CRIC: 14 transactions recorded in the top 10 housing estates over the weekend, setting a new high in nearly half a year
According to the report from Centaline Property, there were 14 transactions in the top ten housing estates over the weekend, an increase of 27.3% from the previous week, reaching a new high in nearly half a year. The market expects the Federal Reserve to cut interest rates, leading to a return of purchasing power to the second-hand housing market, prompting buyers to enter the market early. In August, the transaction volume was about 162 units, an increase of 27.6%. Developers are planning to launch new projects, which may stimulate real estate transactions in September
According to the Smart Finance app, Centaline Property announced that the top ten housing estates recorded 14 transactions over the past weekend, an increase of 3 transactions or 27.3% from the 11 transactions recorded the previous weekend. This marks the fifth consecutive weekend of double-digit transactions, reaching a new high in nearly half a year since the end of March. Only one housing estate had zero transactions, while the other nine estates all had trading activities.
Chen Yongjie, Vice Chairman of Centaline Property Asia Pacific and President of the Residential Department, stated that the market generally believes that there is a high chance of a rate cut by the Federal Reserve this month. Recently, the focus has shifted to new properties, with purchasing power flowing back to the secondary market. Many buyers have been actively viewing properties, as some are concerned that owners may adjust prices after the mid-month rate cut, fearing that delaying their purchase may lead to higher prices. Some buyers have started to enter the market cautiously, and if owners who are willing to negotiate expand their bargaining space, transactions are also being made. It is believed that after the rate cut is officially implemented, the accumulated purchasing power will be gradually released, and the atmosphere in the Hong Kong property market will significantly improve.
In addition, according to statistics from Midland Realty, during the past weekend (August 31st to September 1st), the top ten blue-chip housing estates recorded approximately 14 transactions, representing a week-on-week increase of about 16.7% and the fourth consecutive weekend of double-digit transactions. When considering the top fifteen housing estates, about 17 transactions were recorded over the weekend, a 30.8% increase from the previous week. In terms of monthly transactions, the top ten housing estates recorded approximately 162 transactions in August, an increase of about 27.6% from around 127 transactions in July, reaching a new high in three months, reflecting buyers entering the market ahead of the rate cut.
Bruce Shao Ming, Executive Director of the Residential Department at Midland Realty, mentioned that the market generally expects a rate cut in the United States in September, and with the slowing pace of new property launches in August in Hong Kong, purchasing power has returned to the secondary market. Buyers are seizing the opportunity to enter the market before the rate cut, driving an increase in transactions for the top ten housing estates throughout August compared to the previous month. During the past weekend, there were no entirely new properties available, and most of the transactions were for remaining stock, leading some buyers to search for hidden gems in the secondary market. The demand for these properties remains strong, stabilizing the transactions for the top ten housing estates compared to the previous week. Furthermore, several developers have planned to launch multiple new properties and release remaining stock in September. It is believed that developers will continue to adopt a "quantity before price" sales strategy to capitalize on the purchasing power triggered by the rate cut effect, stimulating both primary and secondary market transactions in September