Centaline Property's Chief Executive Officer of Residential Department, Mr Chan Wing-kit, said that large new developments in the New Territories have recently been put up for sale at discounted prices and are highly sought after by car buyers, with the first two rounds of sales very satisfactory.
As for the US interest rate hike, the market is generally of the view that it is not far from the top, and coupled with the moderate rate of increase by Hong Kong banks, it may temporarily affect the pace of second-hand buyers to enter the market, but it will not have much impact on new first-hand properties with lots of incentives.
On Hong Kong Island, Chiu Hung Wan, Senior Regional Sales Director of Centaline Property in Taikoo Shing, said Taikoo Shing has recorded three transactions so far this month at an average price of $15,711 per square foot.
Although Hong Kong banks follow the US interest rate hike, the increase in mortgage payment burden is limited, which is believed to have only a psychological impact on buyers, and temporarily affects the atmosphere of property viewing and the pace of market entry.
Taikoo Shing recorded 28 bookings this weekend, a slight drop of 6.7% week-on-week. Fortunately, the second-hand owners were willing to adjust their asking prices in line with the market situation, and the asking price per square foot of the estate was lowered to $18,000, which is expected to attract buyers to the market.
Mr Yeung Man-kit, Chief Divisional Manager of Centaline Property's Kornhill Hong On Street branch, said that Kornhill has recorded three transactions so far this month, with an average price of $15,624 per square foot.
Yesterday, Hong Kong banks followed the United States to raise interest rates, and the rate of increase in Hong Kong interest rates this time is moderate, the burden on mortgagors is slight, will not have a real impact on the property market.
The number of viewings at Kornhill this weekend remained at 40, and the asking price remained unchanged at $16,300 per square foot.
In Kowloon, Centaline Property's Laguna City Divisional Sales Manager, Mr. Hung Kam Hing, said that Laguna City has recorded 3 transactions so far this month with an average price of $13,588 per square foot. The average price per square foot in Laguna City has risen slightly to $12,480 as the market digests the affordable offers.
The estate is still a large blue-chip property with relatively low price per square foot in the urban area and has a certain attraction, so the number of viewings at Laguna City remains at 60 bookings this weekend, which is expected to be stable.
Centaline Property's Senior Divisional Sales Director of Tseung Kwan O Metro Station Branch 2, Mr Ng Kam-kee, said Metro City has not recorded any transactions this month, and trading is quiet.
The US Federal Reserve raised interest rates for the 10th time in a row and many major banks in Hong Kong followed suit, causing some buyers to take a wait-and-see approach to the market.
Metro City recorded only 30 bookings this weekend, down 25% week-on-week. It is believed that owners need to extend the bargaining range to attract buyers to the market.
In the New Territories, Lai Chung Man, Regional Sales Director of Centaline Property's City One Shatin branch, said that the number of viewings at City One Shatin continued to fall, mainly due to the recent launch of new developments in the neighbouring Pak Shek Kok area at low prices, which has absorbed a lot of purchasing power.
This weekend, the number of booked viewings fell by over 10% week-on-week, with only about 31 viewings recorded, a decline of 3 weeks in a row.
Centaline Property's Deputy Regional Sales Director in Tin Shui Wai, Mr. Ng Yiu-chor, said, Hong Kong banks follow the US interest rate hike, buyers' desire to enter the market is affected, the attitude of entering the market is wait-and-see, the property market sentiment immediately fell, it is expected that buyers need time to digest the interest rate hike and observe the changes in market conditions, the short-term second-hand transactions are relatively quiet.
Owners generally stayed put and maintained their asking prices and bargaining power. This weekend, Kingswood Villas recorded 60 viewing appointments, a 33% drop week-on-week, with no major changes in asking prices.
