Macquarie Research noted that Centaline's secondary property price is at a record high, exceeding the previous high in March 2013 by 4.6%. Property prices were down 0.3% WoW (+1.7% the week before), with YTD price growth of 8.8%.
It also noted that primary sales were at 97 units, versus 112 the previous weekend, while secondary weekend sales in 10 key housing estates dropped to 11 versus 18 the previous week. Macquarie believes purchasing power is being diverted from the secondary market to the primary market, meaning volumes will stay low.
The research house sees policy risk emerging again, which could lead to pressure for share price downside. Macquarie expects introduction of more austerity measures in the next two months before January's Policy Address. It assumed property prices in Hong Kong will trend lower with 5% downside in 2015.
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