The number of homes selling for at least $2 million has trended substantially higher over recent years which has largely been driven by the Sydney and Melbourne housing markets.
While 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. Over recent years there has also been a substantial rise in sales of homes at or above $2 million however, they remain a much smaller proportion of overall sales than sales between $1 million and $2 million. Perhaps $2 million is the new $1 million?
Over the 12 months to June 2016, there were 11,319 houses and units sold nationally for at least $2 million. As the first chart shows, there has been some decline over recent months however, this could also be reflective of some transaction details having not yet come through. Over the previous 12 months, there were 10,668 dwellings sold for at least $2 million, 10 years earlier there were 3,254 sales and 20 years earlier there were just 236 sales.
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