Private home vacancy rate at 16-yr high, Latest Others News - The New Paper

Private home vacancy rate at 16-yr high

This article is more than 12 months old

Private home prices and rents have fallen for an 11th straight quarter, although at a slower pace than previously.

The vacancy rates of private residential units jumped 1.4 percentage points in the second quarter to 8.9 per cent, the highest since 9.1 per cent in the second quarter of 2000.

There were 30,310 private residential units vacant in the second quarter, a rise of 5,391 units from the first quarter.

Overall, private home prices are 9.4 per cent lower than their last peak in the third quarter of 2013.

They started declining after the Government introduced cooling measures, including loan curbs, in June 2013.

Private home rents are now 9.6 per cent lower than their recent peak, as housing supply continues to outstrip demand.

Private home prices fell 0.4 per cent quarter on quarter, after slipping 0.7 per cent in the first quarter, data from the Urban Redevelopment Authority showed yesterday.

The Housing Board resale market remained stable in the second quarter of this year, with resale prices unchanged from the first quarter.