首期降低換樓市場再起動
Relaxed Rules Re-energise the Housing Market
政府放寬按揭保險受保範圍，令600至1,000萬元的物業率先直接受惠。沙田第一城傳統只有300呎實用面積的細單位，也刷出636萬元的歷史新高。呎價超過2萬元，可見樓市反應之快。
不少業主即時反價或封盤，也令二手成交減少了。市場上也有分析員預言樓市已經見底。
樓市轉活是不爭的事實，但除了直接受惠的上車盤、首置買家之外，下一波受惠的將會是呎價便宜的換樓之選。又再舉第一城為例，細單位大多數是一房，呎價最高超過2萬元，平均也要18,000元左右。相反，第一城的三房大單位，在10月成交了兩套，實用面積分別是800呎及853呎，成交價都是1,000萬。呎價分別只是11,723元及12,195元。
以往換大單位的資金要求很高，購買一千萬元的物業，單單首期便需要500萬元，賣出細單位套現的資金也許未能足夠支付換樓首期。當子女長大後，細單位地方太細，不足夠應用便唯有用40萬首期，用子女名義買入多一個400萬元的納米單位。一個家庭佔用兩個細單位，令市場嚴重扭曲。也形成第一城細單位呎價超過2萬元；而大單位則嚴重落後的市場形勢。
今天當按揭保險放寬後，一個家庭有子女長大，需要大單位，也可以通過換樓、賣出細單位、換入大單位。同樣1,000萬元的物業，首期只需200萬元，首期大減，固然輕鬆很多。賣出呎價貴的細單位；買入呎價平的大單位，更加是精明投資之道。
因此，換樓鏈將會重新啟動，尤其是新界區，呎價便宜的三房單位，將會成為搶手貨。相反，新界區的納米樓，將會是重災區。以往全靠總價細，才能支持不便宜的呎價。當買家消失了，唯有減價促銷，早賣早著。
Since the government introduced relaxed rules for mortgage insurance, sales of properties valued at HK$6-10 million have seen an immediate uptick. A small unit in City One Shatin, with a saleable area at a meager 300 square feet, was recently sold at a recording-breaking HK$6.36 million or HK$20,000 per square foot. This goes to show that the market is reacting to the new policies both strongly and quickly.
On the other hand, many home owners chose to raise their asking prices or even take their properties off the market, resulting in reduced transactions in the secondary market. Some analysts predict that Hong Kong's housing market has reached rock bottom and home prices will only go up from here.
While starter homes and first-time buyers are the first to reap the benefits of a housing market revival, larger units with affordable per-square-foot prices are likely to be the next hot commodity. For example, the average per-square-foot price of small one-bedroom units in City One is currently at HK$18,000, with some fetching over HK$20,000; in contrast, twoand three-bedroom units in the same development—with respective saleable areas of 800 and 853 square feet—were sold in October for HK$10 million each, making their per-squarefoot prices HK$11,723 and HK$12,195.
In the past, home owners looking to upgrade to bigger homes are required to have a very strong financial footing. Purchasing a HK$10 million home would mean paying HK$5 million in down payment, and for some buyers, even selling their current smaller home might not generate sufficient funds to cover a massive bill like that. However, as they're forced to hold on, their old homes become increasingly cramped as their children grow up, so parents have to buy another HK$4 million nano flat (using their children's first-time status) with a HK$400,000 down payment. This results in the unusual market phenomenon of one family owning two tiny homes, and explains why a small unit can fetch approximately HK$20,000 per square foot, and yet prices of large units lag far behind.
Thanks to the introduction of the new measures, a family with grown-up children will now be able to sell their small home for a bigger one to accommodate everyone's needs. The same HK$10 million home now only requires a down payment of HK$2 million, which will certainly alleviate the financial burden of home buyers. In addition, trading a small unit with a high per-square-foot price for a larger home with a low per-square-foot price is simply good investment.
Therefore, we can expect that existing homeowners will become active again with their home changing plans, and that three-bedroom units with low per-square-foot prices, particularly in the New Territories, will be snapped up fast. On the other hand, nano flats in the New Territories will be facing an uphill battle as their relatively low per-square-foot value becomes a major drawback. With home buyers steering away from them in favour of larger homes, these smaller units may have to resort to slashing prices in order to find buyers soon.