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Almost half of Sydney houses more than $1 million

Property Markets / Outlook

Australia

Mar 23 2018

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Million dollar homes are on the rise with new research showing that one in six houses, and one in ten units sold in Australia last year were above seven figures. 

Overall, the number of homes over $1 million grew from 14.8 per cent in 2016 to 16.1 per cent last year. 

Million dollar units increased from 8.1 per cent to 9.5 per cent.

In the capital cities, million dollar-plus sales were 23.8 per cent for houses and 11.6 per cent for units.

CoreLogic analyst Cameron Kusher said almost half of all houses sold in Sydney were at least $1 million, compared with 18.8 per cent last year. 

In Melbourne, 28.3 per cent of houses sold for $1 million-plus, up from 23.7 per cent the previous year. 

Mr Kusher said Brisbane’s results reflected more moderate growth in values.

In 2017, 8.3 per cent of all houses and 3.4 per cent of all units were sold for more than $1 million, compared with 7.5 per cent and 2.8 per cent the previous year. 

In Adelaide, the figures were 5.5 per cent of houses more than $1 million, while Perth recorded a fall in high-end house sales from 10.4 per cent, to 10.3 per cent.

Hobart’s figures were much lower, with just 2.8 per cent of homes sold for more than $1 million. 

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