The property market is pulling back | Yahoo poll: almost 70% of participating users will not take advantage of the opportunity to enter the market
[Adroddiad Newyddion Yahoo]Financial Secretary Paul Chan Mo-po released this government’s second “Financial Budget” last Wednesday (February 28). The demand control measures in the residential property market commonly known as “hot tricks” were completely cancelled, and property sold No additional stamp duty is required. After the budget was announced, the Hong Kong Monetary Authority also canceled the “stress test” requirement for mortgage origination. “Yahoo Poll” also set up a question for this purpose: “The government announced a comprehensive withdrawal of measures to save the property market. Will you take the opportunity to enter the market?” The vote came to end late the night before. Among more than 1,100 consumers who participated, almost 7% said they would not take the opportunity to enter the market.
A total of 1,115 users took part in this poll. 135 users said they would take the opportunity to enter the market, accounting for 12.1% of the total; 763 users who would not take advantage of the opportunity to enter the market, accounting for 68.4% of the total; and 217 users said they were “undecided”, accounting for 19.5% of the total.
Property prices fell 23% from their highs
“Hot Trick” was launched in November 2010 to combat short-term speculation. Before last year’s “Policy Direction” reduced the “hot tax”, buyers would have to pay an additional stamp duty of 10 to 20% if they resold the property within 3 years of purchasing the property; and last year’s “Policy Direction” reduced the “hot tax” period from The period of 3 years after the purchase of the property is shortened to 2 years. Less than half a year after the incident, the “spicy measures” have been completely withdrawn; Paul Chan said in the budget that he believed the measures were no longer necessary under current economic and market conditions. According to the Department of Rating and Valuation, the private residential price index in January this year was 306.4, down 23% from the historic peak of 398.1 in September 2021.
The first new project after the withdrawal of the hotspots was sold on the same day, and the developer has 20,000 units left to sell.
After the “hot move” was withdrawn, the number of transactions immediately rebounded. Lijia Ge pointed out that during the past weekend (2nd and 3rd), the top ten index housing estates recorded 31 second-hand transactions, compared to the previous Saturday. and Sunday (2nd) The 7 cases (on March 24th and 25th) increased 3.4 times. As well as rising for three consecutive weeks, it has also reached a new peak in the last 158 weeks. In addition, Henderson launched the first round of 138 units in the first phase of Belgravia Place in Taiwei Street, Shek Kip on Sunday (3rd). They sold out in about 4 hours. This is the first new project in the last 7 months since August last year. The first round of sales today. The developer will launch an additional 208 units tonight, and the second round of sales will take place this Thursday (7th).
The increase in transactions after “removing the spice” and the fact that new projects were sold out in a short period of time reflects some people’s expectations for the property market, however, it is still too early to say whether property prices can stop falling and stabilise, or even resume their upward trend: interest rate It is still high, and at the moment the market expects the the Federal Reserve will start cutting interest rates in June; however, Hong Kong units will also be quite sufficient in the future period: the Housing Bureau indicated in February that the potential supply of direct private housing in the next three to four years is about 109,000 units, based on The number increased by 2,000 quarter-on-quarter; and from the end of that period. Last December, developers also had about 20,000 units of a “backlog” of existing buildings.
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