Asia HK property!

Agree. Silly measures not beneficial to anyone but developers.

 

Is the 15pc stamp duty not applicable for new properties ?
Is it easy to borrow for a non HK resident?
Is the effective .9pc from the developer or bank?
What is the net yield of the new unit ?
Are carparks still about $2.5m each ?

 

No
Yes
Bank
~2%
2.5m+

 

When I brought my apartment they offered the car park to me for 500k ...I turned it down :-(

 

1. It is still applicable, but people that already own an established building will not sell unless its super cheap. In many cases an older property can cost almost the same as brand new. Brand new also offers special financing arrangements (in some cases, if u pay in cash in full, they will refund the 15% stamp duty but this is for the ultra rich).

2. not hard but the LTV (what we call LVR) is extremely low (comparing to aus). Max is 40%. also if you are a non resident u pay effective 30% stamp duty (you;d be surprised, actually a lot of people are still buying)

3. bank. e.g. H+1.2% = 1.7%. cash rebate close to 2% of drawdown amount means effective 0.8-0.9% for two years. rinse and repeat every 2-3 years. risk of this is that the H+ xxx may increase further and the cash rebate will be reduced. they also have semi offset accounts now (50%) which helps too.

4. around 3% gross, if u compare the maintenance / financing cost / no CGT with a sydney property, HK actually is still quite decent comparing to sydney which is probably less than 4% gross and a financing rate of more than 4-5%

5. yes in hot spot areas (kowloon tong/homantin/kowloon station). there was a record 5.5m car space sold two months ago in HK island. you can still get carparks at 200k in really far places out in the sticks (i.e. close to china border). ive fliped around 9 spaces last year (cash purchase) in far away places. lots of effort for minimal profit but hey, money is money.

 

this really depends on the budget of a person. what you mentioned can also be applicable to sydney if one has a low budget.

higher end places have a lot more amenities than a sydney apartment (and it's private for internal residence only) - bowling alley, snooker room, childrens indoor + outdoor playground, swimming pool, gym, sauna, massage room, study room, reading rooms (with international newspapers / magazines updated daily), private restaurant / bar, putt putt golf, limousine servic, karaoke room, bbq area etc...

 

sorry i mean super expensive

most real estates right now are mainly doing rentals / pushing brand new. secondary market is practically dead.

 

Still buying a carpark for $200k and selling for $5.5m is not bad (if you did )

 

Have the rentals moved up much in the last three years for 72m2 net 3br units no carpark (unimpeded harbour and sea views from 4 rooms level 33 south horizon ) as my unit is up for review shortly ?

 

hehe no, 200k and sell for 240k each

 

rents definitely moved up with property prices (around 15% for three years), and since you;re in south horizon it would be even more higher given the new MTR and connectivity to central.

you have a very good property there in terms of location/views. don't ever sell it

 

Not with the massive cost to buy back in
I thought I paid a lot to get in (stamp duty) now it is much worse ...I just should have got a car park then ..too
I liked the views

 

Hk property index just hit a new high today.

The costs of stamp duty alone however should not be a reason for not selling if you believe prices have peaked. Indeed if/when there is a correction you can be pretty sure all the various cooling measures including increased stamp duty would be removed.