Stamp duty good news for first-time buyers

Rachael Ng's dream of owning a home of her own has been dashed so many times she was beginning to despair - until last week's government measures to rein in soaring property prices revived her hopes of finding a flat to fit her budget.

"I have been searching for years, and even when I found a flat that wasn't quite suitable, my agent would urge me to make an offer as soon as possible because a number of other home-seekers had their eyes on it.

"But when I finally decided to buy, even though it was not quite right for me, the agent said the flat had been sold. It was becoming very frustrating," recalled Ng. "Now I believe I will have more choice and can find what I am looking for."

Ng, who is in her mid-thirties and works in the banking sector, is presently renting a home in Mid-Levels. She resumed her search this week for an apartment on Hong Kong Island of between 700 and 1,000 square feet, and priced at around HK$15,000 per square foot.

"I am not buying with a view to making a capital gain. I can make returns similar to those available on property by investing in other assets, such as bonds. I need a home to live in," she said.

Her hopes of finding a home that fits her requirements and budget were boosted, she said, by a new crackdown on speculators operating in the property market.