Most homes priced between $200K and $400K

Australians prefer to buy middle of the range homes with a median price less than $600,000, new research has revealed. According to RP Data, over the year to August 2012 almost four in five home sales were below $600,000.

“Over the past year, almost half of all house and unit sales in Australia were transacted at prices less than $400,000, while only 5.4 per cent sold for more than $1 million,” RP Data’s Cameron Kusher said.

Properties that sold for between $200,000 and $400,000 accounted for a majority of sales; this price bracket accounted for 41.2 per cent of sales over the year.

Property sales between $400,000 and $600,000 accounted for 30.4 per cent of all sales over the year, while the $600,000 to $800,000 price bracket represented the third largest segment, at 11.2 per cent.

Source: The Adviser