Million Dollar Listing

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EXPERT OBSERVER
Over the 2018 calendar year, the share of sales across the six price points highlighted nationally were: 6.1% under $200,000, 24.8% between $200,000 and $400,000, 28.0% between $400,000 and $600,000, 18.7% between $600,000 and $800,000, 8.7% between $800,000 and $1 million and 13.8% at or above $1 million. 
The most prominent price point for sales was $400,000 to $600,000, while there were more sales of at least $1 million than there were below $200,000 or between $800,000 and $1 million.
The share of sales annually by price point over each five-year period from 1993 to 2018 shows how an overwhelming majority of sales occurred below $200,000 in 1993, compared to virtually no sales below $200,000 in 2018.
Over time, there has been a steady climb in the share of sales across the more expensive price points.
<img src="https://www.urban.com.au/images/2019/3/7/Kush%201.JPG" alt="">
Across the combined capital cities, sales below $200,000 accounted for just 1.8% of all sales, while sales of $1 million properties accounted for 19.5% of all sales.
The dominant price point for sales over the year was $400,000 to $600,000 (28.3%).
The chart clearly highlights the rising prevalence of $1 million sales while supply of stock under $200,000 has reduced substantially.
Sales of properties under $200,000 in regional Australia accounted for 12.9% of all sales over the year, the third largest price point for sales.
The $200,000 to $400,000 price bracket accounted for the largest share of sales over the year (38.1%). Sales of $1 million properties in regional Australia (4.7%) are much less common than they are across the capital cities.
<img src="https://www.urban.com.au/images/2019/3/7/Kush%202.JPG" alt="">
Over the 2018 calendar year, there were virtually no sales under $200,000 in Sydney.
By comparison, 37.0% of all sales were at or in excess of $1 million, which made up the largest cohort of sales.
A decade earlier, $1 million sales accounted for 8.9% of all sales, highlighting the increasing prevalence of million dollar sales in the city over the decade.
30.7% of all dwelling sales in regional NSW in 2018 were between $400,000 and $600,000 closely followed by 30.3% of sales between $200,000 and $400,000.
Sales of million dollar properties had the smallest share of all sales accounting for 6.3% while 9.6% of sales were less than $200,000.
<img src="https://www.urban.com.au/images/2019/3/7/Kush%203.JPG" alt="">
Like Sydney, virtually nothing sold for under $200,000 in Melbourne throughout 2018.
The greatest share of sales occurred between $400,000 and $600,000 (30.4%) and $600,000 and $800,000 (27.1%).
21.7% of all sales were at least $1 million, up from 5.4% a decade earlier.
A decade ago, 51.2% of all sales were between $200,000 and $400,000 compared to just 7.2% last year.
In regional Vic, sales of properties priced between $200,000 and $400,000 were most prevalent over the year (46.7%).
$1 million sales accounted for just 2.2% of transactions, the smallest share of any price point over the past year.
<img src="https://www.urban.com.au/images/2019/3/7/Kush%204.JPG" alt="">
The greatest share of property sales in Brisbane during 2018 occurred at a price between $400,000 and $600,000 (35.6%) followed by $200,000 to $400,000 (28.7%).
Over the year, just 1.7% of sales were below $200,000 compared to 7.8% at or in excess of $1 million.
In regional Qld, there were more sales under $200,000 (9.6%) than there were both five (8.1%) and 10 (7.9%) years ago.
Sales of properties priced between $200,000 and $400,000 accounted for the greatest share of sales (36.6%) followed by $400,000 to $600,000 (29.0%).
While a greater share of sales occurred under $200,000 there has also been an increase in $1 million sales, accounting for 6.0% and up from 2.7% of sales five years earlier.
<img src="https://www.urban.com.au/images/2019/3/7/Kush%205.JPG" alt="">
Most properties sold in Adelaide during 2018 sold for between $200,000 and $400,000 (37.5%), closely followed by $400,000 to $600,000 (33.1%).
Interestingly, there was a greater share of sales under $200,000 in 2018 (5.3%) than there were in 2013 (4.5%).
Similarly, $1 million sales increased their share from 2.4% in 2013 to 5.1% in 2018.
In regional SA, just 5.0% of all sales in 2018 occurred at prices above $600,000.
By comparison, 32.2% of all sales were under $200,000 and 49.2% were priced between $200,000 and $400,000 with the two accounting for 81.4% of all sales compared to 85.3% five years earlier.
<img src="https://www.urban.com.au/images/2019/3/7/Kush%206.JPG" alt="">
Perth dwelling values have been falling for most of the past five years. Despite these falls, the share of sales of $million properties has increased from 7.8% to 9.3%.
While $million sales have increased as a share over the past five years, so too have sales priced between $200,000 and $400,000, increasing from 24.5% five years ago to 30.7%.
There has also been a slight increase in sales under $200,000 (2.2% to 3.3%).
43.4% of all sales in regional WA in 2018 were priced between $200,000 and $400,000 in 2018 while a further 24.7% were priced below $200,000 resulting in 68.1% of sales under $400,000.
Five years earlier a much lower 57.8% of sales were under $400,000.
<img src="https://www.urban.com.au/images/2019/3/7/Kush%207.JPG" alt="">
With strong value growth over recent years, over the 2018 calendar year 43.8% of all sales in Hobart were under $400,000 compared to 68.8% five years earlier.
Million dollar sales accounted for 3.8% of all sales in 2018, up from 1.4% five years earlier.
In regional Tas housing is quite affordable and most sales occur across lower price points with 77.6% of all sales in 2018 priced below $400,000.
Property sales over $600,000 accounted for 5.1% of all sales in 2018, up from just 2.2% five years earlier.
 <img src="https://www.urban.com.au/images/2019/3/7/Kush%208.JPG" alt="">
Just 30.8% of all sales in Darwin throughout 2013 were under $400,000.
With most of the past five years having seen dwelling values fall, a greater 41.3% of all sales in 2018 were under $400,000.
The share of million dollar sales has reduced over the past five years from 2.8% to 2.2%.
The greatest share of sales in regional NT occurred between $400,000 and $600,000 (39.0%) while $800,000 to $1 million accounted for the fewest sales (0.9%).
Five years earlier, the greatest share of sales were occurring between $200,000 and $400,000 (48.0%).
<img src="https://www.urban.com.au/images/2019/3/7/Kush%209.JPG" alt="">
The greatest share of property sales in Canberra occurred between $400,000 and $600,000 in 2018 (36.7%) while five years earlier the largest price point for sales was also $400,000 to $600,000 accounting for 45.5% of all sales.
There has been a particularly large increase in the share of $million sales over the past five years, up to 8.8% of all sales from 2.8%.
<img src="https://www.urban.com.au/images/2019/3/7/Kush%2010.JPG" alt="">
The clear shift over the past five years has been towards a greater share of sales at higher price points.
While you’d expect this in the markets that have seen strong value growth such as Sydney, Melbourne and Hobart, we have also seen it across markets where value growth has been much weaker.
Values are currently declining fastest across the more expensive properties and over the coming year we would expect to see the share of sales over $1 million to reduce as values continue to fall.
As a result, we’d also expect slightly more sales occurring at lower price points, we don’t expect any material change in the share of sales under $200,000, in fact they may reduce further.
CAMERON KUSHER is a Research Analyst at CoreLogic.
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Million dollar property sales became more common in 2018: Cameron Kusher

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The former Million Dollar Listing New York star, estate agent Luis Ortiz, who quit the Bravo show unexpectedly, is coming to speak to his Sydney devotees.
His will be on tour in early March with the Altman brothers, Josh and Matt who appear on the Los Angeles version of the top rating show.
Ortiz left the show abruptly in 2016, citing it no longer made him happy.
"I didn't time or plan an exit," he told me.
"My decision was based on impulse and was immediate.
"I thought planning a way out would get in the way of my gut reaction."
The Puerto Rico-born realtor suggested there's nothing he doesn't miss about New York real estate, well, apart from the cold weather.
<div>"New York has and will always have a very special place in my heart. It was the city where I created something for myself.</div>
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<div>"What I don’t miss about New York City real estate is making deals in the cold.</div>
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<div>"Not a fan of the cold anymore."</div>
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<div>"I miss the hustle. The constant need to re-invent yourself as a person and as a professional. I miss the competition and the players."</div>
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<div>Ortiz, who in 2013 was listed as number 19 on Us Weekly's Most Stylish New Yorker list, says he has had plenty of offers to work in LA, where he is currently spending much of his time.</div>
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<div>"They sound enticing on a financial level but until there's anything I fall in love with, I won’t move forward with it."</div>
Visiting Australia for the first time, Ortiz said the one thing he always looks forward to experiencing in every place he goes is the people and their culture.
The Altman brothers will be performing <a href="https://www.milliondollarevening.com.au" target="_blank">Million Dollar Evening stage shows in Sydney and Melbourne</a> having done so last year. 
The Altman Brothers are among the top producing real estate agents in the country.
The sell top tinsel town turf in what is known as the Platinum Triangle, Beverly Hills, Bel-Air, and Holmby Hills along with the famous Sunset Strip and Hollywood Hills. 
<div dir="ltr">During his time on Million Dollar Listing New York, Ortiz lived in Battery Park City near Goldman Sachs, where he had views of the Statue of Liberty and the Hudson River.</div>
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He later moved to Abington House in the northwestern corner of Chelsea and then moved to a new development in midtown Manhattan.
This article was first published in the Sunday Telegraph.
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jchancellor-FAypfDUnLy

Former Million Dollar Listing agent Luis Ortiz heads to Australia

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Ryan Serhant is to give a seminar in Australia in September.
His 40-strong sales team was ranked first in New York 2015 and fifth in the USA 2016 &amp; 2017 by Wall Street Journal Real Trends.
They have a list-to-sale ratio of 94.5 percent.
He has been a star of the Bravo TV reality series, the two-time Emmy-nominated Million Dollar Listing New York, which is currently in its sixth season.
Ryan is also working on a new spinoff show. 
The series will follow the Big Apple agent as he puts his skills to the test, helping struggling sales reps who are hankering for some of his expertise.
In the process of learning the tricks of a particular trade, "he will also help an under-performing salesperson become a selling shark just like him."
His attendance will be at Smart Money, an event for people looking to create multiple streams of income and improve their business strategy, hosted by Success Resources Australia Pty Ltd.
During the event, attendees will be provided with training and other content, and be given the opportunity to purchase further training and seminar services.
Success Resources will host the events at Sofitel Melbourne on Collins, Melbourne and Sofitel Wentworth Hotel, Sydney.
His first day in the real estate business was September 15, 2008 – the same day that Lehman Brothers filed for bankruptcy.
Serhant prides himself as becoming one of the most successful brokers in the world through a combination of sound strategy, nurtured relationships ands intimate market knowledge.
Fellow agent from the series Fredrik Edlund has visited Australia twice in recent times.
In 2015 Josh Altman, from the hit TV show Million Dollar Listing Los Angeles, headed to Australia keen to check out our trophy home offerings.
 
 
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Ryan Serhant, the New York Million Dollar Listing star, to visit Sydney and Melbourne

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Want a chance to see the star of LA Million Dollar Listing Josh Altman Live in Australia?
Well here's your chance to get some selling insights from one of the most prolific estate agents in the world.
The realtor for the stars has two after-work events coming up in Australia in mid-June 2016.
He will be in Sydney's Star Casino on June 14 and the Plenary MCEC in Melbourne on June 15.
Having dealt with the likes of Kim Kardashian and Kanye West and selling over $2 billion worth of real estate over his career, the celebrity realtor's talk isn't one to be missed.
There are still tickets available if you don't want to take the chance!
<a href="https://www.joshaltman.com.au" target="_blank"> </a>
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