Is $1M Enough for House Hunting in Today’s Uncertain Property Market?

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In a market where some properties are witnessed with sales prices slashed by as much as 50 per cent, what can you get for your million dollars?

The answer, of course, depends on the location. In Sydney’s blue-ribbon suburbs, a seven-figure sum will still buy a large family home with plenty of lands. In Melbourne, however, $1m will barely get you a two-bedroom apartment in the city centre.

According to Propertyology’s Simon Pressley, buyers need to be realistic about what they can purchase in today’s property market.

“In some cases, buyers might need to reduce their expectations and look at properties that may not have been on their radar before,” he said. “It’s important to remember that a million dollars do not go as far as it used to.”

So what can you get for your money in different parts of Australia? Here are a few options:

Sydney – A four-bedroom house on a 600-square-meter block of land in a prestigious suburb like Mosman or Double Bay.

Melbourne – A two-bedroom apartment in the CBD or an inner-city suburb like Carlton or Fitzroy.

Brisbane – A large family home with acreage in an outer suburb such as The Gap or Albany Creek.

Adelaide – A renovated character home close to the city centre or a new townhouse in an up-and-coming suburb like Gilberton.

Perth – A spacious home on the city’s outskirts in a desirable neighbourhood like Peppermint Grove or Swanbourne.

Canberra – A new townhouse or villa in one of Canberra’s newer suburbs like Gungahlin or Bonner.

Tasmania – A waterfront property in a popular tourist spot like Strahan or Port Arthur.

Research director at CoreLogic, Tim Lawless, said: “The largest falls in regional home values emanate from the commutable lifestyle hubs, where housing values had surged before the recent rate hikes.”

In general, the housing prices in Australia in most regions are still above up to 15% compared with the ones at pre-pandemic levels.

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