Midland Property Price Index Continues to Fluctuate in a Narrow Range, Down 0.25% Week-on-Week; Confidence Index Retreat Reflects Pressure on Secondary Market

Midland Realty analyst Cen Songqian pointed out that the "Midland Property Price Index" latest reading was 148.73 points, down 0.25% week-on-week, fluctuating between 148 and 150 points for 14 consecutive weeks, continuing to move within a narrow range: compared with four weeks ago, property prices also recorded a 0.25% decline, while year-to-date property prices have accumulated a rise of 10.41%. On the other hand, the "Midland Confidence Index" (compiled based on weekly changes in Midland's online listing prices), which reflects owners' listing attitudes, latest reading was 69.8 points, down 2.2% week-on-week. Cen Songqian pointed out that the wave of new project launches has concentrated market focus on the primary market, leaving secondary properties largely neglected. Some owners eager to cash out cut prices to attract buyers, leading to an increase in discounted listings and causing the confidence index to fall; however, the confidence index remains consistently above its average, reflecting that owners remain optimistic about the outlook. When divided into 3 regions, property prices in the 3 regions showed mixed week-on-week developments. The "Midland Hong Kong Island Property Price Index" latest reading was 158.64 points, down 0.36% week-on-week; the "Midland Kowloon Property Price Index" latest reading was 156.07 points, down 0.72% week-on-week; in contrast, the "Midland New Territories Property Price Index" latest reading was 133.99 points, up 0.18% week-on-week. Compared with four weeks ago, property prices in the 3 regions also showed mixed developments, with Hong Kong Island and Kowloon rising 0.05% and 0.14% respectively, while the New Territories fell 0.69%; as for year-to-date property price changes, prices in all 3 regions rose, with Hong Kong Island, Kowloon, and the New Territories rising 13.45%, 11.52%, and 8.48% year-to-date respectively. In terms of the discounted listing ratio, according to the discounted listing ratio reflected on Midland Realty's website, among the 3 regions across Hong Kong, the New Territories had the highest discounted listing ratio among the 3 regions; when divided by sub-districts, the three districts with the highest discounted listing ratios were Tin Shui Wai, Tai Po, and Tsuen Wan. When divided by unit area, the highest discounted listing ratio was for Class B units with a saleable area of about 431 to about 752 square feet; next was Class A units with a saleable area of about 430 square feet or less; followed by Class C units with a saleable area of about 753 to about 1,075 square feet.