What Australia’s average $1 million home can buy across the country

Located at 1/1 Basil Street, the two-story, three-bedroom home is modern, with a small outdoor area and a two-car garage. It was listed with hopes ranging from $950,000 to $1 million. Melbourne’s median is about $1.03 million.

Joanne Royston, director of RT Edgar Williamstown, said Upsizers are the typical buyers looking at the $1 million mark in Melbourne.

However, Williamstown said it has become more difficult to find a home at this price as listing numbers are lower as sellers have been reluctant to reach the cooler real estate market.

“There aren’t many options at this price point,” Royston said.


Closer to town, in Fitzroy North, a modern two story townhouse is for sale with a target price of $870,000 to $950,000.

The property at 1/157 Holden Street has been marketed to investors and has a courtyard and parking lot.

Nicholas West, a partner at Nelson Alexander Carlton North, said the $1 million mark is popular because supply is limited and buyers are keen to transact before their credit capacity falls further.

“Each rate hike has impacted buyers in this space, more so than those on $2 million budgets,” West said. “So people are really keen to buy now and secure a good price.”

Near Brisbane, a four bedroom house with a pool at 4 Lacebark Court, Bellbowrie, approximately 40 minutes drive from the city center is for sale for over US$995,000.

Ireland & Co’s main agent, Matt Ireland, has interest from buyers looking for a lifestyle property, particularly buyers looking to relocate from Sydney or Melbourne.

“They’re not the first home buyers to be interested in this price range,” Ireland said.

He noted that sellers of higher-priced properties in Brisbane, where the median is around $800,000, have more realistic price expectations as interest rates rise. However, the rate hikes hadn’t stopped buyers from bidding.

In Hobart, where the median for the home is just under $740,000, buyers could pick up a townhouse – currently configured with two units – at a converted Federation home at 1-2/15 Bath Street, Battery Point. It was advertised at a target value of over $995,000.

Originally built in the early 1900’s, the accommodation features original features as well as more modern bathrooms and kitchens, as well as views of the River Derwent and nearby Sandy Bay Marina.

Sales agent Kim Morgan, Peterswald’s director of real estate, said a budget of $1 million would buy a comfortable cottage or townhouse in Hobart. Further afield, in areas near the east coast like Taroona, it would buy a larger, modern home.

“Prices have come down a bit,” Morgan said. “A million is just above the first-time buyer category, but for those who are downsizing or looking for a second home, it’s a very popular price range.”

https://www.smh.com.au/property/news/the-properties-you-can-get-for-1-million-nationwide-20230215-p5ckr6.html?ref=rss&utm_medium=rss&utm_source=rss_property What Australia’s average $1 million home can buy across the country

Brian Lowry

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