In Melbourne, buyers can find a house on land closer to the city for about $1 million, if they are prepared to do a renovation. How far out would you need to go to nab a modern family home? | heagney_melissa
That budget will stretch further in smaller capitals, although buyers could find a house in Sydney and Melbourne if they take on a renovation or move some distance from the CBD.The median house price across Australia’s capital cities is now $1,065,447, and a budget that size will stretch further in some parts of the country than others.
The median house price across the capital cities fell 0.9 per cent in the June quarter compared to three months earlier, but is still 10.9 per cent higher than a year ago and well above pre-pandemic levels., buyers would need to travel some distance from the city centre to find a detached house on a million-dollar budget.
Though Sydney’s property market is facing headwinds as interest rates rise, and the rising cost of living hits home buyers’ budgets, Egan said properties priced between $950,000 and $1.1 million were still seeing good interest from buyers.A three-bedroom Victorian home atin Port Melbourne is listed for $1.05 million to $1.15 million but needs renovating.
Buyers looking to get into the market with a budget of $1 million or just above could expect to buy a property that needed work, especially in areas closer to the city such as Port Melbourne, he said. Brisbane buyers can find a house close to the city centre in the low seven figures if they are open to giving their new home a facelift., features street art by the current owner and is listed for offers over $975,000.
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