Sydney and Melbourne’s house priced are tipped to rise more than 20 per cent by the end of the year – which puts a massive strain on those looking to get into the property market.
Collectively, capital city home values are expected to rise 18.5 per cent this year followed by 3.6 per cent growth in 2022. CoreLogic’s Daily Index shows property values are on track to rise in excess of 1.5 per cent in July, despite major lockdowns across the country including Sydney, the nation’s most expensive real estate market.
While house prices are rising, we ask the question: what does $1 million buy you in the metro and regional areas?
Here is a list of what you can purchase.
Price: $1, 060, 000
Square metres: 866
Where: Toongabbie, Western Sydney
Everyone knows of the nightmare that is trying to become a first-time home owner in Sydney, however, if you’re willing to head a little west, you can grab nice larger, family-sized properties like this one.
This property actually comes with two residences, with about $900 total potential weekly rent return across the two properties. Buying Western Sydney property is both a great way to buy a home for you and your family, or also a great way to enter the investment market with hopes of working towards a home closer to the city.
The suburb, Toongabbie, is right near Westmead Hospital, has a couple schools in the area and a median property price of $929,500, up from $840,000 this time last year.
You’re about a 40 minute drive out from Sydney CBD and 15 minutes from Parramatta CBD.
Price: $1, 000,000
Where: Gerringong, NSW
If scraping together your pennies to live in a stuffy city isn’t your move, a cool million will buy a nice breezy property on NSW’s South Coast. This three-bedroom Gerringong property sold for $1 million, with its new owners having only half a kilometre’s walk down to the beach from this modern home.
The area is 25.2% older couples and families and this property comes in a bit below the median, with the median being $1,172,500, well up from $970,000 in 2020.
The property is very close to Gerringong public school and about 6kms from Kiama High School. The South Coast may or may not be your calling but a million will buy you a modest coastal house if it’s what you desire.
Square metres: 198
Where: Norman Park, Brisbane
Your million will get you tucked in very close to the CBD with a top-range apartment if you’re looking to live in Brisbane. This property is only a 15 minute drive from the Brisbane CBD, with plenty of schools, public transport and health care all around.
The median price of Norman is $1,088,000, however, it’s only $596,00 for a unit, so this property is in the upper-tiers for apartments. The unit median has stayed steady but the median for a house has gone up almost $250,000 in the past 12 months.
You’ll have all the benefits of Brisbane city with the tropical coast only a few hours drive north.
Square metres: 929
Where: Port Douglas, Queensland
If the tropical coast being just a few hours away is still too far, then you can place yourself within it with a property like this one. You’re only a short walk from the beach and the property is set within nearly 1000 square metres of private, tropical gardens.
You’ve got a few schools in the area and a median property price of $780,000, which has stayed pretty steady over the last year. If you’re looking to splash a million on getting away from it all, but not quite all the way, this is a great direction to go.
Square metres: 160
Where: North Melbourne
Your million dollars will get you a place in the Melbourne inner-city, but it’ll be a snug fit. This North Melbourne property and its cozy 160 square metres sold for just over a million, but it is relatively close to the thick of the action in Melbourne.
Only a few kilometres from the CBD you’re surrounded by schools, hospitals and public transport, however, if you’re planning on having a family it could be a tight squeeze.
They house comes comes out a bit cheaper than the median, which is at $1,212, 500, which is well up from the $1,055,000 it was at last year. This median rises to $1,440,000 if you’re after a three bedroom place.
Price: $988, 500
Square metres: 914
Where: Brown Hill, Ballarat
If the city isn’t quite your speed, you can get around five times the square footage out in a country town like Ballarat. Charming homes like this one are a bit more spacious and still not too far away from schools or other amenities.
The median price in Brown Hill is down at $500,000, so if you’re a budget is a million you’re able to grab yourself something special like the family-friendly property in question.
Square metres: 617
Where: Sandy Bay, Hobart
If you want to live in the foodie heaven of Hobart, your one million will get further than most major Australian cities.
This property sold for $950,000 with plenty of space for a family and only minutes drive from the centre of Hobart. There’s obviously a ton of schools and services in the area and local house prices are growing.
The current median is $1,105,000 which is healthily up from $937,000 a year ago.
Square metres: 106,300
Alternatively, if you’re looking towards Tasmania but would rather grab yourself a large chunk of land, this property in Nubeena that just sold should give you a general guide.
All nearly-11 hectares of this property plus the three bedroom, three bathroom residence on there came out to under a million, so if you’re dreams of land owning look more like rolling green hills than city furnishings, this could be something to look at.
However, you’re not too blessed with schools in the area but if you’re willing to take a daily drive there’s a few schools to pick from in the 30km-ish radius.
There aren’t enough Nubeena property sales to give you too much info, but if you want a bit chunk of land in Tasmania it’s something to go off.
Square metres: 1210
Where: Bridgewater, South Australia
If you’re looking to splash a million to be near the city but still get yourself a spacious home, you can check out properties like this in Adelaide Hills. You’ve got modern decor, green surrounds and space for a family.
You’ll be about a 25 minute drive out from the city, with plenty of options for school, health and public transport.
This property comes nearly $400,000 above the median but there aren’t a whole lot of properties going in Bridgewater specifically, however real estate is rising across the Hills.
Square metres: 4100
Where: Lyndoch, South Australia
Maybe you’re not looking to be the near the city at all, and your interest is more piqued by property such as this one, a nearly half hectare property, sold for $1 million exactly in the Barossa Valley.
With more schools than you’d expect and being tucked into one of Australia’s prettiest regions, it’s an intriguing option to consider.
Most Lyndoch properties sell for well below, with a median of $462,500 if you’re interested in the area but don’t need all the land.
You can nestle into a very comfortable property in Perth’s inner suburbs by splashing a million around the Menora area.
In a family friendly area you’re getting a spacious house and have plenty of schools and shops only a walk away.
A million or more is pretty standard in Menora, with a median price of $1,145,000, which has stayed pretty solid over the past year and rises about $100,000 if you’re after a four-bedroom house.
Price: $955, 000
Square metres: 801
Where: Menora, Perth
If you wouldn’t mind spending your days away in the paradise of Margaret River, this recently nabbed property should be a good guide to what you’ll be able to get for yourself.
You’re about a 10-15km drive from a good range of schools and right nearby the famous beaches and vineyards of Margaret River.
If you want something a bit less fancy, the median price is $605,000 and has actually slightly dropped over the past 12 months, so there’s plenty of value options also around if Margaret River is your next planned move.
Square metres: 829
Where: Cowaramup, Margaret River
Square metres: 759
Where: Bayview, Darwin
If you’ve got a million to spend up North you should be able to grab yourself something right near the heart of Darwin.
This property went for just over a million with four bedrooms, two bathrooms and a sparkling front lawn. You’re situated right on the marina and the house is newly built.
It’s already way more affordable than Sydney or Melbourne and the median for Bayview is actually $685,000 and has dropped nearly $200,000 since last year, which makes it an interesting time to look into the area.
Square metres: 627
Where: Ngunnawal, Canberra
With a million in your budget you can make yourself pretty comfortable in the nations capital.
This property is about a 20 minutes drive from the city centre and has more than enough room to house a few children and pets.
There are plenty of local schools and the area is trending up, with Ngunnawal’s current median property price sitting at $605,000, after being at $550,000 a year ago.
Canberra isn’t everyone’s first choice but if you’re already local or looking for a change, your million will likely get you the home you’re after.