If you believe any of the rubbish the peddlers who have an interest in talking the market up sticks on their website - good luck to you.
The HKG market is amongst the most expensive in the world.Actually if you look at the crap quality/architecture/environment you get for your money it probably is the most expensive in the world.
The problem this bring is how do you value something? Everywhere else you can compare it to other cities or even other countries - not here. Therefore value here is purely subjective and based on how we all feel when we get up in the morning/stockmarkets/mainland nouveau riche investors/ banking sector bonus for the quarter etc etc etc.
This is all very well if you are a speculator. However if you just want to buy a good house ( sorry - flat - since there hardly are any houses here ) to live in for 15 years or so you are going to have a hard time.