Sale of units priced $2m-$3m dropped to 4%.
This chart from Propnex research shows that a larger proportion of homes were sold in the price quantum brackets of under $2m. The trend was the most pronounced in May where 95% of new homes sold were valued at $2m and under.
This is compared to 89% in April, 90% in March, 92% in February, and 73% in January.
Meanwhile, units priced $2m-$3m dropped 5 percentage points to 4% in May.
The report notes that this is attributable to a combination of factors, including the sale of a higher number of smaller units and selective discounts offered by developers.
Mass market and mid-tier home categories are said to continue to drive demand with support from upgraders and owner occupiers.
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