Yesterday's successful land auction gave the residential market a shot in the arm with reported increases in second-hand flat prices and developers planning to speed up sales.
However, analysts said it was too soon to judge the longer-term prospects for the property market.
The Government sold three residential sites at higher than expected prices in the first land sale since a nine-month moratorium ended last month.
The three sites - in North Point, Kowloon Tong and Tuen Mun - were sold for a combined $1.49 billion, more than 20 per cent above the market's forecast.
Capitalising on the result, some developers decided to speed up sales programmes and raise prices.
Property agents said individual flat owners had also taken advantage of improved sentiment to raise prices by 5 to 10 per cent.
