The property market will probably turn quiet for a few months because of the possible outbreak of avian flu and the chained increase of mortgage interest rates.
Property owners don't want to sell their flats at a low price on one hand. On the other hand, potential buyers always think that there are bargains in the market.
Don't trust what the real estate agents say. What they care is to make deals realize ... to gain commissions. As soon as you've completed the purchase of an apartment, they'd ask you to release in the market. The suggested asking price is just a few percent above your buying price. Let's think it clearly, we need to pay 2% to real estate agents (buying and selling), plus a 2+ to 3+% stamp duty (depending on the property price). It's really a waste of time to the property owners if we rely on these guys.
If you are holding an apartment and want to release, unless you need the money urgently, otherwise I don't think it is necessary to sell at a discount.
Agree with you but I think it is for those owners who have sufficient money on hand only. For those who plan to have short term investment in the property market will lower down their price so as to sell out their properties asap, or otherwise, they have to arrange the mortgage and start the repayment. It is not what they planned for sure.
Therefore I think the market will not only quiet but the price will go down, would be even worse if avian flu outbreaks in HK.