Good news for those looking to sell property, with million-dollar house sales at record highs (and not just in Sydney and Melbourne).
Figures released by CoreLogic show that over the 12 months to June 2017, 15.4 per cent of all house sales and 8.8 per cent of unit sales nationally were priced at $1 million or more.
Most striking is that almost half of all houses (47.8 per cent) and 21.3 per cent of units sold in Sydney for $1 million or more over the 12 months leading to June 2017.
There is a stark difference when you compare these figures to Sydney sales 10 years earlier, with 13.8 per cent of houses and 4.7 per cent of units sold for $1 million or more.
Melbourne also saw more than a quarter (25.9 per cent) of house sales and 7.4 per cent of unit sales reach the $1 million or more mark. Ten years earlier $1 million dollar or more house sales were only 5.8 per cent and unit sales only 2.7 per cent.
The rise in million-dollar home sales values has been stronger in Sydney and Melbourne, but it has also been seen in other capital cities and regional areas. For example, more than 10 per cent of house sales over the past year in Perth and Canberra were at least $1 million.
Perth, however, is the only city to have a lower proportion of unit sales of at least $1 million compared to 10 years ago.
Annual % of sales of at least $1 million, Individual capital cities
Annual % of sales of at least $1 million, National