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There has been a national decline in the number of house and units sold for more than $1 million, new data from CoreLogic has found, but some cities have been bucking the trend.
CoreLogic analyst Cameron Kusher reported that the number of settled property sales across the 2018–19 financial year fell by 17.2 per cent from the previous year.
According to the CoreLogic Property Pulse data, over the 12 months to June 2019, 12.5 per cent of all houses sold across Australia went for at least $1 million, down from 14.7 per cent a year earlier. This was significantly down from the peak of 15.0 per cent, which was recorded in March 2018.
Over the year, 8.0 per cent of units sold nationally achieved a price of at least $1 million, lower than the 9.4 per cent achieved in the previous financial year.
CoreLogic suggests that these drops in $1 million+ sales over the year was consistent with the overall weaker housing market conditions, coupled with the fact that higher-value properties typically suffered the greatest falls during the year.
However, one city still managed to achieve marginal growth of sales over $1 million.
Adelaide saw an annual increase of 0.7 of a percentage point of housing sales hitting the $1 million mark, with this segment hitting a historic high. Over the financial year, 5.9 per cent of all houses sold in Adelaide were for at least $1 million.
The SA capital also retained the share of units achieving the figure year-on-year, coming in at 1.4 per cent of all units sold.
Darwin was the only other capital city to retain the same percentage of units sold for $1 million or more.
Overall, 18.4 per cent of all houses sold in Australian capital cities in the 2018–19 financial year went for at least $1 million, a 3.5 per cent drop from the previous year, and a 3.9 per cent drop from the peak in March 2018.
Regarding units in the capital cities, 9.8 per cent achieved a price of $1 million or more, which reportedly represents the lowest share since October 2016. By comparison, in the previous financial year, 11.5 per cent of units achieved the figure.
Regional markets show slightly different trends, with the share of million-dollar house sales only marginally lower than the previous year, recording a drop of 0.4 of a percentage point, and a 0.1 of a percentage point increase in the share of units achieving $1 million or more in regional cities.
$1 million-plus sales by state in FY2018–19
Sydney
- 30.2 per cent of house sales achieved $1 million or more, down from 34.2 per cent a year earlier
- 16.4 per cent of unit sales sold for $1 million or more, down from 18.9 per cent
Melbourne
- 23.1 per cent of houses reached $1 million, down from 29.0 per cent in 2017–18
- 6.5 per cent of units sold for $1 million or more, down from 7.8 per cent
Brisbane
- 8.7 per cent of houses achieved $1 million, marginally down from 8.8 per cent the previous year
- 3.8 per cent of units were sold for $1 million or more, down from 4.0 per cent
Adelaide
- 5.9 per cent of houses sold for at least $1 million, showing an increase of 0.7 of a percentage point from last year, where 5.2 per cent achieved the figure
- Units reaching $1 million remained the same year-on-year at 1.4 per cent
Perth
- 10.0 per cent of houses in Perth were sold for $1 million or more, down from 10.6 per cent in 2017–18
- 4.1 per cent of units achieved $1 million, an increase from the 3.9 per cent figure of the previous year
Darwin
- 2.4 per cent of house sales reached $1 million, down from 3.0 per cent the previous financial year
- Unit sales of $1 million or more remained unchanged from the previous year at 0.6 of a percentage point
Canberra
- 11.5 per cent of houses in the capital sold for $1 million or more, down from 12.3 per cent the previous year
- 2.0 per cent of units achieved at least $1 million, down from 2.3 per cent in 2017–18
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