China’s first-tier home prices extend 4-month rebound amid market stabilisation
However, only Shanghai recorded a year-on-year increase – of 3.1 per cent – with Beijing, Guangzhou and Shenzhen all down
New home prices in four Chinese first-tier cities rose by an average of 0.1 per cent last month, extending a four-month rebound and signalling a gradual recovery in market sentiment as housing stabilisation measures gain traction.
Among 70 large and medium-sized cities tracked nationwide, 20 saw month-on-month increases, up from 16 in May and the highest level since May last year, the bureau said.
“In the first half of this year, policy effects gradually delivered tangible results, with positive changes seen in the property market,” bureau deputy director Mao Shengyong said at a news conference in Beijing on Wednesday. “Nationwide commercial housing inventories have declined for four consecutive months.
“Property market sentiment has improved. After the Spring Festival, housing sector players have expressed improved expectations on the trends for new and second-hand home prices.”
He said that to ensure stable and healthy property market development, city-level policies would be implemented continuously to curb excessive new supply and advance destocking.
After years of sustained adjustments, the market has built up the ability for self-repair