What once seemed like a lot of money is now considered peanuts when it comes to buying a home in some parts of Australia.
Independent valuer Herron Todd White (HTW) has run the numbers over the median home prices in each state and discovered what $1 million will actually get you in today’s market — and yes, there are even options in Sydney.
Matraville, in Sydney’s eastern suburbs, has one of the more affordable median house values of $2.5m, but its townhomes are more budget-friendly.
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A 1989-built, three-bedroom, two-bathroom townhouse recently sold for $1.2m at 6/6-18 Wassell Street.
In Western Sydney, $1.3m will buy a modern, five-bedroom, three-bathroom, duplex, like the one recently purchased at 36 Northcott St, South Wentworthville.
Herron Todd White director Shaun Thomas said duplexes had become common among buyers priced out of the stand-alone house market in Sydney.
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“Some of these properties have a high level of luxury inclusions and can achieve strong results as many people steer towards low-maintenance property, but do not want to live in an apartment complex or larger townhouse complex,” Mr Thomas said.
In Newcastle, you can still snag a house for $1m.
The median house price in the suburb of Cameron Park is $953,933, with a four-bedroom house at 17 Tern Close recently changing hands for $959,699.
Along the Mornington Peninsula in Victoria, the seaside suburb of Dromana has a median house price of just under $1m at $967,500, with house prices having fallen almost eight per cent in the area in the past 12 months.
A three-bedroom, two-bathroom house on 604 sqm at 47 Coleus Street recently sold for $950,000 — and it’s just a five-minute drive from the beach.
“This property has dated elements and would require a renovation in the near future to modernise it,” HTW director Perrin King said.
“Although it is dated, for this price point in Dromana most houses that have sold recently for a similar price point are in similar condition.”
In Melbourne itself, the popular suburb of Flemington has a median house price of $1.05m, having dropped about four per cent in the past year.
A three-bedroom, one-bathroom Edwardian terrace house at 127 Princes Street recently fetched $1.13m.
“Flemington presents strong investment potential, particularly for those seeking a well-connected, inner-city lifestyle,” Mr King said.
“The suburb’s proximity to the city, coupled with its gentrification over the past decade, makes it a popular choice for both young professionals and families.”
Up in sunny Queensland, the options are increasingly limited if you want to live in the southeast corner of the state.
The median house price in Brisbane is dangerously close to $1m — just $2000 short, according to the PropTrack Home Price Index for May.
An example of a near-city house sale at the Brisbane median would be 158 Kelvin Grove Rd in Kelvin Grove, which recently sold for $1.002m.
HTW director David Notley admitted the property was a “very modest 94 sqm” house with three bedrooms and one car space on just 180 sqm of land on a busy road.
“It does have city views, which is definitely an upside, and the nearby Queensland University of Technology means you’ll have plenty of student share-house interest as an investor.”
On the Gold Coast, the median house price in Southport is $1.08m, which will get you an older style (circa 1980s) house on a 500 sqm to 700 sqm block.
A two-level, three-bedroom, two-bathroom house at 17 Melinda Street recently sold for $1.17m.
In Western Australia, Perth’s inner-ring suburbs of Subiaco, Leederville, and Perth CBD have a median house price of $1.2m — a whopping 30 per cent growth in the past year.
A spacious, two-storey, three-bedroom, two -bathroom house at 15 Randell Place recently sold for $1.22m.
In South Australia, $1m still goes a long way, with Adelaide’s median house price sitting at $880,000.
A brand-new, three-bedroom house at 9A Vincent Avenue, Athelstone, is currently on the market for $1.035m, or a swanky townhome at 13 William Lane in the CBD is for sale for $1.2m.
And in Darwin, which is Australia’s most affordable capital city with a median house price of $604,000, a budget of around $600,000 can still secure quality real estate, particularly in the
sought-after northern and inner suburbs where blocks often exceed 800 sqm.
But if you have $1m to spend, you can easily snap up a spacious CBD unit with sweeping views.
A three-bedroom, two-bathroom unit with spectacular water views at 213/130 Esplanade, Darwin City, is on the market with a guide of $950,000.
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