Hong Kong Auctions Hit 75% Clearance, Properties Sell Above Reserve

Hong Kong property auctions this weekend posted a 75 percent clearance rate, with at least four lots selling above their published reserves including a Mid-Levels flat that fetched HKD 12.5 million against a HKD 10.8 million reserve.

The results arrive just weeks after the government eased stamp duty for foreign buyers, a change that has pulled in more overseas bidders at a moment when local transaction volumes remain subdued. Median flat prices across the city sit between HKD 8 million and 10 million, yet demand has concentrated on well-located units that carry realistic reserves.

Two named locations featured prominently. A three-bedroom apartment on Macdonnell Road in Mid-Levels sold for HKD 12.5 million after competitive bidding from two overseas funds. In Kowloon, a 650-square-foot unit on Nathan Road near Mong Kok MTR cleared at HKD 9.2 million, HKD 800,000 above its reserve, according to the auction house records dated 5 and 6 July.

Key Sales from the Weekend

Clearance data compiled from sessions held at the Hong Kong Convention and Exhibition Centre showed 18 of 24 lots sold. The Mid-Levels transaction represented the largest premium, while a smaller flat in Tai Po Industrial Estate also exceeded its reserve by 12 percent, closing at HKD 6.1 million. These figures sit against a broader market where New Territories units typically trade at lower price points than Kowloon or Peak properties.

Foreign buyer participation rose noticeably after the stamp-duty adjustment, with three of the four over-reserve sales involving non-local entities. Auction organisers noted that bidding started slower on Saturday morning but accelerated once the Macdonnell Road lot opened.

Next Steps for Buyers and Sellers

Prospective purchasers should review the next scheduled auctions set for 19 July at the same venue, focusing on lots with reserves under HKD 10 million in the New Territories. Sellers are advised to set reserves no more than 5 percent above recent comparable sales on the same street to maximise clearance chances in the current environment.

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.