PROPERTY transaction levels remain in the doldrums, according to the latest Hong Kong regional survey by consultants Brooke Hillier Parker. The company's survey of Tai Po, Fanling/Sheung Shui, Yuen Long and Tuen Mun has found the level of activity virtually flat with only minor movements in prices. The value of a home in Tai Po at the beginning of the month averaged $4,600 per square foot, compared with $4,535 in June. Although the change is only 1.4 per cent up on the month, owners are still enjoying a hefty 44 per cent increase in the price of their properties over the same time a year ago. At Fanling/Sheung Shui, property values have risen 3.2 per cent to $4,620, the strongest increase of the four regions. Yuen Long prices fell by more than six per cent to $2,870 per sq ft over the past month, although BHP said the fall reflected more realistic asking prices and that transaction levels remained weak. Tuen Mun prices changed little at $2,817 per sq ft. According to BHP director David Faulkner, activity in the housing market throughout Hong Kong remains ''very low'' in the wake of the Government's June package to cool property prices. ''People are waiting to see how far prices will fall. They are in no hurry,'' Mr Faulkner said. The absence of buyers from the mainland because of the credit squeeze has also contributed to the low level of transactions, he said. ''Where you see a rising price it is usually a case of sellers testing the waters rather than any real evidence of a turnaround.'' Property prices were unlikely to show any significant change for at least three months until the spring, traditionally a busy time. ''It's too early to say what will happen but summer is always a quiet time in the property market. People have got other things like holidays on their mind,'' Mr Faulkner said. ''Prices are likely to continue drifting down.'' The BHP survey looks at four different regions over the course of a month and takes sample prices from several housing developments in a region. Yuen Long and Tuen Mun are traditionally less attractive for buyers because of transport difficulties. Both areas are showing modest gains on the year, however, with Yuen Long up 27 per cent in the past 12 months and Tuen Mun prices increasing 26 per cent.