At The Austin...
The price rises have begun already.
As announced in the SCMP today:
They will "raise the asking price by 5.6 per cent"
The second batch will be at an average of $24,149 versus previous $22,871.
Sizes range from: 418 sf to 1,002 sf.
The first batch was described as:
"very competitive... 21 per cent below the first batch at nearby Cullinan"
Nearby developments such as The Victoria Towers, The Coronation,
and The Cullinan ranged from HK $20,000 to $31,000 psf"
"Analysts expect strong sales at The Austin"
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Let's compare the prices in this SCMP, to the historical record.
At:
Read More
=== : e-CCLI : Sorrent : Hermit. - Rents : yield / VictoriaTw - Rents : yield :
2013
Jan. : 119.13 : $16,685 : $13,500 - 34.6 : 3.08% / $12,788 - 29.8 : 2.79% :
Feb : 121.64 : $16,227 : $13,197 - 33.8 : 3.07% / $17,847 - 31.7 : 2.13% :
Mar : 123.01 : $16,329 : $13,879 - 33.6 : 2.91% / $13,404 - 29.0 : 2.60% :
Apr : 118.84 : $15,024 : $12,885 - 35.0 : 3.26% / $14,500 - 28.7 : 2.38% :
May: 119.06 : $15,031 : $13,650 - 37.4 : 3.29% / $15,778 - 29.0 : 2.21%
Jun : 121.88 : $16,152 : $13,634 - 31.8 : 2.80% / $16,000 - 28.3 : 2.12%
July : 120.95 : $15,186 : $12,233 - 32.0 : 3.14% / $16,048 - 28.3 : 2.11%
Aug : 119.85 : $17,179 : $14,518 - 34.3 : 2.84% / $15,000 - 30.9 : 2.47%
Sep : 120.00 : $17,043 : $14,563 - 35.7 : 2.94% / $14,000 - 30.7 : 2.63%
Oct. :
=== : e-CCLI : Sorrent : Hermit. - === : ==== / VictoriaTw === : ====
/75%: psfNet : $22,724 : $19,417 : === : ==== / $18,667 NET
/75%: psfNet : $22,724 : $19,417 : === : ==== / $21,333*NET
===
No transactions at those low prices for Victoria Tower, so
on the second line, I have used $16,000, Gross.
Conclusion: "The Press has been snookered"
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The SCMP article "INFLATES" prices in the secondary market,
and the "discounts to secondhand" are nowehere are large as reported.
So people will do their own research, and realise this is the case.