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Homes over $2m becoming the norm

Fresh research has revealed that dwelling sales hitting the $2 million mark have increased significantly in recent years.

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.

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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]

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