Homebuyers shift to secondary market
Government unlikely to remove curbs as sales of used homes rebound in HK
Sales of used homes in Hong Kong rebounded sharply as buying interest shifts from the primary sector, where supply is limited, with no major new launches over the past weekend, agents said.
As a growing number of homes changed hands at record prices in the secondary market, analysts said the government would be unlikely to remove its cooling measures in the short term.
"The performance of the secondary market improved last week, with home-seekers quickening their purchase decisions," said Patrick Chow, head of research at Ricacorp Properties.
As a limited number of newly completed homes were offered for sale, he said, most vendors stood firm on their asking prices.
"Previously, potential buyers hoped to get a bargain by asking for a price cut of HK$200,000. But now most transactions are only about HK$20,000 to HK$50,000 lower than the asking prices," Chow said.
Market watchers said a three-bedroom, 592 sqft unit at Kornhill in Quarry Bay sold for HK$7.19 million, or HK$12,145 per square foot, last week, a record in per-square-foot terms for the estate.