Hong Kong secondary home prices fall for 5th week, hit 5-month low
Hong Kong's secondary home prices, measured by the Centaline City Leading Index, fell 0.31 per cent week-on-week to a five-month low. The index has dropped for five consecutive weeks, with a cumulative decline of 1.61 per cent. Analysts attribute the fall to competition from low-priced new homes and
Hong Kong's secondary home prices have fallen for a fifth consecutive week, with the Centaline City Leading Index (CCL) dropping 0.31 per cent week-on-week to 158.61 points, a five-month low, according to data released on 13 November by Centaline Property. The cumulative decline over the five weeks stands at 1.61 per cent.
Prices for large housing estates and small-to-medium-sized units fell by about 0.5 per cent and 0.4 per cent week-on-week, respectively. In contrast, prices for large units rose 0.15 per cent, ending a four-week losing streak.
Among the four major districts, the New Territories West saw the sharpest weekly drop of 1.68 per cent, followed by Kowloon with a 0.4 per cent decline. Prices in Hong Kong Island and the New Territories East remained largely unchanged.
Despite the recent downturn, the CCL has risen 10.06 per cent so far this year. Hong Kong Island and the New Territories East recorded gains of nearly 12 per cent over the same period.
Centaline Property attributed the price weakness to strong competition from low-priced new homes, which have been selling briskly and diverting buyers from the secondary market. It also noted that a decline in the Hong Kong stock market has made sellers more willing to negotiate on price, further pressuring the secondary market.
