First-time buyers are actively entering the market, currently still "absorbing existing inventory."

Guangzhou Real Estate Brokerage Outlet This issue’s photography: Zhang Da, Chen Yukun, Li Yingquan, Wu Jiaming. Tencent/Photo submission

Securities Times reporter Li Yingquan

In the first quarter, the secondhand housing market in Guangzhou has seen a rebound.

On March 31, statistics released by the Guangzhou Real Estate Intermediary Association showed that in March 2025 (the统计 period runs from February 26 to March 25), Guangzhou’s secondhand residential homes recorded a total of 10,866 units signed, covering 1.08647 million square meters; both figures increased by 73.08% and 74.34% respectively month-over-month. In the first quarter, Guangzhou’s secondhand residential homes recorded a total of 27,182 units signed and 2.7190 million square meters, up 19.80% and 19.57% respectively year over year.

By region, in March, the number of homes signed in all administrative districts in Guangzhou rose to varying degrees on a month-over-month basis. Among them, Baiyun District, Zengcheng District, and Conghua District recorded month-over-month growth rates of 93.82%, 86.59%, and 85.60% respectively, ranking at the top. Even Nansha District, which saw the smallest growth rate, still increased 41.24% month over month.

On April 1, Securities Times reporter conducted on-site visits to several real estate brokerage outlets in Tianhe District, Guangzhou. Because it was a workday, there were not many customers coming to view homes or make inquiries; most were sporadic walk-ins. Several brokers told Securities Times reporter that over the previous weekend, the workload of home viewings they handled was relatively heavy, and the transaction volume also increased noticeably compared with the first two months.

A senior broker at Guangzhou intermediary platform Yufeng Real Estate provided Securities Times reporter with a set of data; taking the Changxing Road area in Tianhe District as an example, the secondhand home transaction volume in March was nearly the sum of that in January and February.

“March was the first month after the February Spring Festival holiday, so the ‘small spring’ effect was fairly evident, and the activity level of demand buyers entering the market increased.” The above broker said. “In terms of prices, overall transaction prices have been stable, with no particularly obvious rise or fall. Over the past two years, Guangzhou’s home prices have fallen by a not insignificant amount, and the cumulative volume of listings is still relatively high. Raising prices rashly could lead to buyers slipping away. At this stage, it’s still about digesting (the) existing inventory (of secondhand homes).”

Securities Times reporter, on the Beike secondhand housing platform, saw that as of now, the platform’s listing inventory for secondhand homes in Guangzhou is still a little over 140,000 units. On prices, according to data from Fang.com Research Institute, in March the average listing price for secondhand homes in Guangzhou was 30,162 yuan per square meter, down 0.60% month over month.

Ye Guiqiang, a sales agent at Hengjun Real Estate, said that currently, homebuyers in the market continue to hold a wait-and-see sentiment; some clients have a “snatch good deals” mindset, leading to a slower pace of entering the market. As the policy direction becomes clearer and, at the same time, the market environment gradually improves, clients’ confidence is expected to be restored step by step.

Liu Teyi, a sales agent at Desheng Real Estate, said that in March, clients with rigid purchase needs such as planning to get married or preparing for school started entering the market at a faster pace. Meanwhile, some homeowners, because they have been listing their properties for a long time, have had their mindset change; they are willing to offer a certain amount of price concession to help sell the homes they currently hold as soon as possible.

Data for some transactions in Guangzhou shown on the Beike secondhand housing platform for March this year indicates that for most listings, the transaction cycle is 200 to 300 days, and even higher.

Li Yujia, Chief Researcher at the Guangdong Housing Policy Research Center, told Securities Times reporter that after the secondhand housing market experienced a large round of price cuts earlier on, there is a demand to stabilize. “Many listings’ prices have reached levels around 2017; they match the affordable price points for new residents and young people. That’s why it helped drive a peak in secondhand housing transactions in March.”

Regarding the persistence of this round of the “small spring,” the market research of the Guangzhou Real Estate Intermediary Association believes that, because the market is set to enter April’s traditional off-season, together with the fact that some of the rigid and improvement-oriented purchase demand accumulated earlier has already been released to a certain extent, prospective buyers in the market generally believe there is still considerable room for comparison when choosing listings. This lengthens the decision-making cycle, slows down the pace of entering the market, and means that the momentum behind transaction growth appears somewhat insufficient. It is expected that in April, the secondhand residential housing market will see a decline in trading activity.