Shanghai's second-hand home transactions hit a six-year high in October, with more than 24,500 homes changing hands, up more than 32 percent year on year.
Known in the property market as "Golden September and Silver October," the two months are regarded as a peak selling season in the second half of the year. October's performance was in line with that seasonal trend, with monthly second-hand home transactions in the city remaining above 23,000 units for the eighth consecutive month.
In a residential community in downtown Shanghai's Jing'an District, a real estate agency held an open-day event that gave prospective buyers the chance to view 16 pre-owned homes it had listed, all in one day.
"The properties we're considering in this area offer good prices, with convenient transportation and easy access to everyday amenities," said a homebuyer.
According to real estate agents, pre-owned home transactions in the area around this residential complex have risen 10 percent month on month for three consecutive months since August, with upgraders and home-swappers making up roughly 60 percent of buyers.
The average time to complete a pre-owned home sale has shortened further, with one in five listings selling within a week of coming to market.
"The [average] transaction period was 141 days, now it drops to 107 days, indicating a faster decision-making period for buyers, and relatively speaking, prompting property owners to set more reasonable prices," said Zhang Wenjing, a manager at a real estate agency.
Analysts expect demand for upgraded housing to be further unleashed this year, underpinned by the implementation of a series of new property policies, progress in urban renewal, rising land values and an improved urban landscape.
Shanghai pre-owned home sales reach six-year high in October
