Million dollar sales at record levels across Australia’s capitals

first_imgMillion-dollar sales: 13 Tipuana Drive, Capalaba, sold for $1.03m on August 7, 2017. Picture: has been steadily climbing from 0.1 per cent of houses having sold for $1m or more two decades ago, to 2.4 per cent 10 years ago and 7.9 per cent now.Brisbane’s proportion of units that sold for $1m or more was even less, going from 0.2 per cent in 1997 to 2.4 per cent in 2007 and now sitting at just 2.8 per cent. In comparison, Sydney saw 21.3 per cent of units sell for $1m or more in the year to June.It’s those sorts of figures that have spurred an influx of interstate buyers on the hunt for property investments in the third biggest capital.CoreLogic’s Australian research head Cameron Kusher said bracket creep was no longer a surprise in Sydney and Melbourne where values surged 77 per cent and 61 per cent in the past five years.Million-dollar sales: 10 Grattan Terrace, Wynnum, sold for $1m on the dot on August 8, 2017. Picture: Million-dollar sales: 49 Heidelberg Street, East Brisbane sold for $1.037m on August 1. Picture: a quarter of houses sold across the capitals cost six digits or more in the past year, with million-dollar sales now hitting record levels, latest data shows.Research by CoreLogic found that in the year to June, 23.2 per cent of all houses sold across Brisbane, Sydney, Melbourne, Perth, Adelaide, Darwin, Canberra and Hobart were priced at least $1m.While the figures were dominated by Sydney where a whopping 47.8 per cent of houses sold for over $1m and Melbourne (25.9 per cent), the third largest capital Brisbane was still showing surprising value for money for buyers with 8 per cent of houses in the six-figure region.BRISBANE’S FIRST $3M SUBURB LOOMSRINEHEART SELLING BRISBANE PROPERTIESGET THE COURIER — MAIL’S REAL ESTATE NEWS IN YOUR INBOX FREEMillion-dollar sales: 9 Highvale Street, Eight Mile Plains, sold for $1.825m on August 8, 2017. Picture: More from newsMould, age, not enough to stop 17 bidders fighting for this home2 hours agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investor2 hours agoMillion-dollar sales: 7606 Fairway Boulevard, Hope Island, sold for $1.795m on August 8, 2017. Picture: Million-dollar sales: 17 Haig Street, Clayfield, sold for $1.125m on August 9, 2017. Picture:“With dwelling values continuing to climb, we anticipate that in another 12 months we’ll see an even higher proportion of sales sitting at or above $1 million,” he said.“The flip-side to this is that the ongoing increase in the proportion of residential properties selling in excess of $1m highlights the ongoing deterioration in the availability of housing affordability.”The pace of change has also begun to spread to regional housing markets, Mr Kusher said, which generally had lower costs than the capitals.“Across the combined regional areas the proportion of houses selling for at least $1m has increased from 3.5 per cent in June 2016 to 4.1 per cent in June 2017. Meanwhile, the proportion of units selling for at least $1m has increased to 3.5 per cent of all sales in June 2017, up from 3.2 per cent a year earlier.last_img