Centaline: Secondary Home Transactions Surge 50% as Buyers Return to Market
On.cc · 1 SOURCESabout 3 hours ago3 MIN
Summary
Centaline Property reported a notable uptick in secondary housing transactions, with 10 major estates recording 9 deals over the weekend of October 17-18, representing a roughly 50% increase week-on-week . This marked the second consecutive week of growth in the sector. Including Monday October 19 (a public holiday), the same estates logged 11 transactions over three days . However, half of the monitored estates recorded no buying and selling activity during this period, including three prominent Hong Kong Island developments: Taikoo Shing in Quarry Bay, Kornhill in the same district, and South Horizons in Ap Lei Chau .
Key Points
- The 10 monitored estates recorded 9 transactions on Saturday and Sunday, with the 3-day holiday total reaching 11 deals
- Three Hong Kong Island indicators—Taikoo Shing in Quarry Bay, Kornhill in the same district, and South Horizons in Ap Lei Chau—reported zero transactions throughout the holiday period
- Taikoo Shing and South Horizons have now gone three consecutive weekends without a single transaction, as new project launches absorbed buyer demand
- Tin Shui Wai Kingswood emerged as the brightest spot, recording 5 transactions over three days (including 3 on the weekend), bringing October's total to 17 deals—up roughly 40% from the same period last month
- A representative unit at Kingswood Brilliance Tower 2 high floor H, spanning 549 square feet with three bedrooms, sold for HK$5.08 million (HK$9,253 per square foot), down from the asking price of HK$5.5 million; the seller had purchased the unit in March 2017 for HK$4.6 million, netting a profit of approximately HK$480,000 after holding for 9.5 years
- Shatin City One saw one transaction: low floor flat F in Tower 37, 284 square feet with two bedrooms, sold for HK$4.5 million (HK$15,845 per square foot); the previous purchase price in 2012 was HK$2.02 million, representing a profit of HK$2.48 million over 14 years
- Mei Foo Sun Chuen in Lai Chi Kok performed well among urban estates, with three transactions over the three-day period, all recorded on the weekend; a Phase 3 Broadway Street Tower 49 low floor B unit of 511 square feet (two bedrooms) changed hands for HK$6.1 million (HK$11,937 per square foot), yielding the seller a HK$1.4 million gain after 12 years of ownership
Why It Matters
The recovery in secondary market activity, albeit uneven, suggests that Hong Kong's property market is finding a new equilibrium after months of subdued sentiment. The strong turnout for new project launches—primary sales have already surpassed 1,000 units this month with potential to reach 2,000 by month-end—indicates latent demand remains robust, and as these waves of unsuccessful applicants cycle back into the secondary market, overall transaction volumes are likely to receive sustained support . For prospective buyers and sellers, the divergence between bustling new-project launches and quieter established estates underscores the importance of pricing strategy in today's market.
The recovery in secondary market activity, albeit uneven, suggests that Hong Kong's property market is finding a new equilibrium after months of subdued sentiment. The strong turnout for new project launches—primary sales have already surpassed 1,000 units this month with potential to reach 2,000 by month-end—indicates latent demand remains robust, and as these waves of unsuccessful applicants cycle back into the secondary market, overall transaction volumes are likely to receive sustained support . For prospective buyers and sellers, the divergence between bustling new-project launches and quieter established estates underscores the importance of pricing strategy in today's market.