The houses you can buy for less than $1 million in the major capitals
Houses for less than a million dollars are becoming harder to come by as the median price in almost every capital city broke new records this year.
Sydney and Melbourne’s median house price broke the million dollar mark a while ago and now sit at $1,499,126 and $1,037,923, respectively, while Brisbane has been edging higher in the past year, reaching a median of $702,455.
So, what can you buy if you are looking to nab something for less than a million dollars? Take a look.
Sydney
Buyers in the harbour city will be looking at properties largely below the latte line, an area that takes in western and south-west Sydney.
Even then, many of them will need a bit of work but offer good value if buyers are not deterred by the distance from the city.
In Guildford, a three-bedroom house at 3 Davidson Road has a guide of $750,000 to $800,000.
Despite needing a full renovation, selling agent Tony Eltakchi of LJ Hooker Granville said the property’s 531-square-metre block had drawn plenty of interest from owner-occupiers because of its potential.
“Because it’s more than 450 square metres, the majority are asking about putting a granny flat on the back,” Mr Eltakchi said, adding that a block bigger than 600 square metres attracts builders and developers into the mix.
“Real estate is so expensive now that’s the only way to get in the market and have the family unit together.
“You don’t get much change out of a million dollars.”
Guildford’s median house price rose 14.4 per cent to $886,750 in the year to September, Domain data shows.
In nearby Merrylands, a three-bedroom red-brick house at 56 Vale Street has a guide of $899,000.
It is the first time the home has hit the market in more than three decades and the 556-square-metre block is within minutes of shops, cafes and transport.
The suburb’s median house price rose 11.2 per cent to $946,000 in the year to September on Domain data.
Melbourne
It is fast becoming a similar story in Melbourne with buyers on a budget of less than a million dollars hard-pressed to find good quality houses near the city.
The recently listed house at 62A Burnell Street, Brunswick West has a price guide of $900,000 to $950,000.
Listing agent Anthony De Iesi of McGrath Northcote said first-home buyers were the majority of interested parties in this price segment of the housing market.
“In the city, it’s extremely hard [to find]. There are still some selling [but] it’s pretty hard to get anything under a million,” Mr De Iesi said.
The suburb’s median house price fell 12.8 per cent to $937,000 in the year to September.
On the other side of town in St Albans, a three-bedroom house at 12 Michael Avenue has a guide of $700,000 to $750,000.
Sitting on about 855 square metres, the home has attracted a range of buyers from developers to owner-occupiers to first-home buyers, according to Andrew Cruickshank of First National Westwood.
The suburb’s median house price rose 6.8 per cent to $641,000 in the past year to September.
Brisbane
While houses for less than a million dollars are slightly easier to come by in the Sunshine State’s capital, even cheaper properties on a decent sized block are in fierce demand for their knockdown potential, according to Megan O’Leary of Belle Property Carindale.
Ms O’Leary is selling a two-bedroom house at 113 Canterbury Street, Mount Gravatt East, with most feedback in the $800,000 range.
This particular home has attracted a mix of first-home buyers, investors and downsizers.
“Unless you’re looking at a two-bedroom or something that needs a bit of work, it is hard to find something under a million, but they are out there,” Ms O’Leary said. “I don’t see things ever going back to the way they were.”
The suburb’s median house price rose 20.2 per cent in the past year to $775,000.
Meanwhile in Carina, a five-bedroom house at 70 Bernecker Street is taking offers over $925,000.
The two-storey house is just minutes away from the nearby shopping centre and is on a 453-square-metre block.
The suburb’s median house price rose 18.4 per cent to $741,750 in the year to September.
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