The rising prevalence of sales of $2 million or more

The rising prevalence of sales of $2 million or more

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 year earlier there were just 236 sales.

Annual number of dwellings sold for at least $2 million, National


Looking at the split between houses and units nationally, there were 9,882 houses and 1,437 units sold for at least $2 million over the past year.  As the chart shows, the number of units selling in excess for at least $2 million is still lower than its peak in late 2007.  It should be noted that the data is based on settled sales so does not include yet to settle off-the-plan unit sales.  Once settled, they will be included in the data at their contract date.

Annual number of houses and units sold for at least $2 million, National


The third chart highlights the number of sales of at least $2 million for New South Wales and Victoria versus the other states and territories.  The surge in sales at that price point has largely occurred in the two largest states.  In fact, in the other states and territories the number of sales of at least $2 million is still lower than the previous peak.

Number of house and unit sales  of at least $2 million,
NSW & Vic vs other states and territories


It is a similar story when looking at sales of or in excess of $2 million in Sydney and Melbourne compared to the other capital cities.  Sales at this price point have surged substantially higher across the two largest capital cities over recent years while they remain lower than their previous peak across the combined other capital cities.  Over the 12 months to June 2016, there were more units sold for at least $2 million in Sydney and Melbourne than houses sold above that price point across each of the other capital cities.

Number of house and unit sales of at least $2 million,
Syd & Mel vs other capital cities


Sales of properties at a price point above $2 million are becoming a much more regular occurrence in Sydney and Melbourne while they are much rarer elsewhere in the country.  This is just another example how the cost of housing in our two largest capital cities is detaching itself from the rest of the country. 

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CoreLogic Australia is a wholly owned subsidiary of CoreLogic (NYSE: CLGX), which is the largest property data and analytics company in the world. CoreLogic provides property information, analytics and services across Australia, New Zealand and Asia, and recently expanded its service offering through the purchase of project activity and building cost information provider Cordell. With Australia’s most comprehensive property databases, the company’s combined data offering is derived from public, contributory and proprietary sources and includes over 4.4 billion decision points spanning over three decades of collection, providing detailed coverage of property and other encumbrances such as tenancy, location, hazard risk and related performance information.

With over 20,000 customers and 150,000 end users, CoreLogic is the leading provider of property data, analytics and related services to consumers, investors, real estate, mortgage, finance, banking, building services, insurance, developers, wealth management and government. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and geo spatial services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. CoreLogic employs over 650 people across Australia and in New Zealand. For more information call 1300 734 318 or visit

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