The residential property markets of Hong Kong and Victoria, Australia, are currently experiencing significant activity, with new home sales surging amid various promotional deals and heightened buyer interest.
Over the recent weekend, Hong Kong's real estate market saw sizzling sales, particularly with the launch of the Hava project located in Yuen Long. Developer Kerry Properties reported all 250 available flats were sold on the day of the launch, achieving remarkable success with over 14,000 subscriptions, leading to the project being 56 times oversubscribed. The flats, priced between HK$2.65 million to HK$5.06 million, resulted in total sales amounting to around HK$960 million.
Following Hava's success, other projects like High Park II by Asia Standard International also gained traction, selling 39 flats over the same weekend. Meanwhile, Wang On Properties launched its Coasto development, comprising 30 flats which attracted over 300 applications on the first day, showcasing considerable demand for new housing. This batch included both one-bedroom and two-bedroom units and priced from HK$4.44 million to HK$7.24 million.
Henderson Land Development’s Belgravia Place phase two introduced its second price list recently, which revealed pricing at HK$15,988 per square foot after discounts. The pricing is slightly higher than the previous list, indicating stable investor confidence. Also noteworthy was Henderson's Eight Southpark project, which received 1,700 subscriptions for just 63 flats, making it 27 times oversubscribed.
On the flip side, the secondary market is also showing signs of life, recording 12 deals over the weekend—this marked a 33 percent increase from the previous week, according to statistics from Centaline Property, reaching a ten-week high.
Meanwhile, across the globe, the housing market in Victoria is making headlines as builders and developers begin to launch limited-time deals aimed at enticing buyers eager to invest. Prominent names like JG King Homes, Metricon, and Sherridon Homes are offering substantial discounts on new constructions, with promotional packages established to reduce upfront costs and encourage customization.
For example, JG King Homes has rolled out its “We Bring the Steel, You Bring the Love” campaign, which allows buyers to access $60,000 worth of upgrades for just $15,000 upon purchase. Such deals have made significant impacts for potential homeowners across the state, highlighting the appeal of new builds over existing homes.
Similarly, for Metricon, the More Love Celebration provides homeowners choices of up to $50,000 worth of bonus items from reputable brands when constructing homes from their Designer or Freedom ranges. These promotional efforts have proven to be attractive to buyers seeking to attain customized and comfortable living spaces.
Ongoing developments such as Mirvac’s Smiths Lane community and Olivine are also capturing interest, both offering notable rebates on selected plots and construction homes. These communities come equipped with parks, playgrounds, and other facilities, solidifying their position as family-friendly developments.
Mirvac, again, is enticing buyers by offering rebates of up to $25,000 on selected land lots and $10,000 on townhomes within their various developments. Likewise, Taylor, Malvern East is offering apartments with furniture packages valued at up to $50,000, attracting young buyers and investors alike.
Comparatively, the promotional engagements seen across Victoria resonate with the trends observed within the Hong Kong market. Both regions are showcasing increased interest and competitive pricing, which could alleviate the current housing shortages and stimulate more dynamic buying patterns.
With the exciting developments and incentives offered, the prospects for both Hong Kong and Victoria's housing markets appear promising, and the current trends offer insight on buyer behavior and market viability as developers respond to demand.