Residential prices are expected to remain stagnant in the second quarter due to weak buying interest.
Centaline Property Agency managing director Shih Wing-ching said developers would continue to adopt a low price strategy to unload uncompleted residential projects which would affect secondary market prices.
A move by leading banks to cut 25 basis points off the prime rate helped stabilise property prices, which began to correct after the unexpectedly low sale price for a Canton Road site last month, he said.
'Property prices will remain flat unless there is another interest rate cut,' he said after the launch of a service offering the latest property transaction prices to Realink Paging's customers.
He said the monthly average for property transactions would be about 8,000 to 12,000.
Centaline is one of the marketing agents for Sun Hung Kai Properties' Hillview Court development in Sai Kung.
