富人区领涨 随着利率下行、拍卖成交率飙升至两年来最高水平， 澳洲房市在这个春季迎来一波买家回流潮。 不过，这些买家并非都盯着传统热门区。 最新报告显示，不同城市的购房热点各有不同。 Domain发布的春季房产报告指出： 各大首府城市的买家正在聚焦特定区域，形成了鲜明的 "区域热度图" 。 报告通过分析1月至8月期间每个住宅房源在平台上的平均浏览量，揭示了哪些城区最受欢迎。 Domain研究与经济主管Nicola Powell博士表示： 从数据中不难看出，不同城市目前所处的房产周期阶段差异显著， 而热门区域的选择正反映了买家行为模式的变化。 墨尔本：富人区领涨，市场进入复苏初期 在墨尔本，最受关注的是Stonnington-West地区， 包括Armadale、Toorak、South Yarra、Prahran和Windsor等高端城区， 该区域每套房源的平均浏览量几乎是全市平均水平的三倍。 该区域的独立屋中位价高达196万澳元，比全墨尔本的中位价（106.6万澳元）高出近90万元。 Powell指出： 这种热度显示出墨尔本房市正进入 "成熟复苏期" ，而高端区域通常是最早复苏的板块。 她说： 墨尔本的房价周 ...

Summary of Conference Call on China Property Industry Industry Overview - **Industry**: China Property - **Region**: Asia Pacific - **Current Sentiment**: Cautious outlook for the property market in 4Q 2025 due to declining sales and construction activity [1][4] Key Points Sales Performance - **August Sales Decline**: Property sales in August saw a year-on-year decline of **14.0%** in value and **10.6%** in volume, contributing to an **8M25** decline of **7.3%** in value and **4.7%** in volume [2][6] - **Home Prices**: NBS 70-city home prices decreased by **0.3%** month-on-month in primary markets and **0.6%** in secondary markets in August, indicating a continued downward trend [2] Construction Activity - **Completions**: Construction completions fell by **21%** year-on-year in August, with an **8M25** decline of **17.0%** [3] - **New Starts**: New construction starts dropped by **20%** year-on-year in August, deepening the **8M25** decline to **19.5%** [3] - **Land Sales**: Sluggish land sales were noted, with a **12%** year-on-year drop in volume across **300 cities** [3] Market Sentiment - **Cautious Resident Sentiment**: High-frequency sales data indicates a worsening sentiment among residents, leading to lower listing prices and higher listing volumes [4] - **Policy Outlook**: The expectation is that nationwide housing policy will remain muted, with no significant stimulus anticipated [4] Investment Recommendations - **Defensive Strategy**: Given the weak sales outlook, the recommendation is to focus on state-owned enterprises (SOEs) with good visibility, such as: - **Consumption Beneficiaries**: CR Land (1109.HK) and CR Mixc (1209.HK) - **High-Dividend-Yield Plays**: C&D International Investment Group (1908.HK) [5] Additional Insights - **Inventory Levels**: High inventory levels are contributing to the weak construction outlook for 4Q 2025, posing potential downside risks to forecasts [3] - **Economic Impact**: The property market's role in driving economic growth is diminishing, further complicating recovery prospects [4] Financial Data Summary (8M25) - **Total Sales Value**: **Rmb 5,502 billion**, down **7.3%** YoY - **Residential Sales Value**: **Rmb 4,845 billion**, down **7.0%** YoY - **Total GFA Sold**: **573 million sqm**, down **4.7%** YoY - **Total RE Investment**: **Rmb 6,031 billion**, down **12.9%** YoY [6] This summary encapsulates the current state of the China property market, highlighting significant declines in sales and construction, cautious sentiment among residents, and strategic investment recommendations amidst a challenging environment.

Policy drive to accelerate fundamental recovery. What began as a slow drip of policies YTD to revive the property market has become a stronger dose of stimulus. The weight of policy stimulus that has emerged presents some surprise elements. We think this lays the groundwork for revived sales momentum after a period of slowdown, allowing the market to price in more "hope" of a recovery. New supply should be relatively tight as previously discussed (A five-factor guide to the inflection point, 4 August). Not ...

China Real Estate Equities Day 2 tour wrap: More policies to anchor recovery China Centaline roundtable – more policies to reinforce market stabilization. We had a roundtable discussion with Mr. LIU Yuan, Vice President of Property Research at Centaline, to discuss the latest housing market dynamics. Contrary to the market view, he believes more policies will be announced to reinforce this recovery cycle. In spite of a pullback in April, Mr Liu's tone is more optimistic and he is confident that tier-1 and t ...