Chart of the Day: Bulk of homes sold at $2m in May

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.