Valuation of Bank Progression
Hong Kong did not raise interest rates. Banks continued to aggressively seize the property market, and valuations of second-hand buildings became more and more lettable. Units with broken production costs also experienced a general assessment of the price of embossing. The embossed price was estimated to be 18% at most, reflecting that banks are striving to obtain floor presses. The attitude is very positive.
The second-hand property prices continued to rise. In April, a large number of transaction cases with high price breaks emerged. This newspaper sampled online bank valuations for 50 units with high cost of innovation. The results showed that there were 22 units that had an estimated price, and the valuation ranged from 0.6% to 18% higher than the transaction price.
Kornhill Penthouse sells 19,618 new high
Among them, the penthouse unit on the top floor of Block H of Kornhill Garden in Quarry Bay has a usable area of 994 square feet. In April, it was changed hands at $19.5 million and the price was RMB19,618. The property price created a record high for the housing estate. However, the bank’s online valuation was RMB 23.08 million, 18% higher than the transaction price, and the price was RMB 23,219, which was almost equal to the Taikoo City price level.
In addition to private buildings, the public housing units have the same valuation. Twenty-five high-rise buildings in Chang’an Village, Tsing Yi, occupy only 150 square feet of usable space. The previous month, we changed hands with 2.45 million yuan, and the price was RMB 16,333. It is the most expensive public housing price in Hong Kong. unit. The bank’s valuation of the above units was 2.55 million yuan, which was 4% higher than the transaction price.
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In addition, even if the quality of the relatively poor units, bank valuations can also be estimated to highlight the price, such as Lai Chi Kok Mei Foo Sun Chuen, the fourth floor of No. 83 Broadway, Room C, a practical area of 668 square feet, last month to 7.79 million yuan changed hands. As the elevators of the building cannot reach the floors directly, the entrance to and exit from the residential building requires a one-story staircase. This is an unsatisfactory quality asset in the eyes of the bank. However, the bank’s valuation is 8.82 million yuan, and the estimate is as high as 12%.
On the other hand, there are 23 units with undervaluation on the books. The valuation is about 0.5% to 9.6% lower than the transaction price. The worst-valued unit is the 22nd floor of the first floor of Shatian City, Room C, with a saleable area of 484 square feet. It was recently changed to 7.99 million yuan, which is a new high for similar units. However, the bank’s valuation was only 7.22 million yuan, which was 9.6% lower than the transaction price.
However, it is worth noting that out of the 23 under-valuation units, 19 units were undervalued between 0.5% and 5%. According to the agency, within 5% of the low transaction price of the online valuation, the bank can appraise the valuation as long as there is a sale and purchase contract. In other words, only four are actually undervalued.
People in the industry pointed out that the bank’s online valuation is for reference only. When the mortgage is approved, it will be approved according to the transaction price, which means that the estimated price will not be used to highlight the money, but the bank’s price is significantly higher than the market price. The tactics reflect that banks are optimistic about the prospects of the property market and actively seize the floor according to the market. The industry reminds prospective buyers that bank valuation data is purely computer-calculated and should not be used as the sole reference for the market. It must refer to more information.