THE property market will get off to a good start next year, with a range of three to 10 per cent price increases in the first two quarters, according to Midland Realty. In its monthly review, the property agent predicts that the luxury housing and office property sectors will lead the upswing. In the first half, Midland Realty says luxury homes will see an increase of three to 10 per cent in prices, depending on location, and rents will rise 15 per cent in the super-deluxe sector. Small to medium-sized apartments are expected to witness slower growth, from two to five per cent, in the same period. A stronger price increase is tipped for office properties, which rise eight to 10 per cent in core districts. The industrial sector is expected to record a price rise of three to eight per cent in the period, while prices for retail premises could jump about three per cent. ''Once again, the impact of socio-political developments will be offset by unabated basic demand,'' Midland Realty said. ''Property trends will parallel stock market movements, which have surmounted recent gyrations in Sino-British relations.'' The agent says demand for both luxury housing and office premises will be fuelled further by an increasing inflow of expatriates and companies lured by the new airport and business in China. A rising number of Japanese corporations coming to Hong Kong are expected to drive up demand for private housing, and purchases by mainland Chinese are likely to add fuel to the market. Midland Realty also says many local buyers, having overcome the initial psychological and financial barriers of the 70 per cent mortgage ceiling, are coming up with alternative financing to make up the difference. On the supply side, homes and flats scheduled to come on-stream in 1994 are projected to increase by a mere three per cent, compared with this year's total, or 38,446 units. Hong Kong Island new supply is expected to fall 11 per cent to 8,902 units. Midland Realty says supply of office space will be reduced too, with only 2.25 million square feet of floor space due for completion next year, 24 per cent below this year's total. Earlier this month, prices of luxury homes and ordinary flats soared an average of 20 per cent on a year-on-year basis. During the period, office premises enjoyed an average price increase of 10 per cent, industrial units rose eight per cent and retail shops were up seven per cent.