It's a record high. 9News
A staggering 23.8 per cent of the 596,733 residences sold across Australia in the year to March went for $1 million or more, according to CoreLogic's annual Million Dollar Markets report.
There were also almost 20 per cent more homes sold in the year compared to the 497,923 sales recorded in the previous year.CoreLogic Research Analyst Kaytlin Ezzy said Australia's bullish economic and property performance during latter part of 2021 had led to a record result number of sales and proportion of million-dollar sales.
"High consumer sentiment, tight advertised supply, and low interest rates fuelled strong home value growth throughout 2021, resulting in a new record high annual growth rate of 22.4 per cent over the 12 months to January," she said. Sydney suburbs made up 26.3 per cent of the new million-dollar markets, with the city's median residence value having sat above $1 million since May 2021.Nobel Peace Prize sells for more than $100mHowever, with national house values beginning to fall in May due to high inflation and rising interest rates, Ezzy said some of the houses that just reached the million-dollar mark would likely fall below $1 million in value in coming months.
"As the market moves towards the downward phase of the cycle it's likely a number of the recent entrants to the million-dollar list will see their median values decline below the $1 million mark."
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