Half of Sydney houses now sell for at least R10m

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Sydney house prices posted their largest quarterly gain since 1988 in the three months to May 31.
Sydney house prices posted their largest quarterly gain since 1988 in the three months to May 31.

Over half the houses sold in Australia's most-populous city this year went for A$1 million (R10 million) or more, according to a Sydney Morning Herald report.

Data compiled by property advertising website Domain show 52% of homes and 24% of apartments sold in Sydney at that threshold or above, while a third of houses in Melbourne changed hands at similar levels, the newspaper reported.

More than 95% of homes in five areas of greater Sydney sold in the seven-figure range, the Herald said. These include Sydney's city and east, inner west, lower north shore, northern beaches and upper north shore regions.

Sydney house prices posted their largest quarterly gain since 1988 in the three months to May 31, according to data released by CoreLogic on Tuesday.

Values have been increasing as cashed-up buyers snap up high-end properties amid low interest rates and a lack of supply.

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