Hong Kong Secondary Property Price Index Rises 0.5% Weekly, Reaching Over Three-Year High
On.cc · 2 SOURCES1 day ago2 MIN
Summary
The latest Centaline City Leading Index (CCL) stands at 162.13 points, marking a 0.5% weekly increase and representing the second-highest level in over three years since late August 2023 . Year-to-date cumulative gains have reached approximately 12.5%, though the secondary market continues to exhibit a stalemate between buyers and sellers, with property prices fluctuating within a narrow range . Major local banks have maintained their prime rates despite the US Federal Reserve's 25 basis point rate hike, providing positive support for the property market . The index target of 165 points is now expected to be achieved in the fourth quarter, currently just 2.87 points or approximately 1.8% away .
Key Points
- CCL index rose to 162.13 points, up 0.5% week-over-week, the second-highest in over three years (159 weeks)
- Year-to-date gains reached approximately 12.5%, though still 15% below the historical high of 191.34 points from August 2021
- Four major regions showed mixed performance for the third consecutive week, with Kowloon and New Territories West leading gains
- Kowloon CCL Mass reached 161.25 points, up 1.05% weekly, the third-highest in 166 weeks
- New Territories West CCL Mass rose to 147.01 points, up 0.98% weekly, the second-highest in 158 weeks
- Hong Kong Island CCL Mass fell slightly by 0.13% to 164.13 points, declining after two weeks of gains
- Major local banks maintained prime rates unchanged despite US Fed's rate hike
Why It Matters
The divergence between US interest rate increases and local bank stability reflects broader monetary policy tensions affecting Hong Kong's property market. The secondary market's persistent buyer-seller stalemate suggests underlying uncertainty remains despite the index climbing to multi-year highs, and early October will reveal the delayed impact of US rate adjustments on local property sentiment .
The divergence between US interest rate increases and local bank stability reflects broader monetary policy tensions affecting Hong Kong's property market. The secondary market's persistent buyer-seller stalemate suggests underlying uncertainty remains despite the index climbing to multi-year highs, and early October will reveal the delayed impact of US rate adjustments on local property sentiment .