Home sales in the secondary market remained sluggish over the first weekend after the US interest rate rise, forcing owners to knock down prices by up to HK$1 million to speed up sales, according to agents.
Hong Kong Property Services (Agency) said three transactions were registered in 10 major housing estates it monitored at the weekend, compared with two the previous week.
A 282 square feet unit in Tai Wai’s Golden Lion Garde changed hands for HK$2.73 million, or HK$9,681 per sq ft, the lowest transaction price this year, said Kingswood (Cosco) Property Agency. Similar units were sold for HK$3.78 million in June.
In North Point, a 1,105 sq ft unit at Braemar Hill Mansions was sold for HK$19 million after the owner cut asking prices from HK$20.05 million to HK$19 million.
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But even though more owners are willing to cut prices by five to 10 per cent, buyers are still not biting, said Jeffrey Ng, executive director of Hong Kong Property Services (Agency).
“What we have seen is that most potential buyers want to make use of the negative news to ask for a bargain,” he said.