Region is a cut above

first_img26 Chelsea Drv, Condon sold for a record breaking $1,015,000 earlier this year.REGIONAL property markets are continuing to outperform capital cities, with new figures revealing a lift in million dollar property deals in the past year.New analysis by CoreLogic has revealed the number of sales at or in excess of $1 million was starting to trend down nationally.In the year to June, 16 per cent of all houses and 8.8 per cent of units sold for at least $1m compared with 16.1 per cent and 9.1 per cent the previous year.But in the combined regional markets 4.7 per cent of all houses had sold for at least $1 million compared with 4.3 per cent the previous year.At the same time, 4 per cent of all units sold in the past year were for at least $1 million, which was a record-high share and up from 3.7 per cent the previous year.CoreLogic analyst Cameron Kusher said while he had not broken the figures down to individual regional markets, it was obvious that some had been performing strongly. More from news01:21Buyer demand explodes in Townsville’s 2019 flood-affected suburbs12 Sep 202001:21‘Giant surge’ in new home sales lifts Townsville property market10 Sep 2020“And the demand there seems to be at the higher end of the market,’’ he said.“I think a feature of the past 12 months has been that the regional areas have been outperforming the capital cities and they are not quite declining yet.“So I think it is not really too much of a surprise, that you are seeing the share of million dollar property sales in those regional markets higher than they were a year ago.’’Mr Kusher said even though property markets in regional Australia were outperforming capital cities, it was slowing.“So I wouldn’t be surprised if we actually see a lower share (of million dollar sales) in 12-months’ time in those regional areas.’’Mr Kusher said the million dollar regional market had been driven in part by buyers from Sydney and Melbourne who had made lifestyle purchases in the regions.“But the effect of the slowdown in Sydney and Melbourne housing markets, I would expect, would have an impact on the regional areas as we go forward as well.’’last_img