property
Tsim Sha Tsui Auction Clearance Rates Drop as Buyers Demand Price Cuts
Clearance figures from recent district sales point to selective interest as vendors trim reserves on mid-tier residential lots.
How we reported this
Four of nine lots offered at the latest Tsim Sha Tsui public auction cleared last week, producing a 44 percent success rate that property agents say reflects tighter bidding on units priced above HK$15 million.
The figure marks a drop from the 61 percent average recorded in the first quarter of this year and arrives as global shipping costs and regional tensions keep some overseas buyers on the sidelines. Local funds have stepped in for smaller lots but show little appetite for larger reserves that exceed recent transaction benchmarks along the waterfront.
Street-level results in core pockets
Two residential units in a 1990s block on Carnarvon Road near the former Hyatt site sold after three rounds of bidding, each fetching HK$12.8 million. A third lot on nearby Ashley Road, listed at HK$9.2 million, drew no bids and will return to private treaty sale next month. Agents at the podium noted that mainland investors who once dominated Carnarvon Road auctions have largely withdrawn since May.
Further west, a single parking space at Ocean Terminal drew three telephone bids and sold for HK$1.15 million, above its HK$980,000 reserve. The result stood out because most car-park lots at the same venue have remained unsold since the start of 2026.
Numbers that shape the next moves
Median achieved prices at the July auction sat at HK$17,400 per square foot, down 6 percent from the March round. Surveyors from the Hong Kong Institute of Surveyors recorded that successful bidders paid an average 11 percent below the original asking reserves, the widest gap since late 2024. Two unsold apartments on Peking Road carried reserves of HK$22,000 per square foot, levels last seen when the same building transacted in December 2023.
Buyers who track these figures can expect more lots to appear at reduced reserves in the coming fortnight. Those preparing bids should verify current bank lending margins on properties above HK$12 million and compare them against the achieved prices on Carnarvon Road before the next scheduled sale on 22 July.
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.