Mr. Chen Wing-kit, the Chief Residential Officer at Centaline Property, pointed out that the overall property market sentiment has started to improve recently, with the market anticipating the introduction of cooling measures in this month's policy address, thereby strengthening confidence among potential buyers.
However, some prospective buyers remain cautious, concerned about a potential reduction in negotiation flexibility in the future, hence they are keen to enter the market earlier. With the viewings canceled last week due to the impact of the typhoon now rescheduled for this weekend, along with improved weather conditions, the enthusiasm for property viewings has noticeably picked up. It is expected that the volume of second-hand transactions this month will see a significant increase.
In specific areas, in the Hong Kong Island region, Taikoo Shing's Tung Shan Terrace has recorded 8 transactions this month, approaching the total of 10 transactions for the entire previous month, with an average usable area price of approximately 15,791 HKD. The market is eagerly anticipating the introduction of cooling measures, attracting some buyers to enter the market earlier to seek high-value properties. The viewing atmosphere at Taikoo Shing this weekend remained on par with last week, recording a total of 26 appointments, with an average price per usable square foot of 17,000 HKD, remaining relatively stable compared to last week.
In the Kowloon region, Whampoa Garden has recorded 3 transactions so far this month, almost matching the 4 transactions for the entire previous month, showing relatively decent performance, with an average usable area price hovering around 13,606 HKD. The market, on the whole, is adopting a wait-and-see approach regarding the forthcoming policy address, anticipating favorable cooling measures, thus the viewing atmosphere in the area remains relatively calm. The number of viewing appointments for Whampoa Garden this weekend decreased to 20 groups, indicating a 20% decline compared to last week. It is believed that the market direction will become clearer after the announcement of the policy address.
As for Mei Foo Sun Chuen, it has recorded 8 transactions so far this month, maintaining stable transaction levels similar to the previous month, with an average usable area price of 10,753 HKD. The viewing atmosphere in the Mei Foo area remained subdued this weekend, with the number of viewing appointments holding steady at 45 groups, and the price per usable square foot hovering around 11,600 HKD.
In the New Territories region, City One Shatin has recorded approximately 6 transactions so far this month, with an average usable area price of around 13,250 HKD. The recent improvement in market conditions has increased buyers' confidence in the market, as they anticipate the government to introduce measures favorable to the property market in this month's policy address, driving some families with strong housing demands to actively search for discounted properties. The number of viewing appointments for City One Shatin increased by about 11.1% to 50 groups this weekend, potentially driving transactions.
In Tin Shui Wai, The Greenery has already recorded 10 transactions this month. Although it is slightly less than the same period last month, it still reflects a stable performance. With the policy address on the horizon, the overall market sentiment remains cautious, with expectations for the introduction of measures conducive to cooling the market. However, some buyers, unaffected by cooling policies, are seizing the opportunity to actively seek their desired properties. The number of viewing appointments for The Greenery this weekend has rebounded significantly, recording 90 appointments, representing an 80% weekly increase, with the price per usable square foot hovering around 10,000 HKD.
