Q & A with our experts, April 10, 2013
Q: I'm renting a three-bedroom flat at City One Shatin. I'm interested in buying a flat in the district. However, the asking price of a similar flat is about HK$7 million, which is beyond my budget of about HK$5.5 million. Are there flats in the district that match my budget? If not, is it a good idea to buy a two-bedroom flat at City One Shatin?
A: You could consider Belair Garden in Sha Tin, Sunshine City in Ma On Shan or single-block residential buildings in Tai Wai. They could meet your budget. But the size of three-bedroom flats at Sunshine City is only about 600 sq ft.
David Chan, director at Ricacorp Properties
Q: I am looking to rent a flat that is near an MTR station on Hong Kong Island. My budget is HK$13,000 to HK$15,000 a month. Could you please provide suggestions?
A: The rent for a two-bedroom flat in Heng Fa Chuen is about HK$16,000. Or you can try a one-bedroom unit in Grand Promenade in Shau Kei Wan, where the asking rent is about HK$14,700. The unit size is 436 sq ft in terms of gross area, or 314 sq ft in terms of saleable area. You can also look at Kornhill or Kornhill Garden flats in Quarry Bay, where there are more choices.
Raymond Lau, senior district manager at Ricacorp Properties
Q: I have been planning to buy a flat in Yoho Town in Yuen Long. My budget is about HK$4 million. Property prices have begun to fall recently, so should I wait for prices to fall further before buying?
A: It is true that the property prices have started to decline. The value of some of flats is 5 to 10 per cent below previous transactions. However, most homeowners are not willing to cut their asking prices because their mortgage cost is low.
I think property prices will only decline by 5 to 10 per cent, as mortgage rates remain low. I don't think they will drop 15 to 20 per cent unless the United States raise interest rates. If the asking price of the flat is 5 to 10 per cent below its previous value, you should consider buying the flat.
Sammy Po, director at Midland Realty