Hong Kong second-hand home prices stable as sales volume picks up

Prices of second-hand homes in Hong Kong have been stable, with the number of sales picking up at a gradual pace.

There were 195 transactions at 50 housing estates during the week from June 3 to 9, the most in 19 weeks and up 9 per cent from a week earlier, according to a survey by Ricacorp Properties.

A survey by Centaline Property Agency also showed the pick-up, with 19 flats sold last weekend at the 10 largest residential estates tracked by the agency, up from 13 the previous weekend.

Ricacorp said the bigger increases were seen in Kowloon and the New Territories, where more mass housing estates are located. However, sales at nine housing estates dropped 13 per cent week on week.

In the new-homes market, two flats sold last weekend compared with none the previous weekend.

BNP Paribas property analyst Patrick Wong Chi-leung said new-home sales were down because of a lack of sales launches for new projects. Also, most owners of existing homes had become less willing to cut prices, which meant prices in the secondary market had remained fairly stable over the past month.