Buyers flocked to two new residential projects on Sunday, buoyed by an ongoing stock market rally and low interest rates – signalling a sustained rebound in Hong Kong’s property market.

Developer Million Nice (Hong Kong) sold 62 of the 69 units at 9 Eastern Street in Sai Ying Pun , according to agents. Meanwhile, Sun Hung Kai Properties (SHKP) sold all 110 units in the third round of sales at Novo Land phase 3A in Tuen Mun .

9 Eastern Street consists of 76 units, with sizes from 249 sq ft to 508 sq ft. The prices of the units range from HK$4.7 million (US$598,800) to HK$11.9 million, or HK$18,800 to HK$24,400 per square foot after discounts.

“The US-China agreement on trade tariffs this month, a recovering stock market and the possibility of a US rate cut in the second half of the year have stimulated both the primary and secondary housing markets,” said Louis Chan Wing-kit, CEO of Centaline Property Agency.

New property sales so far this month have jumped 55 per cent from a month earlier, he said, adding that primary sales could reach 2,000 in July.