Million-dollar market not where the action is

November 23, 2012, 9:31 amYahoo!7

Four in five property sales have been below $600,000, and almost half of all sales were less than $400,000.


Though there are some pricey beauties out there, most buyers are finding their slice of home for under $400,000.

RP Data is reporting that in the last year, four in five property sales have been below $600,000, and almost half of all sales were less than $400,000.

"Across most regions at least 30 per cent of home sales over the past year have been at prices below $400,000, highlighting thereremains opportunities for price sensitive purchasers," said RP Research analyst Cameron Kusher.

Properties sold for $200,000 to $400,000 accounted for 41.2 per cent of sales in the last 12 months, with sales between $400,000 and $600,000 representing 30.4 per cent.

Homes for under $100K, land for under 10K - and it's in Australia. Photo: REA


Sales under $200,000 were 7.1 per cent, outstripping the high end of the market, where only 5.4 per cent or properties sold for more than $1 million.

In capital cities, prices are predictably higher, with 34.9 per cent of sales between $400,000 and $600,000.

Homes in the million dollar ballpark sell more frequently in capitals, notching up 7.4 per cent of the metropolitan markets.

Percentage of sales under $200,000

Hobart 12.9 per cent
Adelaide 6.3 per cent
Melbourne 1.9 per cent
Perth 1.9 per cent

Canberra 1 per cent


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