Where a million-dollar house budget still goes a long way in your capital city

Buyers who’ve given up on the idea of purchasing a freestanding home in their city could actually have more choice than they realise, new data has revealed.The national median house price now sits at $1 million according to the latest realestate.com.au Home Price Index, while a typical unit costs around $700,000.New data from realestate.com.au shows there are still pockets in every capital city where this is more than enough to secure a home, though buyers in some cities may need to be open to a longer commute than others.Jump ahead to see the suburbs with the largest share of homes under the national median in:Sydney Melbourne Brisbane Perth Adelaide Hobart Darwin ACT For those wondering how much they can borrow, mortgage broker Richard Brown from Mortgage Choice said a rough rule of thumb is around five times a household’s annual income – providing they have no other major debts.“As a ballpark, a couple both earning $100,000 could look to borrow a million dollars,” Mr Brown said.“I can't tell you the number of people I've spoken to and they didn't think they were in a position to buy for one reason or another.New data shows how far a home buying budget could stretch in different ...