Property prices on Park Island hit a new high?
Well, despite all the doom and gloom, it seems that prices have hit yet again a new high. Not good news for those waiting to buy, but obviously comforting for existing owners, (except those hoping for a fall so they can upgrade!).
I still think that in these volitile times, you can keep your eyes out for a bargain. There must surely be sellers who have lose money in the stock market, who want to sell off, I would think. And if you look at recent sales records, you can see that some people have recently bought well below current market prices.
Meanwhile, an agent I spoke to today told me that many people simply are not selling as they do not want to pay the Government tax that was imposed on people who sell within 2 years of buying. If so, I find it kind of ironic that a measure intended to stop property prices rising, has actually had the opposite effect.
The agent I spoke to also told me they are noticing a pick up in people looking around, with a view to buying something before the Chinese New Year, and that they are suprisingly busy showing people apartments (both for rental and for sale). For anyone selling, the "bottom asking price" seems to be $6000 per square foot. Having said that, if you are a potential buyer, I would see no harm in putting in "low ball" offers and seeing what kind of response you get.
The graph below shows Park Island prices compared to average HK prices, right up to the end of November 2011.
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| Park Island Transaction Graph |
Where did you get this graph chart from? I want to view the source please, I've looked at Midland, Centadata, gohome and property.hk but they show different results to what you have on this blog.
ReplyDelete"And if you look at recent sales records, you can see that some people have recently bought well below current market prices."
ReplyDeleteThis doesn't make sense - the price they are paying is, by definition, the market price !!!!!
I think the estate agents here are trying very hard to talk the market up (or at least not down) - if they start saying things like "Prices are dropping, come back in a year" it will affect their income and employment.
Thanks for the comments. I will do a seperate blog to address the questions about the data for the Park Island price chart.
ReplyDelete