The rapid rise in housing prices is inconsistent with the intention of the destocking policy

Before the Spring Festival, the central bank introduced policies such as reducing the down payment ratio of personal housing loans. This time, the Ministry of Finance and three other ministries and commissions also introduced policies to reduce real estate deed taxes and business taxes. The recent introduction of favorable policies shows that the central government is very determined to promote real estate destocking. This strong policy intention of the central government is the key basis for judging the future policy direction of my country's real estate and the trend of the real estate market. There have been many benefits to real estate in recent years, but the benefits to cities such as Beijing and Shanghai are very limited. This is because the residential market in first-tier cities has been overheated and housing prices have been too high in recent years. Despite this, the property market in first-tier cities is still bright with a little sunshine. According to media reports, on October 1, a new property in Shanghai with an average price of 10,000 yuan and an average sales price of nearly 10 million yuan sold more than 3 units in one day. The purchasers were mainly improvement-oriented buyers. The transaction volume of second-hand houses also increased after the Spring Festival in Beijing. The number of online transactions for second-hand houses in the first two weeks after the holiday reached as high as 10,000 units, the highest in the year. The average transaction price of second-hand houses also increased significantly compared with last year. Shenzhen's real estate market has continued the madness of last year. Not long after the start of the new year, the average single-day transaction price of first-hand residential properties in the city exceeded 10,000 yuan. Although there are certain accidental factors in the emergence of this price, the horror of Shenzhen's housing prices is also evident.
The purpose of various recent real estate policies is to digest the inventory in non-first-tier cities. The current new round of property market boom in Beijing, Shanghai and other places is obviously not in line with policy intentions, and the changes in the property market in first-tier cities will also become new obstacles to this round of destocking. At present, most cities in my country are still facing huge inventory pressure, and three cities have introduced local new destocking policies. At the end of last year, the Central Economic Work Conference listed real estate destocking as an important task this year. At the meeting, an important measure to destock was proposed. By accelerating the citizenization of migrant workers, promoting the reform of the housing system based on satisfying new citizens, expanding effective demand and stabilize the real estate market. In order to improve the willingness of migrant workers to buy houses and the operability of relevant measures, the Central Economic Work Conference also clearly stated that real estate companies should be encouraged to appropriately reduce the price of commercial housing.