Over the 12 months to June 2019, 12.5% of all houses and 8.0% of units sold nationally transacted for at least $1 million. The share of million dollar house sales was down from 14.7% a year earlier and was also well down from its peak of 15.0% of all sales in March 2018.
For units, the 8.0% share over the past year was lower than the 9.4% a year earlier: 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.
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Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
