According to the data of the four major agents, only 2 to 4 transactions were recorded in the top 10 target estates on the past Saturday and Sunday, and the number of transactions has been shrinking on a weekly basis.
Mr Chan Wing-kit, Vice Chairman and President of Residential Division of Centaline Asia Pacific, analysed that since the announcement of interest rate hike in the US and the major banks in Hong Kong following the increase in the prime rate (P), buyers have been holding a wait-and-see attitude towards the future market, coupled with the developers' active promotion of new flats, some of which even reduced their prices to grab customers, which has led to the second-hand market being under further pressure. The bank secured only two transactions over the weekend, a week-on-week drop of 71.4 per cent (7 transactions).
Midland's Chief Executive Officer of Residential (Hong Kong and Macau), Mr Bo Siu-ming, predicted that second-hand property prices will continue to consolidate in the short term, and transactions will also hover at a low level, and it is believed that only after the interest rate shows a signal of peaking, the second-hand market is expected to rise in terms of both price and volume. According to Midland branches, four transactions were recorded in the past two days, a week-on-week drop of 43 per cent and the 13th consecutive weekend of single-digit levels.
The wave of mainlanders renting out their flats has also caused some owners to "switch from selling to renting". Mr Liu Wai-keung, president of Ricacorp, said that owners who have been selling their flats for a long time have sensed that the demand for leasing has increased significantly recently, and they preferred to "switch from selling to renting" rather than selling their flats at a significantly reduced price, and that the situation of the secondary market is still weak. The bank recorded three secondary transactions in two days, a record low in the past four weeks.
HKL's Chief Executive Officer, Mr Ma Tai-Yeung, believes that the Federal Reserve will still have the opportunity to raise interest rates in the second half of the year, which will bring uncertainty to the Hong Kong property market. In addition, the Government has not yet signalled the withdrawal of the "spicy", so the visibility of the property market is still low, and it is believed that it is difficult for the second-hand transactions to improve in the short term. The bank recorded 2 transactions in 2 days, a 6-week low.
On the other hand, the first-hand also did not launch a new disc, Henderson development of Hung Hom BAKER CIRCLE Phase 3 open to the public demonstration units, Henderson property agency sales (a) general manager of the Department of Lam Tat-Man pointed out that the weekend weather is unstable, but the flow of visitors did not greatly reduced. New property transactions, the end of the nine building development of the Tseung Kwan O, Tseung Kwan O, Rhine Manor, the weekend recorded two consecutive transactions; South West Kowloon Harbour Road II, Block 1, 9th Floor, Room B sold for $ 44.8 million, the usable area of 1,432 square feet.
