Million dollar sales take a dive over the financial year

The fall in million dollar sales over the past year reflects the overall weaker housing market conditions and the fact that higher valued properties have typically recorded the greatest value falls.

Over the 2018-19 financial year, 8.7% of all houses and 3.8% of all units sold in Brisbane transacted for at least $1 million. Brisbane values have fallen over the past year and as such, there has been a slight fall in million-dollar sales which were down from 8.8% and 4.0% respectively over the previous year. As the chart shows the fall in million-dollar sales has been much more moderate than the decline in these sales across Sydney and Melbourne.

Over recent months we have started to see some stabilizing of housing market conditions. The data also shows that the largest improvement is occurring across the most expensive properties. Assuming this continues over the remainder of the current financial year the share of million dollar sales, particularly in Sydney and Melbourne, may increase over the coming year.

Published: Cameron Kusher - Head of Research CoreLogic.