Sinyi Realty Inc (信義房屋) reported a modest rebound in existing home sales for last month from one month earlier, after some sellers cut prices to boost transactions.
Transactions at the nation’s only listed broker, climbed 9.6 percent nationwide last month, led by a double-digit increase in Hsinchu and Taipei, due to a modest price correction, company researcher Tseng Chin-der (曾進德) said.
Housing prices averaged NT$650,000 per ping (3.3m2) in the capital city last month, down 2.9 percent from September, increasing transactions by 13.1 percent, Sinyi data showed.
Similarly, home prices dropped by a marginal 0.6 percent to NT$185,000 per ping in Hsinchu, pushing trading up by 15.7 percent, Sinyi said.
“Some sellers showed willingness to trim prices to avoid heavier tax burdens that may go into practice next year as hinted by policymakers,” Tseng said.
The flexibility, while limited in size, spelled good news for the market which has seen trading shrink 20 percent from a year earlier, Tseng said.
New Taipei City and Taoyuan County fared weaker last month, with transactions falling 2.2 percent and 4.6 percent respectively, even though home prices dropped by 2.9 percent and 1.5 percent respectively, Sinyi said.
Steep price hikes and heavy supply accounted for the poor showing in the two areas, Tseng said.
The market in central and southern regions logged a stronger rebound, with a monthly increase of 23.1 percent in Greater Taichung and 18 percent in Greater Kaohsiung, while prices advanced 4.4 percent and 0.2 percent respectively, Sinyi said.
Tseng attributed the robust pickup in trading to relative affordability, as home prices averaged NT$190,000 per ping in Taichung and NT$160,000 per ping in Kaohsiung.
Evertrust Rehouse Co (永慶房屋), the largest broker by number of offices, said first-time ownership and replacement underpinned the market last month.
In Taipei, first-time and replacement dealings rose to a record high of 68 percent last month, higher than 63 percent in New Taipei City, due to more favorable locations, Evertrust spokesman Andy Huang (黃舒衛) said.
With prices falling between NT$7 million and NT$14 million, apartments of 20 ping or smaller were the most popular, Huang said.
With the advent of the high season, the market might find continued support in real demand amid lingering policy uncertainty, Evertrust said.
The Ministry of Finance indicated last week it would not draw conclusions this year over plans to levy capital gains taxes on property transactions.
H&B Realty Co (住商不動產), the largest broker by number of franchises, said it recorded a 4.65 percent increase in home transactions last month, but voiced concerns over the overall volume this year lagging behind last year by 20 percent.
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