Luxury Report | Edition One | Page 10

N A T I O N A L
For the first time in Australia in the past decade , luxury price growth in both houses and units was smaller than median price growth . Luxury house prices increased by 6.2 per cent while median property prices increased by 7.7 per cent . The discrepancy in luxury units wasn ’ t as wide but median price growth was still greater at 5.7 per cent compared with luxury price growth at 5.5 per cent .
PRICE GROWTH FROM 2022 TO 2024 - HOUSE VS UNIT
House
6.24 %
7.7 %
Unit
5.7 % 5.48 %
Median
Luxury
Source : Neoval
SALES AND MARKET SHARE
2019 to 2022 was a very strong period for both the luxury house and luxury unit market with sales growing by 1.8 times and 1.5 times , respectively . In the face of this , the luxury house market corrected itself with a 10 per cent drop in sales for 2023 , while the luxury unit market corrected itself with an eight per cent decline .
COUNT OF LUXURY TRANSACTIONS - HOUSE VS UNIT
3,000
2,500 HOUSE
2,000
1,500
1,000
UNITS
500
0
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Source : Ray White
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