The share of residential property sales over $1 million continued to climb in 2017 across most of the capitals. 
With dwelling values now falling what will 2018 bring for sales of $1 million property.
Research from CoreLogic shows that over the 12 months to December 2017, 16.1% of all houses and 9.5% of all units sold nationally transacted with a price tag excess of $1 million.
By comparison, 12 months earlier 14.8% of houses and 8.1% of units sold for more than $1 million.
At 16.1% of all house sales and 9.5% of all unit sales in excess of $1 million, more houses and units sold for more than $1 million than sold for less than $200,000.
Across the combined capital cities, 23.8% of all houses and 11.6% of all units sold over the year sold for more than $1 million.
The number sold for more than $1 million was up from 21.7% and 9.8% respectively a year earlier.
Five years ago just 9.8% of all houses and 3.9% of all units sold for more than $1 million.
A greater number of houses sold for more than $1 million over the past year than sold for under $400,000.
Across the combined regional markets, 4.6% of houses and 3.8% of units sold over the year transacted at or above $1 million.
The share of million dollar sales was up over the year from 3.8% for houses and 3.6% for units.
Five years earlier, 1.7% of houses and 2.2% of units sold throughout the year sold for $1 million.
While in the combined capital cities the share of $1 million sales is significant it remains relatively small in those areas outside of the capitals.
Sydney is the region that recorded the highest proportion of sales of at least $1 million throughout 2017.
Over the year, 49.3% of all houses sold were at least $1 million which was up from 45.4% at the end of 2016 and 18.8% at the end of 2012.
Over the 2012 calendar year, 5.4% of all Sydney units sold over the year were at least $1 million, by 2016 the share had increased to 18.7% and then by the end of 2017 it was up to 22.3%.
More recently, values have begun to fall in Sydney, particularly for higher value properties, so there is a possibility in 2018 Sydney will see a decline in the share of sales of at least $1 million.
The share of $1 million plus sales in Melbourne has climbed significantly over recent years. 
Throughout 2017, 28.3% of all houses and 8.3% of all units purchased were at least $1 million.
The share of $1 million sales was up from 23.7% for houses and 7.2% of units a year earlier.
The share of $1 million sales has risen substantially from five years ago when 9.7% of houses and 3.5% of units sold for at least $1 million.
Although value growth has been fairly moderate in Brisbane over recent years, the share of $1 million sales has continued to climb.
Throughout 2017, 8.3% of all houses and 3.4% of all units sold, transacted for at least $1 million.
A year earlier, 7.5% of all houses and 2.8% of all units sold for at least $1 million and five years earlier just 3.6% and 2.1% of houses and units sold for at least $1 million.” 
Dwelling values in Adelaide have increased by just 2.2% over the past year, however, the share of stock selling for $1 million or more has continued to climb.
Over the 2017 calendar year, 5.5% of all houses sold for at least $1 million with the share climbing from 5.0% a year earlier and 2.8% five years previous.
For units, 1.6% of all sales were at least $1 million 2 years ago compared to 1.7% in 2016 and 1.9% in 2017.
Over the past year there were more Adelaide houses sold for at least $1 million than there were sold for less than $200,000.
Perth has been recording falls in values since 2014 and the most expensive properties have recorded falls more substantial than the city wide average.
The share of sales of $1 million or more has fallen over the year for house (10.4% to 10.3%) and units (4.5% to 3.2%).
Although the share of sales of $1 million property has declined over the year it remains higher than it was five years ago for houses but lower for units when those sales accounted for 7.2% and 3.4% of all sales respectively.
As the nation’s most affordable capital city housing market, Hobart has far fewer sales of $1 million properties than other capital cities. 
Notwithstanding, Hobart has also seen the greatest increase in dwelling values of all capital cities and has seen a fairly significant lift in the share of $1 million sales over the past year.
Over the 2017 calendar year, 2.8% of all houses sold transacted for $1 million or more, up from 2.3% a year earlier and 1.4% five years earlier.
The share of $1 million unit sales was steady over the year at 0.9% of all sales and down from five years earlier when 1.3% of all sales were at least $1 million.
Darwin has been the nation’s weakest performing capital city housing market for a number of years.
At the end of February 2018, dwelling values were -22.3% lower than their peak.
Predictably, such substantial value falls have led to a significant decline in $1 million sales.
Over the 2017 calendar year, 3.1% of all houses sold were at least $1 million compared to 4.1% a year earlier but a lower 2.4% five years earlier.
1.3% of all unit sales in 2017 were at least $1 million compared to 2.3% a year earlier and 1.7% five years earlier.
Dwelling values in Canberra have increased by 3.2% over the 12 months to February 2018 and as a result the share of sales of properties worth $1 million or more has also risen. 
At the end of 2017, 12.6% of all house sales throughout the year had been at least $1 million, up from 10.4% a year earlier and 4.8% five years earlier.
For units, 2.5% of all sales were at least $1 million, up from 2.3% a year earlier and 1.3% five years earlier.
The latest data is showing that a number of capital cities have now recorded falls in values, in particular the most expensive city, Sydney.
Additional data also indicates that values are falling by the greatest amount across the premium sector of the housing market.
Should these declines continue, it may result in a decline in the share of sales of properties at or in excess of $1 million throughout 2018.
