投資者開始入市

在 樓 市 不 景 氣 的 時 候 ， 很 難 吸 引 投 資 者 入 市 ， 在 市 場 上 活 動 的 主 要 是 急 於 要 用 的 用 家 ， 即 使 用 家 亦 傾 向 以 租 代 買 ， 以 減 低 樓 價 進 一 步 下 挫 的 風 險 。 不 過 ， 近 期 香 港 的 房 地 產 市 場 已 開 始 有 投 資 者 出 來 活 動 ， 反 映 已 有 人 對 後 市 的 趨 勢 持 較 樂 觀 的 看 法 。 
近 期 有 些 新 盤 ， 如 新 鴻 基 的 禮 頓 山 項 目 ， 以 及 長 江 的 紅 磡 海 名 軒 ， 都 在 發 展 商 開 盤 前 ， 獲 海 外 基 金 大 手 洽 購 ， 而 且 出 價 甚 高 ， 據 發 展 商 自 己 透 露 ， 洽 購 價 平 均 每 呎 逾 一 萬 元 。 
在 投 資 市 場 上 ， 大 手 成 交 而 成 交 價 高 於 當 時 的 一 般 成 交 價 的 話 ， 反 映 市 道 向 好 。 因 為 ， 如 果 市 道 向 下 的 話 ， 投 資 者 有 機 會 慢 慢 在 市 場 上 吸 納 ， 一 路 跌 ， 一 路 買 ， 平 均 買 入 價 比 一 開 始 就 大 手 買 入 還 有 著 數 。 相 反 ， 如 果 市 道 看 好 的 話 ， 一 路 買 ， 一 路 升 ， 愈 買 愈 貴 ， 就 不 如 一 開 始 出 高 一 點 價 向 大 戶 大 手 買 入 更 有 著 數 。 所 以 ， 我 估 計 ， 近 期 這 類 大 手 成 交 ， 多 由 投 資 基 金 作 主 動 ， 而 非 發 展 商 有 求 於 投 資 者 ， 否 則 洽 購 價 不 可 能 升 上 這 麼 高 的 水 平 ， 散 戶 就 不 一 定 肯 出 這 麼 高 的 價 錢 。 究 竟 是 海 外 基 金 看 錯 市 ， 還 是 散 戶 缺 乏 前 瞻 能 力 ？ 等 事 實 去 揭 曉 好 了 。 
其 實 ， 當 前 市 場 上 不 但 有 大 基 金 入 市 ， 少 投 資 者 也 開 始 出 來 活 動 ， 尤 其 是 豪 宅 及 商 業 樓 宇 市 場 ， 租 金 回 報 率 已 達 六 厘 左 右 ， 不 比 定 期 存 款 低 ， 有 現 金 在 手 的 人 ， 與 其 把 錢 放 在 銀 行 收 低 息 ， 不 如 買 樓 收 租 ， 既 有 租 收 ， 又 可 以 搏 升 值 ， 可 謂 財 「 息 」 兼 收 。 
據 前 線 的 營 業 員 反 映 ， 一 些 很 久 未 出 現 過 的 本 地 投 資 者 ， 最 近 又 出 來 活 動 ， 頻 頻 問 盤 試 價 ， 對 後 市 已 轉 趨 樂 觀 。 事 實 上 ， 香 港 整 體 經 濟 已 恢 復 增 長 ， 市 場 上 必 有 人 因 此 而 有 所 得 益 ， 他 們 手 上 的 餘 資 自 然 要 找 出 路 ， 而 地 產 作 為 一 種 儲 存 財 富 的 工 具 仍 有 其 吸 引 的 優 點 。 因 此 ， 我 估 計 ， 在 未 來 一 段 時 間 ， 地 產 市 場 上 的 投 資 活 動 會 較 前 活 躍 。