Sales of properties worth more than $1 million jump 65 per cent in 12 months

Latest CoreLogic RP Data statistics show 42 houses were sold locally for $1 million or more to December 3, compared with 26 in 2013.

The highest sale of the year was a four-bedroom house on Osmond Tce, Norwood, which sold for $2.3 million.

The best-performing suburbs were St Peters and Norwood, recording 18 and 15 million-dollar-plus sales respectively.

LJ Hooker Kensington principal Nick Ploubidis said the strong results reflected a robust property market.

“These figures prove that confidence has absolutely returned to the market,” Mr Ploubidis said.

“Interest rates are still stable and the change of Federal Government has also helped restore people’s confidence and get them more comfortable with buying.

“The eastern suburbs have always been desirable because of the great shopping strips and local infrastructure.”

Elders Athelstone principal Paul Arnold said market confidence was high.

“House prices are recovering and vendor confidence is probably the best it has been in about 25 years,” Mr Arnold said.

“We’ve had a record start to this financial year, after selling more than 20 properties.

“Previously it used to be first homeowners moving into the market, but now we are seeing a lot more people trading in for bigger dollar properties leading to the increase.”

Harris Real Estate property consultant Linda Baker said increased demand for houses in desirable suburbs meant $1 million sales were no longer considered “top end”.

“Houses in these suburbs that previously would have sold for about $700,000 are now being placed on the market for sale at $1 million or more because so many people want to live in Norwood or St Peters,” Ms Baker said.

“It’s really a lifestyle choice and Norwood continues to be incredibly popular because of all its attractions, The Parade strip and festivals that are held there or nearby.”

Real Estate Institute of South Australia chief executive Greg Troughton expected to see sales of properties worth $1 million or more to increase further in the next few years.

“The interest rates don’t generally impact the properties sold over a million dollars so it’s really the confidence in the market driving the growth,” Mr Troughton said.

“I think we will see more over the years to come.”

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