Property agents say the cheapest time to buy these large estates has passed, and those who wanted to take advantage of the low prices before are now speeding up their decision to enter the market for fear that property prices will rise again after the customs clearance resumes.
According to agent data, owners of large housing estates above the railway in Yuen Long, which is adjacent to the Shenzhen Bay Port, have countered their prices.
Centaline Property's senior sales director for Tuen Mun, Yuen Long and Tin Shui Wai, Chan Chung Ho, pointed out that after the news of the resumption of customs clearance between Hong Kong and the Mainland at the end of last year, most of the large housing estates in Yuen Long such as YOHO TOWN and YOHO MIDTOWN along the railway line started to reverse their prices by 2% to 3%.
As an example, he said, YOHO TOWN, Block 1, Room B, 393 square feet, the original asking price of $5.7 million, the owner finally counter-offered to $6.02 million, an increase of $320,000 or 5.6%, equivalent to $15,318 per square foot, the buyer is a user.
He pointed out that last month, YOHO TOWN and YOHO MIDTOWN were still sold at $13,000 to $14,000 per square foot, but now the price has risen to nearly $15,000 per square foot before they will sell.
He believes that the most affordable time for these large housing estates has passed, and those who wanted to buy flat before will now speed up their decision to enter the market, only to buy less expensive. However, in general, the asking prices of second and third tier housing estates in the region are still stable.
As for the large housing estates in Tung Chung, which are close to the Hong Kong-Zhuhai-Macao Bridge and the airport, the owners also counter-offered.
According to Lau King Chun of Ricacorp, Flat H in Tower 2 of Blue Sky Coast was sold for $7 million recently, with an area of 561 square feet and two partitions, compared to Flat E on the 16th floor of the same tower which sold for $6 million early last month, a difference of $1 million.
In addition, the owner of flat D on the lower floor of Block 7 in the same area, East Embankment Bayfront, countered the price from $6.1 million to $6.5 million before the sale, a counteroffer of $400,000, or 6.6%.
Even Tseung Kwan O has seen a rebound in the low end of the market, with a 438 sq ft, two-room apartment B in Block 8 of Tseung Kwan O Centre selling for $6.48 million at $14,795 per square foot.
According to the agents in the area, since the announcement of the resumption of customs clearance, some owners in the area have become more aggressive in their asking prices, with some even countering the price.
On the other hand, some buyers have accelerated their decision to enter the market as a result of the counter-offer. According to Chan Siu-hung of Midland Realty, a 468 sq ft two-bedroom flat on the upper floors of Block 1 of Ma On Shan Centre was sold for $6.88 million, but was eventually sold for $6.4 million at $13,675 per square foot.
It is reported that the buyer saw the price of the property bottoming out and decided to buy the property instead of giving up on a regular basis. Having experienced the owner's counter-offer, multiple customers competing and missing out on the market, the buyer saw that the property price was attractive and immediately made an offer.
In fact, as Hong Kong and the Mainland continue to optimize the epidemic prevention and control measures in recent months, the property market rebounded, just last Saturday, the top ten housing estates of the agents of second-hand transactions all rose to "double-digit", the recent new properties also re-emerged in the large number of customers sweep cases.
The Centaline CSI Residential Sales Price Index, which reflects the views of frontline brokers, has risen sharply for the past week to 47.80 points, up 6.09 points from last week's 41.71 points and up 16.57 points for five consecutive weeks.
Wong Leung-sing, senior co-director of Centaline Property Research, said that the index successfully broke through the lower limit of the 45-point good/bad range this week and is expected to challenge the 50-point good/bad boundary.
