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Showing posts from June, 2013

Park Island shows huge increases and buyers return to the market.

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Below is the latest data out for Park Island property prices.
Prices on Park Island hit an all time high. This confirms my observations and what agents have been reporting.

You can see a pretty big spike reflected in the graph here. What will happen next is most likely that banks will revalue their lending valuations for Park Island upwards, leading to further increases. So for those who have been holding off to buy, now might be the time to go for it and lock in at low interest rates if possible.

Park Island Price Graph

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Below is a graph showing prices and transaction volumes over the last year which a reader sent me yesterday.


I am not sure what the Chinese characters say, but basically the horizontal axis is volume per month, and the vertical axis is the price per square foot.

Transaction volumes still look pretty low (lets see how many they have by end of the month), but what is clear is that those who are buying are paying increasingly higher prices. This makes me wonder whether the Government's "cooling measures" have actually been both unfair and counterproductive, as they make sellers less willing to sell, yet genuine buyers are needing to fork out more.
What do you think?

One bedroom apartment wanted on Park Island

Posting a request received as follows:

Would you know by chance if there is any renovated studio or 1 bedroom apart available for rent please? I am desperately looking for one but don't want to rent a 2 bedrooms as i will just be alone living in the apartment… :(

NARY






Park Island Property on the rise again

Wow, latest data out from Centerline. Of all all the estates in Hong Kong, Park Island increased more this week than any other, rising 10.23%, averaging 9258 per square foot.

I am not sure how many transactions this is based on but it is a remarkable increase, and will surely be reflected in bank valuations next week.

The index also showed Hong Kong properties rising 2% overall this week.

Update on a possible MTR station at Park Island

If you support the development of an MTR station for Park Island, please send your views and support to:
Ben LO Senior Engineer/Technical Service 1
Railway Development Office Highways Department
sets1.rdo@hyd.gov.hk
You can of course also send and promote your view to as many other sources as you wish - it all helps. For example, ceo@ceo.gov.hk.
As readers of the Park Island blogger may know, the Government is reviewing the long-term railway strategy and carrying out Stage 2 Public Engagement exercise on seven local enhancment schemes. Upon completion of the Public Engagement exercise, the consultant will optimise the planning for major regional railway corridors and local enhancement schemes based on the views collected at both stages of the exercise. The entire study is expected to be completed in 2013. The Government will consider the consultant’s final recommendations and explore the way forward for different railway projects having regard to transport demand, cost-effectivene…