accelerated pace of property launches by developers. The bank's top 10 estates recorded 23 transactions this past weekend and Sunday, a 28% week-on-week increase and a new six-week high.
According to Mr. Brahms, Chief Executive Officer (Hong Kong & Macau) of Midland Realty, the launch of new major developments will continue to induce purchasing power in the market, and the property market is expected to continue its "spring" pattern in the near future. The bank recorded 26 transactions just this past weekend, a six-week high.
A total of 12 second-hand transactions were recorded in the past two days in the top 10 estates, a slight drop of 14% week-on-week.
This week has seen a steady stream of new property launches and good end-of-stock sales, with around 30 transactions in the primary market this past weekend and Sunday.
Kau Kin Development's Hoi Yin Estate in Tseung Kwan O went on sale yesterday with 36 units and a new first mortgage offer, with 8 units sold by 5pm.
The sale of 82 units in Fanling ONE INNOVALE-Bellevue by Henderson Land Development was completed the day before and 9 units were sold for a total of $43.443 million. Two more sales were made at Wong Chuk Hang Station on the south shore of Hong Kong Island, at a total of $99.377 million.
