After the "removal of spicy food", the real estate market transactions have obviously picked up for a while. At the same time, there have also been many more "cake buyers", that is, buyers and professional buyers who purchase multiple units in the same new project at one time. They have a certain understanding of the real estate market. Boosting effect, the Central Plains City Leading Index also rose by 1.36% within a week, proving that the withdrawal of spicy food has indeed injected new impetus into the market, which is expected to stabilize property prices and even bottom out. However, while the property market is still recovering, Cheung Kong Wong Chuk Hang A new project is being built on Blue Coast, but with an asking price of NT$28,000, far below the cost price, it has introduced a deeper and more destructive "depth charge" into the market, causing owners who have not yet moved in and who have bought off-the-plan properties in recent years to pay a fortune. Sigh, even if they are not buyers of new properties near Wong Chuk Hang, they will also suffer.
Wong Chuk Hang was once regarded as an area with great development prospects based on the "Dynamic Island South" project. In addition, the supply of new developments in Hong Kong Island has always been limited, and Wong Chuk Hang is regarded as an area with high potential; otherwise, Cheung Kong would not develop the area at a cost price of NT$28,000 per square foot.
However, Hong Kong's economic and real estate market conditions are not very optimistic. The discounted average price of the first batch of Cheung Kong Blue Coast units is only NT$21,968 per square foot. The discounted price of the first batch of the cheapest units is only NT$18,998.
Concerns about buying inventory that deviates from the market price
Comparing other new projects in the same district, such as Haiyingshan, which was launched in July last year, the discounted average price per square foot at that time was 27,989 yuan, Jinhuan and Yanghai, which will be sold in 2021, are 29,689 yuan and 30,880 yuan, the opening prices of new buildings are actually 20% or 30% lower. , which naturally has a direct impact on the valuation of the area.
The issue of bank valuation arising from falling property prices and price-cutting by developers has also received increasing attention. In the past, when property prices were stable and rising, banks used the contract price as the basis for loan amounts. Even if the property prices fluctuated slightly, it would not affect the buyer's purchase, and the situation of "under-borrowing" was relatively rare.
However, with the fluctuations in property prices in recent years, the decline has been deep and rapid. Many buyers have purchased off-the-plan properties for less than a year, and the market prices have fallen sharply. In addition, bank lending attitudes have become more cautious after interest rate increases. There have been occasional reports of buyers of new properties being unable to obtain sufficient loans due to insufficient bank valuations, but these cases have always been relatively rare.
The previously reported cases were all from Tuen Mun District, but recent cases are suspected to have spread to new buildings in urban areas.
It is rumored that a new property in Yau Tong is very popular, and some buyers are unable to obtain sufficient loans due to valuation issues.
Looking back at the price of the first batch of price lists launched by Langyu in November last year, the discounted average price per square foot at that time was 17,938 yuan. Compared with the first batch of price lists at Cheung Kong Kai Hoi Station in August last year, the discounted average price per square foot was 14,997 yuan. Compared with Huang Zhu The price difference of a group of "sufferers" who are tricked into selling new products is often 20% or 30%, but the price difference of Langyu is not that big.
At about the same time, Vanke Hong Kong launched a new project in Cheung Sha Wan, Lian Fang II, with an average price of as high as NT$25,000 per square foot, which was obviously a significant deviation from the market price.
Immediately buying off-the-plan properties can result in a 90% mortgage loan
The maximum rebate that developers can receive is unknown, but for buyers, the biggest problem when buying a property that deviates from the market price is whether they can pass bank loans.
If a buyer is determined to enter the market, but is worried that there will be valuation problems after the property is taken over and will not be able to borrow enough, or he is afraid that he has misjudged the development of the property market and will not be able to buy it when the property price rebounds in the future.
The safest solution is to buy unfinished properties on demand. Nowadays, unfinished properties have been extended to provide up to 90% mortgage, which I believe can meet the needs of most people who want to get on the road.