Lukewarm home sales in Hong Kong signal caution among buyers as looming US Fed hike weighs on sentiment
A
third of units at a Yuen Long project and half of units in Wong Chuk
Hang sold on Saturday as buyers wait to see if the Fed hikes rates again
this month
Home
sales are still expected to improve this month over June owing to more
lenient mortgage policies that were revised last week
Homebuyers in Hong Kong have turned cautious, giving two new project launches on Saturday a lukewarm reception as another interest rate increase expected this month looms, weighing on buyer sentiment, analysts said.
As of 4pm, 64 out of 188 units of High Park I in Yuen Long had been sold, while 54 of 108 units of La Montagne in Wong Chuk Hang had found a buyer, according to agents.
“The
sales of both projects cannot be counted as good, but they are
reasonable,” an agent said. “It reflects that the market environment is
in a wait-and-see mode after the US Fed’s rate hike in July.”
Consumer
prices in the US were up 3 per cent in the 12 months to June, slower
than the 4 per cent year-on-year rise in May, according to official
data. The US Federal Reserve, however, is still tipped to increase
interest rates in the latter part of the month, as monetary authorities
in the world’s largest economy try to cool inflation while avoiding a
recession.
To keep the Hong Kong dollar pegged to the US dollar, the Hong Kong
Monetary Authority (HKMA) typically mirrors the Fed’s moves, meaning
homebuyers will face higher mortgage rates once local cash rates are
increased.
“The
current high interest rate environment will continue to weigh on the
residential market,” another agent said. “It would only be potentially
better for homebuyers in the second quarter of 2024 when there is a
possibility that the US would cut interest rates.”
La Montagne – a project atop the Wong Chuk Hang MTR station that is jointly developed by Kerry Properties, Sino Land, Swire Properties and MTR Corp
– put on offer units priced from HK$11.79 million (US$1.5 million) to
HK$36.75 million, according to price lists posted on its website. With
discounts, the cheapest unit could cost as low as HK$9.66 million. Unit
sizes start from 403 sq ft.
In
Yuen Long, High Park I’s units were priced between HK$5.13 million and
HK$8.3 million. With discounts, the cheapest units could be bought for
HK$4.41 million. Flat sizes were between 326 sq ft and 498 sq ft. High Park is developed by Hong Kong-listed Asia Standard International.
Although
sales were less than stellar, the primary residential market is likely
to see better sales in July than in June, according to another agent.
Last week, the HKMA and the Hong Kong Mortgage Corp relaxed mortgage rules
by refining the 50 per cent loans eligibility for homes that cost more
than HK$10 million into three tiers. Homes of up to HK$15 million that
are for personal use can get up to 70 per cent mortgage financing, while
those valued between HK$15 million and HK$30 million are entitled to 60
per cent loans.
Overseas
investors, defined as those who derive their income outside the city,
are also eligible for the same 50 to 70 per cent mortgage loan financing
as local buyers. Under a previous rule, the mortgage loan-to-value
ratio for overseas buyers had to be 10 percentage points below that
offered to local buyers.
“It
is a spicy reduction measure, which basically benefits all citizens,
and the market is digesting the new measures,” the agent said. “The
first-hand market in July is better than June.”
(South China Morning Post)
有代理表示，金鐘遠東金融中心高層單位，建築面積約2780方呎，業主意向租金約11萬元，呎租約40元。
該行指出，物業望園景及部分海景，附全新寫字樓裝修，內有一個大會議室及基本家具。單位設有2個出入口，其中一個連接後樓梯，可作後門之用，方便搬運辦公用品。單位現時已交吉，可即時起租，且可與業主商量免租期，租期更為靈活。
(信報)
更多遠東金融中心寫字樓出租樓盤資訊請參閱：遠東金融中心寫字樓出租
更多金鐘區甲級寫字樓出租樓盤資訊請參閱：金鐘區甲級寫字樓出租
