10 large housing rentals reduced by 10% 7 months quietest
Second-hand property prices have ended 28 months of rising, and the rental market has also begun to show signs of decline. The 10 largest housing estates, including Kingswood Villas, Mei Foo Sun Chuen and Tai Koo Shing, have been reimbursed by up to 5.4% in September.
Only 25 in a city plunged 50% on a monthly basis
According to the statistics of the 10 major housing estates of Centaline Property, only 285 rental transactions were recorded in September, which fell more than 11% month-on-month. It was the quietest month after February this year.
Apart from Kingswood Villas and Yingwan Park, the rental transactions of the other 8 housing estates were no more than 30. The first city in Sha Tin only had 25 cases in the whole month, which fell 50% month-on-month.
Agent: Inferior households drag down overall rent
In terms of rents, rents in seven estates fell by month in September, showing signs of expansion in the five housing estates in August. Rents in the urban estates such as Whampoa Garden, Mei Foo Sun Chuen and Tai Koi Estate have all dropped. The overall decline ranged from 1.5% to 5.4%.
Frontline agents pointed out that a number of large-scale new discs entered the building in August and September, and the recent decline in second-hand property prices has had a certain impact on the rents of large housing estates. However, the overall second-hand rents are still high, and there are 8 in September. The rents of the estates have dropped. It is believed that the majority of the inferior flats have dragged down the overall rent.
Take Mei Foo New Village as an example. Last month, 25 transactions were recorded. The average rent was 35 yuan, down 5.4% month-on-month. However, there was no shortage of the highest and lowest quality units recorded in the previous month, such as 107 High Street, Broadway Street. Room A, with a usable area of 504 square feet, is rented out at 18,000 yuan. Since the elevator cannot reach the floor directly, the rent is lower than the normal unit.
Chen Yongjie, vice chairman and head of the residential department of Zhongyuan Real Estate, pointed out that the rent trend has always been following the fluctuation of property prices. I believe that there will still be downward pressure on rents in the next few months. However, the wait-and-see attitude of the second-hand market has risen in recent months, and the number of cases of sub-leasing has increased. With support, it is estimated that the overall rental decline will not exceed 5%.