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【客研月报107】2025年1-5月:杭州房地产市场与客户研究月报

发布于 2025-06-05

<p data-pm-slice="0 0 []"><span><font face="Segoe UI"><span leaf="" style="font-family: &quot;Segoe UI&quot;;letter-spacing: 0pt;text-transform: none;font-style: normal;font-size: 12pt;background: rgb(252, 252, 252);"><span textstyle="" style="font-size: 24px;color: #7c8b09;font-weight: bold;text-decoration: underline;">一、市场整体表现:分化加剧,核心区韧性凸显</span></span></font><font face="宋体"></font></span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span><font face="宋体"><span leaf="" style="font-family: 宋体;font-size: 10.5pt;"><span textstyle="" style="font-weight: bold;">1.新房市场“结构性</span></span><span leaf="" style="font-family: 宋体;font-size: 10.5pt;"><span textstyle="" style="font-weight: bold;">回暖</span></span><span leaf="" style="font-family: 宋体;font-size: 10.5pt;"><span textstyle="" style="font-weight: bold;">”</span></span></font></span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span><font face="宋体"><span leaf="" style="font-family: 宋体;font-size: 10.5pt;"><span textstyle="" style="font-weight: bold;">成交量价分化</span>:</span></font><font face="Calibri"><span leaf="" style="font-family: 宋体;font-size: 10.5pt;">1-4</span></font><font face="宋体"><span leaf="" style="font-family: 宋体;font-size: 10.5pt;">月杭州新建商品住宅成交均价同比上涨</span></font><font face="Calibri"><span leaf="" style="font-family: 宋体;font-size: 10.5pt;">2.3%</span></font><font face="宋体"><span leaf="" style="font-family: 宋体;font-size: 10.5pt;">至</span></font><font face="Calibri"><span leaf="" style="font-family: 宋体;font-size: 10.5pt;">3.8</span></font><font face="宋体"><span leaf="" style="font-family: 宋体;font-size: 10.5pt;">万元</span></font><font face="Calibri"><span leaf="" style="font-family: 宋体;font-size: 10.5pt;">/</span></font><font face="宋体"><span leaf="" style="font-family: 宋体;font-size: 10.5pt;">㎡,但涨幅主要由核心区高端项目拉动。</span></font><font face="Calibri"><span leaf="" style="font-family: 宋体;font-size: 10.5pt;">5</span></font><font face="宋体"><span leaf="" style="font-family: 宋体;font-size: 10.5pt;">月新房均价环比微跌</span></font><font face="Calibri"><span leaf="" style="font-family: 宋体;font-size: 10.5pt;">1.10%</span></font><font face="宋体"><span leaf="" style="font-family: 宋体;font-size: 10.5pt;">至约</span></font><font face="Calibri"><span leaf="" style="font-family: 宋体;font-size: 10.5pt;">2.1</span></font><font face="宋体"><span leaf="" style="font-family: 宋体;font-size: 10.5pt;">万元</span></font><font face="Calibri"><span leaf="" style="font-family: 宋体;font-size: 10.5pt;">/</span></font><font face="宋体"><span leaf="" style="font-family: 宋体;font-size: 10.5pt;">㎡,远郊项目价格下行拖累整体数据。</span></font></span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span><font face="宋体"><span leaf="" style="font-family: 宋体;font-size: 10.5pt;"><span textstyle="" style="font-weight: bold;">去化冷热悬殊:</span>核心区改善盘去化率</span></font><font face="Calibri"><span leaf="" style="font-family: 宋体;font-size: 10.5pt;">60%-70%</span></font><font face="宋体"><span leaf="" style="font-family: 宋体;font-size: 10.5pt;">,单价</span></font><font face="Calibri"><span leaf="" style="font-family: 宋体;font-size: 10.5pt;">5</span></font><font face="宋体"><span leaf="" style="font-family: 宋体;font-size: 10.5pt;">万</span></font><font face="Calibri"><span leaf="" style="font-family: 宋体;font-size: 10.5pt;">+</span></font><font face="宋体"><span leaf="" style="font-family: 宋体;font-size: 10.5pt;">项目成交占比升至</span></font><font face="Calibri"><span leaf="" style="font-family: 宋体;font-size: 10.5pt;">18%</span></font><font face="宋体"><span leaf="" style="font-family: 宋体;font-size: 10.5pt;">;而临安、富阳等远郊刚需盘去化率不足</span></font><font face="Calibri"><span leaf="" style="font-family: 宋体;font-size: 10.5pt;">30%</span></font><font face="宋体"><span leaf="" style="font-family: 宋体;font-size: 10.5pt;">,</span></font></span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="宋体"><span leaf="">价格同比下跌</span></font><font face="Calibri"><span leaf="">4.5%</span></font><font face="宋体"><span leaf="">。</span></font></span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="宋体"><span leaf=""><span textstyle="" style="font-weight: bold;">土地市场“冰火两重天”:</span>主城区优质地块土拍溢价超</span></font><font face="Calibri"><span leaf="">40%</span></font><font face="宋体"><span leaf="">,钱江新城二期楼面价突破</span></font><font face="Calibri"><span leaf="">5</span></font><font face="宋体"><span leaf="">万</span></font><font face="Calibri"><span leaf="">/</span></font><font face="宋体"><span leaf="">㎡;远郊地块多以底价成交,起始楼面价不足</span></font><font face="Calibri"><span leaf="">8000</span></font><font face="宋体"><span leaf="">元</span></font><font face="Calibri"><span leaf="">/</span></font><font face="宋体"><span leaf="">㎡。</span></font></span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="宋体"><span leaf=""><span textstyle="" style="font-weight: bold;">2.二手房“以价换量深化”</span></span></font></span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="宋体"><span leaf=""><span textstyle="" style="font-weight: bold;">价格持续承压:</span></span></font><font face="Calibri"><span leaf="">5</span></font><font face="宋体"><span leaf="">月百城二手住宅均价环比跌幅扩大至</span></font><font face="Calibri"><span leaf="">0.71%</span></font><font face="宋体"><span leaf="">,杭州挂牌均价</span></font><font face="Calibri"><span leaf="">30,038</span></font><font face="宋体"><span leaf="">元</span></font><font face="Calibri"><span leaf="">/</span></font><font face="宋体"><span leaf="">㎡,同比跌幅达</span></font><font face="Calibri"><span leaf="">6.33%</span></font><font face="宋体"><span leaf="">,非核心区域降价超</span></font><font face="Calibri"><span leaf="">10%</span></font><font face="宋体"><span leaf="">。</span></font></span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="宋体"><span leaf=""><span textstyle="" style="font-weight: bold;">成交结构两极:</span>总价</span></font><font face="Calibri"><span leaf="">800</span></font><font face="宋体"><span leaf="">万以上豪宅成交周期缩短至</span></font><font face="Calibri"><span leaf="">92</span></font><font face="宋体"><span leaf="">天,</span></font><font face="Calibri"><span leaf="">300</span></font><font face="宋体"><span leaf="">万以下“老破小”成交占比升至</span></font><font face="Calibri"><span leaf="">41%</span></font><font face="宋体"><span leaf="">;</span></font><font face="Calibri"><span leaf="">5</span></font><font face="宋体"><span leaf="">月杭州二手房成交量</span></font><font face="Calibri"><span leaf="">6534</span></font><font face="宋体"><span leaf="">套,环比下降</span></font><font face="Calibri"><span leaf="">18.2%</span></font><font face="宋体"><span leaf="">,同比降</span></font><font face="Calibri"><span leaf="">20.8%</span></font><font face="宋体"><span leaf="">。</span></font></span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span><font face="宋体"><span leaf="" style="font-family: &quot;Segoe UI&quot;;letter-spacing: 0pt;text-transform: none;font-style: normal;font-size: 12pt;background: rgb(252, 252, 252);"><span textstyle="" style="font-size: 24px;color: #7c8b09;font-weight: bold;text-decoration: underline;">二、价格走势深度分析:结构性上涨与全域分化并存</span></span></font></span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="Calibri"><span leaf=""><span textstyle="" style="font-weight: bold;">1.&nbsp;</span></span></font><font face="宋体"><span leaf=""><span textstyle="" style="font-weight: bold;">新房价格:核心区领涨与外围疲软</span></span></font></span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="宋体"><span leaf=""><span textstyle="" style="font-weight: bold;">核心区量价齐升:</span>钱江新城二期、申花板块单价</span></font><font face="Calibri"><span leaf="">5</span></font><font face="宋体"><span leaf="">万</span></font><font face="Calibri"><span leaf="">+</span></font><font face="宋体"><span leaf="">项目成交占比达</span></font><font face="Calibri"><span leaf="">18%</span></font><font face="宋体"><span leaf="">,上城区优质学区房均价突破</span></font><font face="Calibri"><span leaf="">5.03</span></font><font face="宋体"><span leaf="">万元</span></font><font face="Calibri"><span leaf="">/</span></font><font face="宋体"><span leaf="">㎡(同比涨</span></font><font face="Calibri"><span leaf="">15%</span></font><font face="宋体"><span leaf="">)。政策松绑后,主城区不限价新盘单价较原限价上涨</span></font><font face="Calibri"><span leaf="">19.7%</span></font><font face="宋体"><span leaf="">,中签率仍低至</span></font><font face="Calibri"><span leaf="">10.29%</span></font><font face="宋体"><span leaf="">。</span></font></span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="宋体"><span leaf=""><span textstyle="" style="font-weight: bold;">外围区域持续承压:</span>临安新房均价稳定在</span></font><font face="Calibri"><span leaf="">1.93</span></font><font face="宋体"><span leaf="">万元</span></font><font face="Calibri"><span leaf="">/</span></font><font face="宋体"><span leaf="">㎡,富阳部分项目启动“工抵房”促销,价格同比下跌</span></font><font face="Calibri"><span leaf="">4.5%</span></font><font face="宋体"><span leaf="">,库存去化周期达</span></font><font face="Calibri"><span leaf="">25-28</span></font><font face="宋体"><span leaf="">个月。</span></font></span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="Calibri"><span leaf=""><span textstyle="" style="font-weight: bold;">2.&nbsp;</span></span></font><font face="宋体"><span leaf=""><span textstyle="" style="font-weight: bold;">二手房:降价换量成主流,刚需占比提升</span></span></font></span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="宋体"><span leaf=""><span textstyle="" style="font-weight: bold;">价格深度调整:</span></span></font><font face="Calibri"><span leaf="">5</span></font><font face="宋体"><span leaf="">月杭州二手房签约均价</span></font><font face="Calibri"><span leaf="">28,833</span></font><font face="宋体"><span leaf="">元</span></font><font face="Calibri"><span leaf="">/</span></font><font face="宋体"><span leaf="">㎡,环比下降</span></font><font face="Calibri"><span leaf="">2.7%</span></font><font face="宋体"><span leaf="">,核心区与非核心区价差拉大(西湖区挂牌均价</span></font><font face="Calibri"><span leaf="">43,334</span></font><font face="宋体"><span leaf="">元</span></font><font face="Calibri"><span leaf="">/</span></font><font face="宋体"><span leaf="">㎡&nbsp;</span></font><font face="Calibri"><span leaf="">vs&nbsp;</span></font><font face="宋体"><span leaf="">临安</span></font><font face="Calibri"><span leaf="">1.1</span></font><font face="宋体"><span leaf="">万元</span></font><font face="Calibri"><span leaf="">/</span></font><font face="宋体"><span leaf="">㎡)。</span></font></span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="宋体"><span leaf=""><span textstyle="" style="font-weight: bold;">刚需成主力:</span>总价</span></font><font face="Calibri"><span leaf="">200</span></font><font face="宋体"><span leaf="">万以内房源成交占比上升</span></font><font face="Calibri"><span leaf="">0.9</span></font><font face="宋体"><span leaf="">个百分点,改善型需求(总价</span></font><font face="Calibri"><span leaf="">400</span></font><font face="宋体"><span leaf="">万以上)退潮,</span></font><font face="Calibri"><span leaf="">500-800</span></font><font face="宋体"><span leaf="">万区间成交占比下降</span></font><font face="Calibri"><span leaf="">1.6</span></font><font face="宋体"><span leaf="">个百分点。</span></font></span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="Calibri"><span leaf=""><span textstyle="" style="font-weight: bold;">3.&nbsp;</span></span></font><font face="宋体"><span leaf=""><span textstyle="" style="font-weight: bold;">土地市场:高热与底价并存</span></span></font></span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="宋体"><span leaf="">核心地块溢价率居高不下(如西湖三墩地块溢价</span></font><font face="Calibri"><span leaf="">51.38%</span></font><font face="宋体"><span leaf="">),而远郊地块普遍底价成交,反映开发商“聚焦核心”的战略转向。</span></font></span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span><font face="宋体"><span leaf="" style="font-family: &quot;Segoe UI&quot;;letter-spacing: 0pt;text-transform: none;font-style: normal;font-size: 12pt;background: rgb(252, 252, 252);"><span textstyle="" style="font-size: 24px;color: #7c8b09;font-weight: bold;text-decoration: underline;">三、客户需求变迁:改善主导与风险意识强化</span></span></font></span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="宋体"><span leaf=""><span textstyle="" style="font-weight: bold;">1.核心客群画像</span></span></font></span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="宋体"><span leaf=""><span textstyle="" style="font-weight: bold;">新中产为主力:</span></span></font><font face="Calibri"><span leaf="">30-45</span></font><font face="宋体"><span leaf="">岁群体占比</span></font><font face="Calibri"><span leaf="">62%</span></font><font face="宋体"><span leaf="">,家庭年收入</span></font><font face="Calibri"><span leaf="">40-80</span></font><font face="宋体"><span leaf="">万占比</span></font><font face="Calibri"><span leaf="">55%</span></font><font face="宋体"><span leaf="">,</span></font><font face="Calibri"><span leaf="">IT/</span></font><font face="宋体"><span leaf="">互联网从业者达</span></font><font face="Calibri"><span leaf="">28%</span></font><font face="宋体"><span leaf="">(集中于未来科技城、滨江)。</span></font></span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="宋体"><span leaf=""><span textstyle="" style="font-weight: bold;">决策更趋谨慎:</span>平均看房次数增至</span></font><font face="Calibri"><span leaf="">5.8</span></font><font face="宋体"><span leaf="">次,</span></font><font face="Calibri"><span leaf="">VR</span></font><font face="宋体"><span leaf="">看房使用率超</span></font><font face="Calibri"><span leaf="">60%</span></font><font face="宋体"><span leaf="">;现房</span></font><font face="Calibri"><span leaf="">/</span></font><font face="宋体"><span leaf="">准现房需求飙升至</span></font><font face="Calibri"><span leaf="">74%</span></font><font face="宋体"><span leaf="">。</span></font></span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="宋体"><span leaf=""><span textstyle="" style="font-weight: bold;">2.需求偏好升级</span></span></font></span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="宋体"><span leaf=""><span textstyle="" style="font-weight: bold;">改善属性强化:</span>三房及以上户型需求占比</span></font><font face="Calibri"><span leaf="">73%</span></font><font face="宋体"><span leaf="">,学区(</span></font><font face="Calibri"><span leaf="">89%</span></font><font face="宋体"><span leaf="">)、地铁(</span></font><font face="Calibri"><span leaf="">82%</span></font><font face="宋体"><span leaf="">)、商业配套(</span></font><font face="Calibri"><span leaf="">76%</span></font><font face="宋体"><span leaf="">)为关键决策因素。</span></font></span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="宋体"><span leaf=""><span textstyle="" style="font-weight: bold;">风险防控意识:</span></span></font><font face="Calibri"><span leaf="">68%</span></font><font face="宋体"><span leaf="">购房者要求“第三方资金监管”,</span></font><font face="Calibri"><span leaf="">65%</span></font><font face="宋体"><span leaf="">质疑装修标准虚高(宣称</span></font><font face="Calibri"><span leaf="">5000</span></font><font face="宋体"><span leaf="">元</span></font><font face="Calibri"><span leaf="">/</span></font><font face="宋体"><span leaf="">㎡,实际不足</span></font><font face="Calibri"><span leaf="">3500</span></font><font face="宋体"><span leaf="">元)。</span></font></span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span><font face="宋体"><span leaf="" style="font-family: &quot;Segoe UI&quot;;letter-spacing: 0pt;text-transform: none;font-style: normal;font-size: 12pt;background: rgb(252, 252, 252);"><span textstyle="" style="font-size: 24px;color: #7c8b09;font-weight: bold;text-decoration: underline;">四、专家与机构核心观点:分化延续与政策托底</span></span></font></span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="Calibri"><span leaf=""><span textstyle="" style="font-weight: bold;">1.&nbsp;</span></span></font><font face="宋体"><span leaf=""><span textstyle="" style="font-weight: bold;">市场预判:核心区企稳,外围承压</span></span></font></span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="宋体"><span leaf=""><span textstyle="" style="font-weight: bold;">浙大房地产研究中心:</span>需警惕保障房对刚需市场的虹吸效应,外围区域库存压力或加剧。</span></font></span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="宋体"><span leaf=""><span textstyle="" style="font-weight: bold;">克而瑞浙江区域:</span>临安、富阳等区域因土地财政导致供地过量,去化周期达</span></font><font face="Calibri"><span leaf="">25-28</span></font><font face="宋体"><span leaf="">个月,存在价格下行风险。</span></font></span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="宋体"><span leaf=""><span textstyle="" style="font-weight: bold;">好地研究院:</span>板块关系从“虹吸效应”转向“共振效应”,云城、三江汇等新兴板块受益人口导入和地铁规划,存在价值重估机会。</span></font></span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="Calibri"><span leaf=""><span textstyle="" style="font-weight: bold;">2.&nbsp;</span></span></font><font face="宋体"><span leaf=""><span textstyle="" style="font-weight: bold;">房企策略:品质竞争与债务风险</span></span></font></span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="宋体"><span leaf=""><span textstyle="" style="font-weight: bold;">行业分析师:</span>数字经济和新兴产业推动杭州楼市复苏,但远郊二手房因挂牌量高压仍将承压。</span></font></span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="宋体"><span leaf=""><span textstyle="" style="font-weight: bold;">市场研究机构:</span>土地市场回暖是楼市企稳先兆,高价地块倒逼房企聚焦高品质住宅开发。</span></font></span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="Calibri"><span leaf=""><span textstyle="" style="font-weight: bold;">3.&nbsp;</span></span></font><font face="宋体"><span leaf=""><span textstyle="" style="font-weight: bold;">风险警示</span></span></font></span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="宋体"><span leaf=""><span textstyle="" style="font-weight: bold;">债务高压:</span></span></font><font face="Calibri"><span leaf="">2025</span></font><font face="宋体"><span leaf="">年杭州房企需偿付债务超</span></font><font face="Calibri"><span leaf="">800</span></font><font face="宋体"><span leaf="">亿,资金链风险需高度关注。</span></font></span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="宋体"><span leaf=""><span textstyle="" style="font-weight: bold;">亚运村冲击:</span>首批二手房入市或冲击钱江世纪城价格体系,建议开发商提前进行价格预期管理。</span></font></span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span><font face="宋体"><span leaf="" style="font-family: &quot;Segoe UI&quot;;letter-spacing: 0pt;text-transform: none;font-style: normal;font-size: 12pt;background: rgb(252, 252, 252);"><span textstyle="" style="font-size: 24px;color: #7c8b09;font-weight: bold;text-decoration: underline;">五、未来展望:结构性机遇与挑战并存</span></span></font></span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="宋体"><span leaf=""><span textstyle="" style="font-weight: bold;">1.短期(</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-weight: bold;">2025</span></span></font><font face="宋体"><span leaf=""><span textstyle="" style="font-weight: bold;">下半年)</span></span></font></span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="宋体"><span leaf=""><span textstyle="" style="font-weight: bold;">政策宽松延续:</span>全域取消限购、首付最低</span></font><font face="Calibri"><span leaf="">15%</span></font><font face="宋体"><span leaf="">、房贷利率破</span></font><font face="Calibri"><span leaf="">3%</span></font><font face="宋体"><span leaf="">等政策持续发力,房企年中促销力度加大。</span></font></span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="宋体"><span leaf=""><span textstyle="" style="font-weight: bold;">分化持续深化:</span>核心区改善盘供应增加(如钱江世纪城、运河新城地块),远郊区域需警惕价格波动。</span></font></span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="宋体"><span leaf=""><span textstyle="" style="font-weight: bold;">2.中长期(</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-weight: bold;">2026+</span></span></font><font face="宋体"><span leaf=""><span textstyle="" style="font-weight: bold;">)</span></span></font></span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="宋体"><span leaf=""><span textstyle="" style="font-weight: bold;">人口与基建驱动:</span>城西科创大走廊规划导入</span></font><font face="Calibri"><span leaf="">300</span></font><font face="宋体"><span leaf="">万人口,青山湖科技城、云谷等板块潜力凸显;地铁五期落地将重估三江汇、崇贤价值。</span></font></span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="宋体"><span leaf=""><span textstyle="" style="font-weight: bold;">品质竞争时代:</span>“好房子”试点项目推动产品力升级(如低密住宅、智能家居),绿色建筑占比提升。</span></font></span></p><p style="margin-top: 16px;"><span style="font-family: 宋体;font-size: 10.5pt;"><font face="宋体"><span leaf="">(本报告数据均来自公开统计及行业调研,分析结论仅供参考)</span></font></span></p><section style="margin-top: 16px;"><span style="font-family: 宋体;font-size: 10.5pt;"><span style="font-family: 宋体;"></span></span></section><section style="margin-top: 16px;"><span style="font-family: 宋体;font-size: 10.5pt;"><span style="font-family: 宋体;"></span></span></section><section style="margin-bottom: 24px;margin-top: 16px;"><span style="background-color: rgb(255, 255, 255);font-family: 宋体;font-size: 14px;letter-spacing: 0.476px;"></span></section><section style="text-align: center;margin-top: 16px;margin-bottom: 0px;"><span style="background-color: rgb(255, 255, 255);color: rgb(127, 127, 127);font-family: PingFangTC-Light;font-size: 12px;letter-spacing: 0.544px;caret-color: red;"><span leaf="">*</span></span><span style="background-color: 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