Record amounts of money were spent on homes in parts of the nation throughout 2024, despite interest rate hikes strangling borrowing power and dwindling household savings.

A swathe of Queensland homes smashed suburb price records in 2024, with some selling for almost double the previous benchmark in just two years.

But among the country’s wealthiest homebuyers, the market is booming. Luxury home sales — including properties listed for $1 ...