The cost of housing has continued to rise across most parts of the country over the past 12 months, pushing the proportion of homes selling for at least one million dollars to new record highs. Bracket creep should come as no surprise in markets like Sydney and Melbourne where dwelling values have increased by 77% and 61% respectively over the past five years. While the rise in housing values has been most pronounced in Sydney and Melbourne, most other capital cities and regional areas have also seen a proportional lift in home sales over the million dollar mark.
Over the 12 months to June 2017, 15.4% of all house sales and 8.8% of all unit sales nationally were at a price of at least $1 million. By comparison, 12 months earlier 14.4% of all house sales and 7.5% of all unit sales were at least $1 million in value.
Annual % of sales of at least $1 million,
The instances of dwellings selling for at least $1 million is much more prevalent across the combined capital cities. Over the 12 months to June 2017, 23.2% of all houses and 10.8% of all units sold in capital cities were sold for at least $1 million. The proportion of sales of at least $1 million has increased over the year from 21.5% of houses and 9.1% of units.