Recently, the second-hand market in Hangzhou has been a bit too lively

This spring's national top trend, besides Nezha, is Hangzhou.

The king of topics after the New Year is not just the Six Little Dragons, as the Hangzhou real estate market has also made a strong comeback.

The level of excitement can almost be described as excessive.

In Shanghai and Shenzhen, we call this wave of market activity a "small spring," but Hangzhou is different; local media describe this wave of rising volume and prices as a "big spring."

How big is it?

Several massive numbers are overwhelming, directly shattering my understanding.

The viewing volume for second-hand properties continues to break records: 375,500, 412,000, 432,000...

This has also improved the situation for real estate agents: Hangzhou KE recorded a single-day order volume of 373, setting a nearly five-year high.

Not only have viewings and transaction volumes increased, but transaction prices are also constantly breaking the ceiling of the real estate market: the transaction price of Jiuxi Rose Garden is nearly 400,000 yuan/sqm, far exceeding Shanghai.

Before going, I had some psychological preparation, but it was clearly insufficient.

I believe many people share the same question as I do: Are these numbers real?

Is the market truly bustling, or is it a temporary frenzy? And why is this time the Hangzhou recovery so vigorous?

Seeing it through the internet is not as good as experiencing it firsthand.

So, I'm back in Hangzhou.

I just didn't expect that after visiting several popular districts, the real situation would be much more complex and surprising than I imagined.

01 "Large units are already a bit scarce."

Before stepping onto this hot land of Hangzhou, I didn't expect the most prominent change in the market would occur in large units.

In the past two years, the transaction proportion of large units in Hangzhou has been rising year by year.

I selected the area of 120-140 sqm, which saw a year-on-year growth of 2.1% in transactions last year.

This year, the performance of large second-hand housing sources has been even more extreme.

In just one day, I surveyed five representative communities in popular districts, and the feedback from agents was that large units are the most sought after.

The homebuyers active in core districts after the New Year are basically the latest batch of high-end purchasing power in this city.

Their concentrated demand for large units has already been reflected on the market front.

In simple terms, they are selling very well.

The most intuitive picture is the rapid increase in viewing volume.

For example, in the Asian Games Village's Gui Guan Dong Fang, the main unit types are pure four-bedroom and large three-bedroom apartments.

They are basically all over 120 sqm.

In February, the number of viewings reached 1,072, averaging 268 people per week.

Moreover, the heat continued to rise into March.

However, considering that a few days at the beginning of February were still during the New Year, we started counting from March 3rd, and the number of viewings in the first week also reached 370.

Completed one-third of February in just one week.

Secondly, the transaction volume is also quite exaggerated.

Shenhua's new residential project, Fuxiangyuan, starts at 170 square meters, which is definitely a large flat improvement luxury home.

The property certificate was only issued after the New Year, but it has already become a traffic leader in the second-hand market in Hangzhou.

From the first transaction on February 10th to the end of the month, in just 18 days, KE has publicly recorded 23 transactions.

On the day of the market survey, the agent told me that this community has basically been averaging one transaction per day since the New Year, with more than two or three transactions on busy days.

As of last week, on March 13th, the total transaction volume has reached 53 units.

I roughly calculated that an average of 1.7 luxury homes at the ten million level are sold daily.

They even work through the night.

It can be seen how exaggerated the high-end purchasing power in Hangzhou is.

However, selling a lot does not truly represent a bustling market; the confidence in this wave of spring in Hangzhou lies in

its ability to sell at even higher prices.

The transaction price per unit in Fuxiangyuan has generally surpassed 70,000+, with the highest unit breaking through 83,000/square meter.

The initial opening average price was around 55,000/square meter, a typical case of buying means earning.

Besides luxury homes, the demand for essential large units is also rising.

Take the fourth phase of Emerald City in Future Technology City as an example, as the ceiling community in the area.

The agent only told me four words: simply skyrocketing.

From October last year to February this year, the overall transaction average price has been rising.

A 120-square-meter four-bedroom unit could be purchased for 4.4 million last September.

But this year, the transaction price for general floors and layouts has reached 4.8 million.

The day before I viewed the property, the agent had just completed a transaction for a four-bedroom unit on the third floor, which did not have great lighting or views.

But the transaction price had already reached 4.43 million.

This number is quite stimulating to me at the moment, and it’s easy to imagine that, facing the current market,

those who, like me, have a demand for four-bedroom units will inevitably be caught in a tug-of-war between rationality and anxiety.

02 Because the low-priced four-bedroom large units are gradually disappearing.

For first-time buyers, it’s not that there are no homes to buy.

After all, most properties on the market are still exchanging price for volume, and there are still many choices, but this wave of large units has already started to rise.

The first to feel this sentiment is the high-end property group.

What impressed me most was a direct quote from the Emerald City agent: the four-bedroom units in the fourth phase are selling too fast now.

Especially the large units with beautiful prices and high quality, basically rely on competition.

If I have a little over 4 million to buy a four-bedroom unit, apart from the bare shell, the options within the range are limited to low floors and top floors.

To buy a better quality large unit, there are only two paths to take Either increase the budget or act quickly.

The agent revealed that at the beginning of March, a new set of 10th-floor four-bedroom apartments on their platform had a good cost-performance ratio.

When it first came out, an out-of-town client placed a deposit without even viewing the property.

However, the signing speed ultimately couldn't match that of local buyers, and they couldn't secure it in the end.

This batch of low-priced good houses has almost been consumed.

Now, many properties with average attributes are gradually increasing their listing prices.

For example, a large three-bedroom apartment in the third phase of Emerald City.

Not only is it on the 4th floor, but it is also located on a street, and the traffic noise in the living room is quite significant.

However, the listing price was 4 million at the end of last year, and this year the landlord has raised it to 4.2 million.

After communicating with the landlord, the agent found that they are optimistic about the current market and hope to sell at a higher price.

Such situations are not uncommon.

Most of the properties that were previously discounted have now started to adjust their prices back up.

I found a relatively complete timeline of property listings.

This roughly illustrates the emotional journey of second-hand home sellers in Hangzhou over the past six months.

This high-floor 134㎡ four-bedroom apartment was listed at 4.78 million last summer, and a month later, it was directly reduced by 330,000.

By August, it dropped another 50,000, breaking the bottom price repeatedly.

But even so, it still couldn't sell.

By March of this year, you can see a significant improvement in the landlord's mindset, directly increasing the price by over 200,000.

Moreover, according to the current atmosphere, the listing expectations of this batch of landlords are still rising.

Because there are waves of people viewing the properties, it's hard for the landlords' mindset not to change.

On the day of the market survey, the last property I viewed was located deep within the community, belonging to a relatively high-quality low-density villa.

When I came out, there was a young couple waiting outside.

Even though it rained all day that day, it couldn't dampen their enthusiasm for viewing properties.

Essentially, this is a market where buyer willingness is stronger than seller willingness.

03 So the landlords are not in a hurry anymore.

Several agents from different sectors told me a similar thing: the landlords' mindset has changed recently.

After a day of on-site market research, my feeling is that this change is quite significant.

Basically, "one day, one situation" is not an exaggeration at all.

Faced with slightly urgent buyers, some landlords have gradually become more assertive.

For example, after agreeing on a price, they delay signing the contract.

Because they are also negotiating with another potential buyer, waiting to see who offers a higher price before signing with them.

Additionally, they are not as cooperative with viewings as they were last year.

An agent shared with me a recent extreme case of a landlord who had overly high listing expectations after the New Year.

The client's budget couldn't meet this standard, and after several price negotiations, they still wouldn't allow viewings.

Moreover, some landlords directly listed their properties at the highest price, trying to break the ceiling The most typical example is Fuxiangyuan.

Last month, a house was sold for 80,000 yuan/sqm, and immediately another landlord listed it for 100,000.

Of course, the property itself is indeed good, located on a mid-high floor, with a north-south orientation, featuring 5 rooms and 4 bathrooms.

The listed total price is 27.8 million yuan, excluding parking spaces, which translates to an average price of 100,000 yuan/sqm.

From the perspective of real estate agents, this action does not indicate a genuine intention to sell; it is more about joining the excitement.

Sure enough, I checked the price adjustment records, and on March 9, the landlord lowered the price by 1.5 million yuan, with the latest listing price at 26.3 million yuan, around 95,000 yuan/sqm.

Currently, similar units are basically maintaining this level.

The popularity of these hot communities has also driven surrounding landlords to raise their expectations.

From the listing situation, landlords are eager to try.

The guidance price for second-hand homes is making a comeback.

I wonder if everyone still remembers the Hangzhou Landlord Alliance from two years ago.

Recently, this mysterious organization has resurfaced.

It is rumored that in a certain property owner's group in the city center, a guidance price for second-hand home listings has been leaked.

If the listing price is lower than this guidance price, the light consequence is being removed from the group, and the severe consequence is being exposed online.

This atmosphere is completely different from my market research experience a year ago.

At that time, the market trend was still to rent rather than sell, and landlords who couldn't sell their properties were rushing to the rental market to drive up prices.

But by March, the situation had completely reversed.

With the spring breeze greening the southern bank, landlords are gradually returning to the second-hand market to welcome a new round of battles.

04 Have you noticed? The excitement in Hangzhou this time is indeed a bit different.

From October last year to now, the market has shifted from a slow rebound to a crazy surge in core areas, lasting for half a year.

From the Emerald City of Wanke to the Crown Oriental of Qianjiang, to this year's Shunhua Fuxiangyuan...

This wave of market activity ignited by large units seems to have just begun.

Why is this happening?

It's not hard to understand; we have conducted market research in Hangzhou many times over the past two years.

The biggest reason is that this city has been continuously producing new elites in bulk.

After the Spring Festival, Hangzhou has transformed from the e-commerce capital to the "AI First City."

You will find that the industrial changes in this city are always at the forefront of the times, with the wealth creation ability of each emerging sector being the strongest.

Thus, we can see that at the beginning of the year, Hangzhou sold a luxury house worth over 100 million yuan.

The unit price of Jiuxi Rose Garden is 400,000 yuan/sqm.

It is evident that the purchasing power of this group of new elites has become extraordinarily strong.

Moreover, most of the new money clients are primarily families, with a clear characteristic of wanting to make a decisive move.

Therefore, the demand for large units is becoming increasingly strong.

Especially for four-bedroom units, agents reveal that their advice to many clients is: If you can, go for it! Especially in the current sentiment of chasing highs and cutting losses

At this moment, if you are preparing to buy a house or make a swap, it seems to be the best time to get in

On the other hand, the land market has also stimulated the housing market

In just 2 months, Hangzhou has refreshed its land king 3 times, truly a king among kings

And all in core areas, according to the current price-unrestricted policy, the upper limit for new houses can be pushed very high

Simply put, it’s getting more and more expensive

Looking at it this way, the current second-hand prices actually have quite an advantage

For example, Fu Xiang Yuan has been greatly influenced by the Hu Shu land king

The two are only about 1 kilometer apart

In the future, when the land king enters the market, it may far exceed the current average price level of Fu Xiang Yuan

Thus, driven by this cost-performance ratio, investors have also begun to return

After the purchase restrictions were lifted, many people from Wenzhou and Ningbo came to Hangzhou to buy houses, with the first stops being core communities like Fu Xiang Yuan

On the contrary, the so-called "Six Little Dragons" we thought actually have little substantial stimulation to the housing market

After all, just looking at the map, the current popular communities do not all have the advantage of being close to the water

However, the benefits of the city itself have indeed brought some confidence

This is also where we see the second-hand market in Hangzhou is quite different from Shanghai, Shenzhen, and even Nanjing...

All are warming winds, but behind Hangzhou is a large number of new elites rooted in this city

In contrast to Nanjing, which only has local old money, and Shanghai, which boasts national tycoons

The current second-hand market game in Hangzhou shows obvious resilience and still has a high imagination space

Source: Zhen Jiao Lu Jun, Original title: "Recently, the second-hand market in Hangzhou is a bit overly lively"

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