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Home buyers still bullish
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NEW home buying sentiment climbed mildly for the second consecutive week in Shanghai with average cost heading north too at a moderate pace, latest market data suggested.
The area of new residential properties sold, excluding government-subsidized affordable housing, rose 6.4 percent to 227,800 yuan per square meter during the seven-day period ended Sunday, Shanghai Uwin Real Estate Information Services Co said in a report released today.
These new houses were sold at an average price of 32,856 yuan (US$5,040) per square meter, a week-over-week increase of 6.3 percent.
"April's monthly transaction volume of new homes won't likely exceed 1 million square meters if such a pace is maintained for the rest few days, which therefore means the city government's latest tightening measures to cool the overheated residential market has taken effect," said Huang Zhijian, chief analyst at Uwin.
So far this month as of Sunday, about 711,200 square meters of new homes were sold across the city, or a daily volume of 29,600 square meters, according to Uwin data.
Citywide, half of the top 10 best-selling projects cost more than 30,000 yuan per square meter, with one in outlying Songjiang District, where budget-tight home seekers always find great interest in, seeing 171 units, priced at 34,551 yuan per square meter on average, sold during the seven-day period, the most among all.
On the supply side, about 173,500 square meters of new houses spanning nine projects were released to the local market for sale, a week-over-week plunge of 65.7 percent, Uwin data showed.
On March 25, Shanghai announced a batch of rein-in measures which include increased down payment for second homes as well as raised threshold for non-local buyers to purchase a house, its latest effort to cool the city's overheated property market.
"Transaction activities have fallen to a normal level already and the market is expected to correct further for another six months or so with July or August most likely seeing a bottom," said Lu Wenxi, a senior manager of research at Shanghai Centaline Property Consultants Ltd. "However, in terms of price, we won't likely see a drop until the fourth quarter."
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