Samantha Landy，25 MAR 2018，Herald Sun
The unit market has also seen a significant rise intransactions worth more than a million, jumping from 3.5 per cent in 2012 to7.2 per cent in 2016 to 8.3 per cent in 2017.
Melbourne’s proportion of sales in excess of $1 millionlast year was second only to Sydney’s 49.3 per cent for houses and 22.3 percent for units.
But the CoreLogic report said the tide could be turningin the city’s million-dollar market, with home values trending lower in most ofAustralia’s capitals.
“Additional data also indicates that values are fallingby the greatest amount across the premium sector of the housing market,” itsaid.
“Should these declines continue, it may result in adecline in the share of sales of properties at or in excess of $1 millionthroughout 2018.”
CoreLogic state director for Victoria Geoff Whiteconversely expected Melbourne’s seven-figure sales to keep growing this year.
He said middle and outer ‘burbs — particularly thoseeast and southeast of the CBD, including Berwick and Bentleigh East — werenotching more $1 million-plus transactions, while in-demand inner postcodeswere still on the rise.
“You can’t get into some suburbs without $1 millionnow. It’s run of the mill,” Mr White said.
“Five to 10 years ago, it was considered a benchmark.
“It won’t be long until we’re saying $1.5 million willbe the minimum spend.”
Mr White said some areas within spitting distance ofthe CBD still offered houses for six-figures — but they were few and farbetween, concentrated in the west and north, and many of the homes were “stillnudging $900,000”.
A recent spate of eye-watering deals in the leafy innereast also reflect growth in Melbourne’s multimillion-dollar market.
They’re led by the record-breaking $52.5 millionsale of Stonington Mansionin Glenferrie Rd, Malvern.
RT Edgar Toorak director Oliver Booth said there wereseveral deep-pocketed families willing to spend “well over $20 million” forsubstantial homes in Toorak, but not enough available housing stock to meet thedemand.