There’s no doubt house values have soared over the past five years, but the newest trend emerging across many markets are the number of properties exceeding the $1 million mark.
The latest data out of Corelogic reveals the level of homes that sell for $1 million or more has reached a record high. The most surprising factor is this trend isn’t limited to the Sydney and Melbourne markets, which have both seen exponential growth over the past five years. The fact is, nearly all the capital cities and even many regional areas have also seen an increase in properties worth $1 million.
In the last financial year, 15.4 per cent of houses and 8.8 per cent of apartments across Australia were at a value of at least $1 million. In comparison, the previous financial year’s proportion of million-dollar houses and units sat at 14.4 per cent and 7.5 per cent, respectively.
It comes as no surprise that the majority of million-dollar sales are found in our capital cities, with Sydney and Melbourne leading the charge. Combined capital city stats show 23.2 per cent of houses and 10.8 per cent of units all reached the million-dollar mark. However, in our regional markets the percentage is also growing – in June 2016, 3.5 per cent of regional houses and 3.2 per cent of units were worth at least $1 million, which increased to 4.1 per cent and 3.5 per cent in June 2017.
With property values continuing to rise in the majority of marketplaces, we can only anticipate that this trend will continue in the year to come and we’ll see an even higher number of homes across Australia achieve a million-dollar price tag.