New developments have been pushing the market, putting pressure on the second-hand real estate market in October. Banks have cautiously reduced the appraised values of units in over 20 benchmark properties. According to data from The Standard, 16 out of 20 benchmark properties experienced a decrease in their appraised values in October, the highest number in recent years, decreasing by 0.14% to 4.69%. The decline rate for Jucheng Plaza in将军澳was the largest, with a drop of 4.69%.
In October, among the top 20 properties, 16 saw a decrease in appraised values, significantly more than the previous month, which saw only six decreases. The decrease ranges were from 0.14% to 4.69%, similar to the previous month's range of 0.74% to 4.44%. Only three properties saw increases in appraised values, with the range being 0.14% to 1.89%, a reduction from nine properties in September. One property's appraised value remained unchanged during the month. Click to view the October appraisal values of the top 20 benchmark properties: Jucheng Plaza's unit values have fallen consecutively for three months. Specifically, unit 6座低层A室, measuring 697 square feet, saw its appraisal drop from 8.52 million yuan in September to 8.12 million yuan this month, a 4.69% decline. This unit has fallen continuously for three months, reducing from a peak of 8.68 million yuan by 560,000 yuan or 6.45%, reaching its lowest level since February this year. Similarly, the decline exceeded 4% in City Garden in North Point; the 9座中层C室, measuring 581 square feet, saw its estimated value drop by 3.7 million yuan or 4.15% to 8.55 million yuan, reversion to the level in May this year.
Among the top 20 benchmark properties in October, the Centre in Tuen Mun fell below the 4 million yuan mark. Unit 1座广州楼高层A室, measuring 581 square feet, saw its appraisal drop from 4.02 million yuan in September to 3.91 million yuan in the latest assessment, a 2.74% decrease. It's worth noting that the Lok Hong City's unit in Kowloon Bay saw a 11-month consecutive increase in its appraisal, which was halted in October. The unit, measuring 517 square feet, saw a slight decrease of 30,000 yuan or 0.47% to 6.29 million yuan, a 17.79% increase from 5.34 million yuan in October last year. Three properties saw increases in appraisals, with the most significant increase seen in Kau Shui Wai's Jiahu Shan Zao Phase 3's unit, a low floor Unit E in Building 5 measuring 458 square feet, which saw its appraisal rise by 70,000 yuan or 1.89% to 3.78 million yuan. The other two properties experiencing increases were Kwun Tong's Tefu Garden's unit K座中低层7室, measuring 493 square feet, which saw its appraisal rise by 20,000 yuan or 0.35% to 5.75 million yuan, and Ma On Shan's Xin Gang City's unit A座低层5室, measuring 579 square feet, which saw its appraisal increase by 100,000 yuan to 7.02 million yuan. One property's appraisal remained unchanged for the month, namely Lam Tin's Hu Jing Flower Garden's unit in Building 1, a low floor Unit F, measuring 626 square feet, keeping its appraisal at 8.02 million yuan.