Australia home to more $1 million-plus houses than ever before: CoreLogic
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Mar 23, 2018
Australia home to more $1 million-plus houses than ever before: CoreLogic
The share of properties worth more than $1 million was at a record high in Australia in 2017. But with prices falling, could this psychologically important price tag be less common in 2018?
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Image Binyamin Mellish via Pexels.
The share of properties worth more than $1 million was at a record high in Australia in 2017. But with prices falling, could this psychologically important price tag become less common in 2018?
In the year to December 2017, 16.1 per cent of all houses in Australia, and 9.5 per cent of all units, sold for more than $1 million, according to new research from CoreLogic.
By comparison, in the year to 2016, 14.8 per cent of houses and 8.1 per cent of units sold for more than $1 million.
In 2017, more houses and units sold for more than $1 million than sold for less than $200,000, says CoreLogic.
In Australia's capital cities, 23.8 per cent (21.7 per cent in 2016) of all houses and 11.6 per cent (9.8 per cent) of all units sold for more than $1 million. Five years ago, only 9.8 per cent of all houses and 3.9 per cent of all apartment had price tag of more than $1 million.
Source: CoreLogic.
In regional areas, the percentage of homes selling for more than $1 million remains relatively low. Only 4.6 per cent of houses and 3.8 per cent of units in regional markets sold for more than $1 million in 2017.
Source: CoreLogic.
Looking forward, prices are falling in a number of capital cities, and in particular in Sydney. The largest price falls are happening at the top end of the market, according to CoreLogic, which could see a decline in the share of homes worth more than $1 million this year.
Read more about Australian house prices:
Hobart leads price gains in December quarter: ABS data
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