Both home sales prices and sales volume saw a noticeable rise in major cities including Beijing and Shanghai during the week-long National Day holidays, according to data filed with real estate brokerage agencies.

In the first six days of October in Beijing, the number of apartment transactions reached 827, 40.8 percent higher compared with the same period in the previous year, the highest in five years, according to Centaline China Real Estate, a real estate brokerage agency.

In Shanghai, the total area of property that was sold hit 163,300 square meters from September 30 to October 7, the second highest amount in six years, according to ehousee.com, a real estate brokerage portal.

Average home sales price rose by around 23 percent during the week-long holidays in Beijing, Shanghai, Guangzhou and Shenzhen, compared with the same period last year, according to the data center of Internet company NetEase.

A home buyer surnamed Liu in Nanjing, capital of East China's Jiangsu Province, was quoted by the Economic Information newspaper as saying on Tuesday that "people started panic-purchasing apartments in a project in Nanjing during the holidays," and that he also bought a unit without hesitation.

"The home sales boom was mainly due to widespread expectation of further home price rises," Liu Yuan, a senior research manager at Centaline, told the Global Times Tuesday.

The overheated real estate market didn't show any obvious signs of cooling down, especially in the first-tier cities, although the previous central government administration continuously released measures to control home price since 2010. As a result, would-be home buyers are expecting home prices to grow even more as no new curbing policy was announced recently by the new administration, Liu explained.

He also noted that property developers' enthusiasm in purchasing land also caused panic among potential home buyers who predicted home prices would reach uncontrollable levels.

There have been over 10 cases of record-breaking land sales in cities like Beijing and Changsha, capital of Central China's Hunan Province, since May.

Prices for newly built apartments in 100 major cities nationwide rose by 1.07 percent in September month-to-month, the 16th consecutive monthly rise since June 2012, according to China Index Academy, a Beijing-based real estate research institute.

Hu Jinghui, vice president of 5i5j Property Agency, predicted that the growth momentum in home prices will continue for the rest of this year due to home buyers' misreading the intention of the new central administration.

The new administration didn't release any new polices to control home prices, but have continued the measures that the previous administration had taken.

"The new administration is unlikely to let home prices rise freely without taking any measures," Hu told the Global Times Tuesday, predicting that long-term strategies by the government are likely next year such as expanding the long-awaited property tax to more areas.