24 Aug 2016
Slim Pickings – Just Over a Third of Properties Selling for Under $400,000

Slim Pickings – Just Over a Third of Properties Selling for Under $400,000

Slim Pickings – Just Over a Third of Properties Selling for Under $400,000
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Guid,Tips,Selling,Auction real estate agents

Nation-wide our home values are continuing to rise, which is reducing the number of properties available at the lower end of the market for under $400,000.

Over the 12 months to June 2016, 33.1% of all houses and 40.6% of all units sold, transacted at a price point below $400,000. These proportions have fallen from 34.8% and 44.1% respectively at the same time a year earlier. The proportion of house sales under $400,000 nationally is at a record low while the proportion of unit sales is at close to an historic low.





 

 

 

 

 

Turning the focus to the combined capital cities shows that less than 1 in 5 houses (19.1%) and less than 1 in 3 units (31.0%) sold over the year to June 2016 for under $400,000.

In June 2015, the proportion of sales under $400,000 was greater at 21.3% for houses and 31.9% for units.

 

 

 

 

 

 

 

Regional markets are characterised as having homes transacting at substantially lower prices than the capital cities.

Across the combined regional markets, 54.6% of houses and 65.4% of units that sold over the 12 months to June 2016 sold for less than $400,000.

Whilst the proportion of sales under $400,000 was at a record low for houses and units, both houses and units were more than twice as likely to transact for less than $400,000 than they were across the combined capital cities.

 

 

 








The table included in the report shows the proportion of total home sales under $400,000 over the 12 months to June 2016 and 10 and 20 years earlier.  

What the table highlights very clearly is that over the decade to June 2006 there was a substantial decline in home sales under $400,000 with the decline continuing over the following 10 years.

Hobart is the only city in which more house sales occurred for less than $400,000 than above the price point over the past year.

For units, only Adelaide and Hobart had more sales below $400,000 than those above.

 

 

 








These figures highlight the decline in sales across more affordable price points, particularly across the capital city housing markets.

With values continuing to rise it is a fairly safe bet that there will continue to be a decline in the number of homes selling for less than $400,000.

For the latest property market information visit the blog section of the Naked Real Estate website.

Written by Naked Writers

Slim Pickings – Just Over a Third of Properties Selling for Under $400,000
Naked Writers

Naked Real Estate Writers collaborating to bring the latest news and trends in real estate for buying, selling and working in the exciting world of real estate. Is it time for you to get Naked?

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