Homes over $2m becoming the norm

The CoreLogic Property Pulse for October noted a “substantial” rise in sales of homes at or above $2 million over the 12 months to June 2016.

One of the report’s key findings is that during this period there were 11,319 houses and units sold nationally for at least $2 million.

It also found that over the previous 12 months, 10,668 dwellings sold for at least $2 million, while 10 years earlier there were 3,254 sales and 20 years earlier there were just 236.

The report showed that there were 9,882 houses and 1,437 units sold for at least $2 million over the past year.

CoreLogic research analyst Cameron Kusher commented: “A home selling for or in excess of $1 million was once the domain of the wealthy and indicative of the luxury housing market, sales of or in excess of $1 million are becoming much more regular.”

The report noted that in particular, sales of properties surpassing the $2 million price point are becoming a much more regular occurrence in Sydney, NSW and Melbourne, Victoria while they are much rarer elsewhere in the country, as the following charts show:

According to Mr Kusher, this is “just another example” of how the cost of housing in the nation’s largest capital cities is “detaching itself from the rest of the country”.

[Related: Although dwelling approvals fell in August they remain at very high levels]