Yahoo Finance What property you can buy for less than $1 million in Australia’s biggest cities
Late last year the average house price in Australia crept over the $1 million mark.
Property data from Domain showed the average house price in Australia hit $1.06 million towards the end of 2021.
Sydney house prices reached the loftiest heights, with the median price in the harbourside city hitting $1.6 million. Melbourne’s average home is now going for around $1.1 million and Brisbane reached a median house price of $792,065.
Smaller capital cities also saw generous house price increases, as did the regions. A recent report from CoreLogic showed Australia’s flirtation with the quieter life was not slowing, with 24 regions recording double-digit annual growth for houses.
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But for many buyers, $1.06 million is still out of budget.
To give you an idea of how far your money might stretch, here are some homes listed for just shy of Australia’s median house price in the major cities, remembering that homes can still sell well above their advertised price.
Brisbane
Brisbane’s property market is running hot but your money will still go a lot further in the Queensland capital than in Sydney and Melbourne.
Real estate agent Pelham Marsh from Brisbane Boutique Property, who sells properties across the city, said the market for units appeared to be catching up with the levels of activity for houses.
This three-bedder in inner-city Hamilton, for example, is seeking offers over $890,000.
He said given the demand for housing, people have had no choice but to consider suburbs further out. Places such as Belmont and Tingalpa, which are still only 10-15 minutes from the city, are becoming increasingly popular.
This three-bedder in Tingalpa is seeking offers over $890,000.
Marsh said he’d been getting more enquiries from people in the southern states now that borders had opened up.
Sydney
In Australia’s priciest city for real estate, in the inner-city, if you want to pay less than the national median house price, you’re probably looking at an apartment, such as this two-bedder near the leafy Centennial Park in the city’s east.
Real estate agent Steven Fan from Ray White in Parramatta said apartments were fetching decent prices in the suburb in the city’s north, including one that recently sold for $900,000 on Hassall Street.
He said the Parramatta market was usually quite balanced because there were typically plenty of new homes being built to meet the strong demand.
If space is what you’re after, expect to go further from the city centre. You’ll find larger standalone homes in suburbs such as Penrith or Werrington Downs, like this three-bedroom brick veneer home.
Melbourne
Despite being locked down longer than any Australian city over the past few years, Victoria’s capital has not been immune to the national real estate frenzy.
In the inner and middle-ring suburbs, the asking price for two- or three-bedroom apartments can be below $1million, like this one in Richmond.
With a bit of luck, you might also be able to snap up a townhouse for below $1million.
This two bed, one bathroom place in North Melbourne is advertised for $880,000 - $950,000.
Further from the city centre, you might be able to pick up a larger freestanding home in an attractive suburb.
This three-bedder in Elham, 20km north-east of the CBD, has been listed for under $1 million, as has this three-bedroom brick home in Chelsea Heights, which is 30 kilometres south-east of the CBD.
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