A couple of decades ago, shopping for property with a seven-figure price tag would have had you searching the prestige property listings.
Sadly, those days are retreating. Whilst still a lot of money, one million big ones doesn’t buy you nearly as much real estate as it used to in some of our capital cities, though in the smaller, regional markets, it still delivers a fancy home.
We took a spin around the Australian property landscape to find out exactly what $1m gets you:
The ability to buy a house and land in Sydney may seem laughable to some, let alone a five-bedroom home – but if you extend your property search to the outer suburbs, you can still find a big home on a big block to suit a growing family. This 5-bedroom, 2-bathroom, two-storey house in Kellyville includes ducted air-con, and is on the market for just over $1m.
Modern, sophisticated, glamorous, sleek – we could be describing the city of Melbourne itself, but we’re actually talking about one if it’s sexier properties. For around $1m you can move into a grand, new architecturally designed apartment in Glen Iris, with a secure car park to tuck your Beamer away at night!
You’ll have to go a smidge over budget to secure this minimalist residence in the prestigious suburb of St Georges, but with 4 bedrooms, 2 bathrooms, and every mod-con you can possibly think of, it’s well worth the extra coin!
Under current market conditions, you can stretch your dollar further in the west right now. From a stylish, elegant 4-bedroom home in the prestigious suburb of East Perth, to a beach-side abode in Cottesloe, you’re spoilt for choice.
Five bedrooms, polished timber floors, manicured lawns and grand street appeal. You’ll find all of this and more with a $1m property budget in the Brisbane suburb of Coorparoo, such as this elegant home. There’s no need to lift a finger as the property is in impeccable condition, and with schools nearby it’s a perfect home for families.
If the idea of waking up to the sights and sounds of the ocean every morning appeals to you, then perhaps you need to shift your search to Darwin. This marked is in a slumped phase, so below-value buys abound, and around $1m can secure you a 3-bedroom near-penthouse with stunning ocean views.
Are you shopping for an investment? If so, a cheeky dual-income property might be the solution to your cashflow needs, such as this beautiful, unique cottage in Turner. Alternatively, you could live in one side of the property and rent out the other, helping to take the sting out of your monthly mortgage repayments.
If a grand residence is what you want, then with $1m to burn a grand residence is what you will get in sought-after Hill Street, West Hobart. Technically it’s listed for offers over $1.1m, but this historic home, built in the 1880s, is so outstanding it’s worth going over budget for!
After browsing what is available, it’s clear that $1m can still buy a pretty gorgeous home. But can you afford a loan? We’ve crunched the numbers of what the average buyer earning an average salary can afford in property terms – see where you stack up on the list here.