Cheap flats and mortgagee sales test housing prices
On.cc · 5 SOURCESabout 2 hours ago2 MIN
Summary
Recent transactions point to a split in Hong Kong’s private housing market, where forced sales are clearing at sharp discounts while selected mass-market flats still draw first-time buyers and tenants turning into owners. The newest reports show price cuts in both urban and outlying districts, from a mortgagee auction in Tuen Mun to negotiated resales in Ngau Tau Kok, Tsing Lung Tau and Sha Tin. In some cases, sellers are taking losses against past purchase prices, while long-term owners who bought much earlier are still exiting with gains. A new mortgagee listing in Causeway Bay, meanwhile, is being pitched at nearly 40% below one bank valuation cited in the report
Key Points
- At a Chung Shing Auction sale on October 21, three mortgagee residential properties were sold, including a studio at The Royale 3, Tuen Mun, for HK$2.2 million after four bidding parties competed
- The 210-square-foot Tuen Mun flat was launched at HK$1.8 million and sold HK$400,000 higher, but still more than HK$1.62 million below its 2022 purchase price of over HK$3.82 million
- In Ngau Tau Kok, a mid-floor two-bedroom unit at Amoy Gardens Block D, measuring about 390 square feet, changed hands for about HK$5.138 million after a HK$162,000 price cut
- In Tsing Lung Tau, a high-floor two-bedroom flat at Hong Kong Garden Phase 2 sold for HK$4.28 million, or about HK$7,985 per square foot, to a local tenant switching from renting to buying
- A low-floor Flat A at Waldorf Mansion in Causeway Bay, with 1,173 square feet of saleable area, is scheduled for auction on October 28 at HK$6.8 million, about 38% below one cited bank valuation of roughly HK$11 million
Why It Matters
For Hong Kong buyers, the latest deals show that entry points now differ sharply across the market, with mortgagee stock and older buildings offering deeper discounts than some mainstream estates. For owners, the contrast between recent losses in newer or higher-bought flats and strong gains for long-term holders underlines how purchase timing has become a decisive factor in resale outcomes.