More Than 1 In 5 Australian Homes Sold for +$1 Million
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More Than 1 In 5 Australian Homes Sold for +$1 Million

In the year to May, an additional 497 markets joined the million-dollar club.

By Kanebridge News
Tue, Jun 28, 2022 12:18pmGrey Clock 2 min

A record number of Australians spent $1 million or more to purchase a home in the past 12 months according to CoreLogic’s annual Million Dollar Markets report.

Over the year to March 2022, CoreLogic collected 596,733 sales nationally up 19.8% from the 497,923 recorded over the previous year. Of those sold this year, 23.8% sold for $1 million or more.

In the year to May, an additional 497 markets 450 houses and 37 unit markets) joined the million-dollar club bringing the total markets to 1367 or 30.4% of house and unit markets analysed in May to a median value of $1 million or more.

“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% over the 12 months to January,” said CoreLogic Research Analyst Kaytlin Ezzy.

“Despite values having risen across all capital cities and rest of state areas annually, we have seen a divergence in growth conditions across markets over the year to date.

“Since January, dwelling values across Sydney and Melbourne have started to decline, while values have continued to rise across South Australia and Queensland. More recently, Canberra, which had previously recorded many months of consecutive growth, recorded its first falls in dwelling values in some years in May.”

Sydney suburbs made up 26.3% of the new million-dollar markets with more than half of all Sydney sales over the 123 months to May transacting at or above $1 million.

In Sydney, 448 house and 104 unit markets have a current median value of $1 million dollars or higher, an increase of 26.6% from the previous year.  The new million-dollar markets are largely concentrated in the city’s South West (30) and Outer South West (15) as well as the Central Coast region (20).

In the year to May, 51.9% of transactions in Sydney sold for $1 million or more. Bellevue Hill in Sydney’s Eastern Suburbs is the most expensive house market, both across Sydney and nationally, with a current median value of $8,024,682.

Elsewhere, in Melbourne 212 house and 11 unit markets had a median value at or above $1 million in May majority of which are located in Melbourne’s Inner (39), Inner South (42), Inner East (30) and Outer East (30).



MOST POPULAR
11 ACRES ROAD, KELLYVILLE, NSW

This stylish family home combines a classic palette and finishes with a flexible floorplan

35 North Street Windsor

Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

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Hotel experience at home in Castle Hill

A new development in the Hills District sets a new standard in buyer expectations

By KANEBRIDGE NEWS
Wed, May 22, 2024 3 min

Castle Hill is set to be home to a new hotel-like development, with the announcement that the 94-apartment Astrid site is just weeks away from completion.

While the penthouse apartments across the two buildings have already been snapped up, there are still one, two and three-bedroom residences on offer. The development comes with a gold star iCIRT rating, guaranteeing it has met quality construction standards. The iCIRT rating system has been developed by Equifax in partnership with government, industry and market and rates projects from one to five stars following a rigorous and independent review process.

Steve Harb from developer CBD Core, said it’s the best indicator would-be buyers could have that their investment is safe.

“The iCIRT rating gives people the assurance that we’re trustworthy and have integrity as a developer,” he says. “Our service is complete from start to finish, from developer to builder. 

“As a buyer, you have one point of contact, there’s no shifting responsibility or passing the buck so if anyone has an issue, it can be sorted out as soon as possible.”

He said Astrid has proved popular with locals interested in upgrading without leaving the convenience and amenity of the Hills District. Surrounded by some of the best restaurants, clubs and recreational facilities in the area, it is also just six minutes’ walk to the new Metro station and a seven-minute drive to Castle Towers Shopping Centre. Schools and tertiary education options are also within an easy drive. In addition to some of the best parks and reserves in Sydney, it’s an attractive option for families on the move.

Mr Harb said the concept for the development, as with all his projects, was to create a hotel-like environment.

“I only do boutique projects and when I say ‘boutique’, I mean hotels without the concierge,” he says. “The quality and integrity is built into it.”

The infinity edge pool is surrounded by leafy gardens in a resort-style environment.

Leisure facilities include rooftop gardens and entertaining spaces as well as a fully equipped gym on the ground floor overlooking an infinity edge pool surrounded by lush landscaped gardens. Mr Harb says beautiful landscaping is a signature of all his developments.

“I have lived in the Hills District for more than 15 years and the reason I live here is because I love the leafy environment, the greenery,” he says. “I always like to emphasise that in my developments with strong landscaping.”

WORK FROM HOME HUB

Recognising the ongoing desire to adopt a hybrid working model, Astrid provides a dedicated on-site working environment suitable for exclusive use by residents needing focused work time, as well as those seeking professional meeting rooms to receive clients, with wifi enabled work desks, as well as more casual seating. 

Mr Harb said the pandemic taught him that, while working from home was convenient, having breakout spaces within a wider residential development was highly attractive.

“You’re not stuck looking at the same four walls,” he says. “The shared work space at Astrid has comfortable lounges, chairs, coffee tables and more than a dozen cubicles,” he says. “It’s more like going into a meeting room in a hotel.”

The apartments are characterised by light-filled interiors.

IN RESIDENCE

The apartments are light-filled living spaces with seamless access to balconies, through to integrated joinery secreting storage. Finishes have been chosen to last, from the Michael Angelo Quartz benchtop and Char Oak Polytec Ravine joinery in the kitchen to the stone splashback and custom-made joinery in the bathroom.

Access throughout the buildings is via a swipe card, providing a secure environment. 

For more information, see Astrid Castle Hill.

MOST POPULAR
11 ACRES ROAD, KELLYVILLE, NSW

This stylish family home combines a classic palette and finishes with a flexible floorplan

35 North Street Windsor

Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

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