Housing affordability issues have done nothing to dampen enthusiasm for Australia’s luxury property market, with the number of homes selling for more than $5 million doubling in the past five years.

Research by Westpac and Cotality shows there were 3295 sales of $5 million-plus properties in 2024, up 55% since 2020. New South Wales dominated the market with 2153 sales for $5 million or more in 2024, with the harbourside suburb of Mosman topping the list with 148 sales.

Well behind NSW in second place is Victoria with 569 sales, while there were 380 sales in Queensland, 159 in Western Australia and 24 in South Australia. The ACT had just 9 sales for more than $5 million, and the Northern Territory had one. It wasn’t just the capital cities chalking up the prestige deals, with 343 regional sales for more than $5 million in 2024. The Gold Coast market accounted for 40% of Queensland’s $ 5 million-plus sales.