The total value of Australia’s residential property market reached its highest point in history in early May, surpassing $8.1 trillion for the first time, meaning even some of the more mediocre properties are now out of reach for many buyers.
Consecutive months of consistent price growth across every major city and region in Australia has led to the new record high, with many markets now at their peak, CoreLogic analysis revealed earlier this month.
And thanks to the sky-high prices, your money is no longer fetching you what you'd expect, especially in some major Aussie cities.
Domain put together a list of what type of property $2 million will buy you around Australia, and the results are surprising.
What $2 million can buy you in Melbourne
A controversial decision to lift stamp duty for properties above $2 million in Victoria has set a new benchmark for Australia's southern state.
Many in the real estate industry believe the extra charges are unfair, with Melbourne’s median house price expected to reach $1 million by June, and economists saying a $2 million property is not considered as top end as it once was.
In Albert Park in Melbourne’s inner south, between $2 million and $2.2 million is being asked for a three-bedroom fixer-upper at 2 Merton Place, according to Domain.
The property's selling agent the property’s value came from the size of the land it sat on, rather than the home itself meaning unrenovated homes in the area are selling for around $10,000 per square metre.
What $2 million can buy you in Sydney
Meanwhile, Sydney's market has a median house price of just over $1.3 million, however homes are selling significantly higher at auction, fetching prices of more than $2 million.
That being said, there are still a few properties dotted around which can be found below the $2 million mark, although you'd likely need some extra cash to bring them up to date.
For example, this unrenovated house in Gladesville on Sydney's lower north shore, has an auction guide of $1,9 million.
The home at 11 Higginbotham Road includes original 1970s-style tiles and enough parking spaces for several cars.
What $2 million can buy you in Brisbane
While $2 million could buy you something in the area you want in Sydney or Melbourne, these properties come with the extra cost of having to renovate.
Instead, buyers looking for something in better condition could look at properties in Brisbane, where the same amount of money could buy a newly-built five-bedroom home in the city's west.
For example, Domain flags this large modern home at 4 Pylara Street, Fig Tree Pocket which is listed with a guide price of $1.7 million-1.8 million.
What $2 million can buy you in Adelaide
South Australia's capital is another area that buyers can look to if they want more bang for their buck versus Sydney and Melbourne.
Instead of a run down fixer-upper, $2 million in Adelaide can fetch you a good-condition large property just minutes from the CBD.
For example, this luxury four-bedroom home on 1,112 square metres of land at 62 Godfrey Terrace, Erindale, just 15 minutes from central Adelaide, is advertised with a price between $1.85 million and $2,025,000, according to Domain.
The property, which has had a full renovation from top to toe, includes open-plan living, a large laundry and a swimming pool.
What $2 million can buy you in Perth
Over on our western coast, buyers with a $2 million budget could be lucky enough to secure a stylish two-storey home with riverside living.
For example, this Balinese-style four-bedroom expansive home at 190B Burke Drive comes with city-views, a huge entertaining area, luxury kitchen and large bedrooms.
What $2 million can buy you in Hobart
Hobart property prices grew 3.3 per cent amid an extraordinarily strong month in March, second only behind Sydney.
But, there are plenty of properties available to buyers with a $2 million budget, most of which offer the lifestyle you'd expect for that amount of cash.
65 Fitzroy Crescent in south Hobart, for example, is a coveted colonial estate is a five-bedroom home with beautiful landscape gardens and a generous 1,600m2 parcel of land, according to Domain.
What $2 million can buy you in Darwin
For buyers who are willing to up sticks at move north, Darwin can offer resort-style living for the same price.
This huge 963m2 four-bedroom home at 66 Cullen Bay Crescent has a resort-style pool, big outdoor dining areas and lots of open-plan living. It also has waterfront views of the bay and is only eight minutes from the CBD.
The property is listed for $1,990,000.