property
Sha Tin Home Sales Slow as Vendors Cut Prices Dramatically
Residential listings across Sha Tin are taking longer to sell, pushing more owners to cut asking prices in the first half of July.
How we reported this
Average days on market for Sha Tin flats climbed to 51 days in the week ending July 9, with vendors trimming an average of 3.8 percent from original asking prices, according to transaction records compiled by local agencies.
The increase follows a quieter June when mortgage rates held above 4.5 percent and fewer first-time buyers entered the market after the end of the spring rush.
Properties along Tai Po Road near Sha Tin Town Hall have spent an average of 59 days listed, while units within a short walk of the Sha Tin Sports Ground have seen repeated price reductions of HK$180,000 to HK$280,000 to attract offers.
Discounts widen near racecourse precinct
Developers and individual sellers around the Hong Kong Jockey Club Sha Tin Racecourse have adjusted listings most aggressively. One three-bedroom unit in a private block on Sha Tin Wai Road dropped its price twice in June, first by HK$220,000 and then by another HK$150,000, before receiving a bid on July 7.
Agency data released July 8 showed that 42 percent of Sha Tin properties listed for more than 45 days carried discounts exceeding HK$200,000, compared with 29 percent in the same period last year.
Buyers inspecting flats in the Fo Tan area have reported similar patterns, with older blocks near the MTR station seeing the largest cuts after sitting idle through late June.
Outlook for the coming weeks
Agents expect the trend to continue through the summer unless mortgage rates ease before the next policy meeting. Prospective purchasers are advised to target units that have been on the market since mid-May and to request recent valuation reports before making offers.
Those monitoring the Sha Tin market can track weekly updates from the district land registry to identify fresh price adjustments in their preferred streets.
This article is general information only and is not personal financial or investment advice. Consider your own circumstances and seek licensed professional advice before making financial decisions.