RECORDS are being broken time and time again for home prices in Discovery Bay.
High-rise units with sea view have recently been selling on the secondary market for as much as $4,900 a square foot - up 22.5 per cent in just three months.
And the average sale price for garden houses has now hit more than $5,200 a square foot, according to HKR International.
New garden houses in Bijou Hamlet were recently pre-sold at more than $6,000 a square foot, serving as a fairly good indicator of just how high prices on the island could possibly reach.
''Even though Bijou Hamlet was pre-sold at a new record price, the development was over-subscribed by more than 25 times, indicating strong potential for further increases in Discovery Bay property prices,'' said Vivian Sze of Discovery Bay Agency, a wholly owned HKR subsidiary.
The success of the Bijou Hamlet pre-sale spurred a ''drastic'' pick-up in transactions in the resale market in Discovery Bay in following days, she said.
In the rental market, the vacancy rate remains low, resulting in steady rent increases. High-rise units are fetching between $18 and $23 a square foot, while rents for garden houses and low-rise units range from $22 to $30 a square foot.