Midland Realty: Hong Kong's top ten districts recorded 136 transactions in August, a slight increase of 3% compared to the previous month. The market expects a rate cut to bring a turning point to the property market

According to the Wisdom Finance app, in August, the top ten districts of Hong Kong recorded 136 transactions, a slight increase of 3% compared to the previous month. In terms of price per square foot, 8 districts saw a decrease in price per square foot this month, ranging from 0.5% to 6.9%. Among them, the price per square foot in Lai King City dropped by 6.9% compared to the previous month. Chen Yongjie, Vice Chairman of Asia Pacific at Midland Realty and President of the Residential Department, stated that the market is waiting for the Fed to cut interest rates next month. There is a strong wait-and-see atmosphere in the property market, with overall trading remaining stable. On the one hand, there were about 500 transactions this month, reaching a new low after the cooling measures were withdrawn. Many developers are also waiting for the interest rate cut before launching large new projects. Recently, sales have mainly focused on clearing existing inventory, with many buyers returning to the second-hand market. Currently, the overall market sentiment is positive, with some buyers planning to take advantage of the low prices before the interest rate cut to enter the market. They are actively comparing properties and looking for potential deals. Some buyers have already selected properties recently and plan to accelerate their entry into the market after the interest rate cut is implemented. In terms of property viewings, around 410 property viewings were recorded in the top ten districts this weekend, an 8.5% increase compared to the previous week, setting a new 14-week high. It is expected that after the Fed officially starts cutting interest rates next month, the accumulated purchasing power will be released gradually, and trading volume will significantly increase. In the Hong Kong Island area, all three key districts saw an increase in transaction volume in August, with Hong Yat Garden recording the largest increase of 80% compared to the previous month. Yang Wenjie, Chief District Sales Manager at Midland Realty's Hong Yat and Hong On Street branch, stated that Hong Yat Garden recorded 9 transactions this month, an increase of 4 compared to the previous month, with an average usable square foot price of HKD 12,793. With the anticipation of an interest rate cut, some buyers are preparing in advance by viewing properties, which has boosted the property viewing atmosphere in the area. The district recorded 40 property viewing appointments this weekend, a 33.3% increase compared to the previous week, with the average usable square foot price remaining unchanged at HKD 13,400. Zhao Hongyun, Senior Regional Sales Director at Midland Realty's Taikoo Shing Eastmount Crest branch, stated that the market is filled with positive news, and many owners are willing to expand bargaining space, accelerating second-hand transactions in the area. Taikoo Shing recorded 23 second-hand transactions this month, a 27.8% increase compared to the previous month, with an average usable square foot price of HKD 14,020. The property viewing atmosphere in the area did not show significant improvement this weekend, with 25 property viewing appointments recorded, remaining stable compared to the previous week, and the average usable square foot price of around HKD 17,300, a slight increase of 0.6%. In the Kowloon area, Feng Jianping, District Sales Manager at Midland Realty's West Kowloon Mei Foo MasterCard branch, stated that Mei Foo Sun Chuen has recorded 23 transactions so far this month, a significant increase of over 40% compared to the previous month. Trading is active, but the average usable square foot price continues to decline, dropping to HKD 9,337 this month, a decrease of 2.3% compared to the previous month, and has been below the ten thousand level for four consecutive months. There were no new focus projects launched this weekend, with market sources evenly distributed. Mei Foo Sun Chuen recorded 55 property viewing appointments this weekend, with property owners in the area showing a lukewarm attitude towards property viewings, and prices are not aggressively adjusted. The average usable square foot price in the district has been further adjusted downwards to HKD 10,800. Hong Jinxing, District Sales Manager at Midland Realty's Lai King City branch, stated that 70 property viewing appointments were recorded this weekend in Lai King City, a further increase of 7.7% compared to the previous week. Some buyers feel that the US is about to enter an interest rate cut cycle and have decided to view properties in advance, stimulating the property viewing atmosphere in the area. In terms of transactions, Lai King City recorded 7 transactions this month, 2 fewer than the previous month, a decrease of 22.2%. The average usable square foot price also dropped significantly by 6.9% to HKD 10,800, further attracting buyers to view properties and search for potential deals In the New Territories area, Eddie Wu, Deputy Regional Sales Manager of the Shatin branch of Midland Realty, stated that there have been approximately 17 transactions in Phase 1 City One Shatin so far this month, an increase of 21.4% from the 14 transactions recorded last month. The average price per square foot is around HKD 12,528. Recently, there has been a strong wait-and-see atmosphere in the market, with most buyers waiting for the US interest rate decision next month before entering the market with a cautious attitude. However, some buyers are hoping to take advantage of the low property prices and are actively viewing properties over the weekend. The estate recorded about 50 viewing appointments this weekend, an increase of approximately 11.1% from last week. Trudy Dai, Deputy Regional Director of the Tin Shui Wai branch of Midland Realty, stated that there have been 17 transactions in Casa Lakeville so far this month, a decrease of 39% from the 28 transactions recorded last month. The average price per square foot is HKD 8,040, with a slight increase of 0.5% compared to the previous month, surpassing the HKD 8,000 mark. The market is waiting for the Federal Reserve to start cutting interest rates, hoping to bring a turning point to the property market. Currently, there is a strong wait-and-see atmosphere, with buyers cautiously entering the market. However, there have been buyers actively viewing and making offers on properties recently, intending to enter the market immediately after the Federal Reserve implements the interest rate cut. Casa Lakeville has recorded 70 viewing appointments this weekend, an increase of 16.7% from last week, with the asking price per square foot remaining at HKD 8,900