As the number of high net worth individuals in Australia grows, so does the nation’s prestige property market – and the volume of $5 million home sales has more than doubled since 2020, Westpac and Cotality research reveals.

There were 3295 sales of $5 million-plus properties across the nation in 2024 – a 5 per cent rise from 2023 and a 55 per cent increase from 2020, before the property market hit its peak in 2021.