Australia’s housing market may be cooling, but after strong price growth in recent years, especially in Sydney and Melbourne, the percentage of homes selling for more than $1 million continues to soar.
The chart below from CoreLogic tells the story.
In 2017, 23.8% of houses across Australia’s capital cities sold for $1 million or more, up significantly from just 9.8% five years ago.
CoreLogic notes that a larger number of houses sold for more than $1 million over the past year than sold for under $400,000.
For units, 11.6% transacted for more than a million, again well above the 3.9% level seen in 2012.
By individual capital, nearly half of houses (49.3%), and close to a quarter of all units (22.3%), sold for more than $1 million in Sydney over the year. Melbourne also had a relatively high proportion compared to the national average with 28.3% of houses and 8.3% of units changing hands for over the $1 million mark.
Among the smaller capitals, 12.6% of houses in Canberra sold for more than $1 million while 10.3% in Perth, 8.3% in Brisbane, 5.5% in Adelaide, 3.1% in Darwin and 2.8% in Hobart also sold above this level.
For units, apartments selling for more than $1 million ranged from 3.4% in Brisbane to just 0.9% in Canberra.