The properties selling for $1 million in Sydney, Brisbane and Melbourne
Long gone are the days when a seven-figure budget guaranteed you a large home in a suburb of your choice.
With Sydney’s median house price already above $1 million, and the other capital cities – particularly Melbourne – catching up, a seven-figure sum doesn’t stretch as far as it used to.
Rapidly rising prices means that what you can expect to fetch on a budget of this size is changing almost weekly, with homes advertised for $1 million often selling for well above that.
Here’s what a $1 million home now looks like in Australia’s largest cities.
SYDNEY
With Greater Sydney’s median house price climbing to more than $1.2 million last quarter on Domain data, it’s no surprise that a free-standing house in the inner or middle ring suburbs is out of the question.
Nick Simitzis of Belle Property Randwick sold a two-bedroom apartment prior to auction last week, after more than 80 groups – mostly first-home buyers – had inspected the unit. The suburb has a median unit price of $1,012,500.
The property, which had a price guide of $950,000, sold to a first-home buyer for $1 million on Thursday. Records show it last sold for $695,000 in 2013.
“For around $1 million you’re buying a two-bedroom apartment, maybe even a one-bedroom unit in a more modern building,” Mr Simitzis said.
Recent weeks have also seen two-bedroom, one-bathroom units without parking in both Bondi and Fairlight, on the northern beaches, sell for $1 million. And a one-bedroom unit, without parking, in the inner-city suburb of Potts Point, wasn’t far off the mark, selling for $950,000.
Buyers forked out $1 million on a two-bedroom townhouse in the small suburb of Wareemba in the inner west, and the same amount on a three-bedroom house in Riverwood, in the city’s south-west, which was described as a renovators delight.
In Marsden Park, a more than 50-kilometre drive from the CBD, a new five-bedroom, three-bathroom house sold to a first-home buyer couple on Friday. The $1 million sale was well above the suburb’s median house price of $780,000, recorded last year.
Selling agent Amarjeet Singh, of Waratah Estate Agents, said similar-sized properties in the area could start from $900,000, but the finishes had pushed the price to $1 million.
“For something like this, $1 million is very common now … even first-home buyers are jumping in from the $900,000 market because they can’t get much for less than that,” he said.
MELBOURNE
In Melbourne – where the median house price sits at $963,073 – a $1 million budget has seen buyers recently snap up three-bedroom, one-bathroom houses in Reservoir in the city’s north, and Ashwood in the city’s east. A three-bedroom villa also sold for $1 million in Caulfield North.
In Doncaster East, about 20 kilometres north-east of the Melbourne CBD, a three-bedroom, two-bathroom townhouse sold for $1 million at auction on Saturday after drawing five bidders.
Bidding on the 186-square-metre block, advertised with a price guide of $850,000 to $935,000, opened at $860,000 and climbed steadily up to $999,000, at which point it stalled.
Only after the property was declared on the market did a buyer offer an extra $1000, pushing the price to $1 million – with the home selling for $20,000 above the reserve.
Jack Zhang, of Fletchers Manningham, said the young first-home buyer family who purchased the home did not want to spend more than $1 million, as they wanted to qualify for a stamp duty discount.
Mr Zhang said the market was changing very fast, particularly for houses, making it hard for both buyers and agents to keep up with price rises.
For $1 million, buyers could expect to purchase a three-bedroom townhouse or unit in the area, Mr Zhang said, but “there’s almost no chance to buy a free-standing house”.
Meanwhile, in St Kilda, a two-bedroom, two-bathroom top-floor apartment scraped in just below seven-figures earlier this month, selling for $999,500.
BRISBANE
With a median house price of $616,387, Brisbane offers a lot more bang for your buck for those buyers fortunate enough to have a seven-figure budget.
Recent sales for around $1 million include a three-bedroom house with a wraparound verandah in the affluent suburb of Paddington, and a three-bedroom apartment in Redcliffe, overlooking Moreton Bay, north-east of Brisbane.
Meanwhile, in Norman Park, which has a median house price of $932,500, a four-bedroom, two-bathroom Queenslander recently sold for $990,000.
Selling agent Warren Walsh, of Space Property South Brisbane, said the property on a 221-square-metre block had drawn interest from a mix of downsizers, couples and some families. He said the home was like a hybrid of a house and a townhome, due to the small block size.
A few suburbs away in Wakerley, a five-bedroom, two-bathroom house recently settled, after being purchased for $1 million back in December by a local family.
Selling agent Todd Gerhardt, of ReMax Advantage, sold the property off-market after showing two buyers through the property on a 603-square-metre block and said it would probably fetch above $1 million if it hit the market now.
He noted house hunters with a $1 million budget would typically be able to get a four or five-bedroom, single storey home, with a swimming pool.
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