What $1 million buys you around the world

The average Australian homebuyer now needs to fork out well over $1 million to live in a capital city. 

According to the latest data, the median house price for Australia’s combined capital cities currently sits at $1.16 million. 

In some cities, the price is even higher. A typical freestanding house in Sydney now costs $1.65 million. 

But you can get a lot more for your money if you’re willing to look further afield. 

Here’s what $1 million buys you around the world. 

London

London is a famously expensive city, where residents often fork out huge sums for cramped apartments. 

But it’s still possible to pick up a three-bedroom home in a former matchstick factory in East London for £550,000 ($1.12 million). 

This apartment has plenty of natural light from large windows that are arranged around a central courtyard. 

However, buyers will need to compromise on privacy, as the mezzanine bedrooms are divided from the living room by curtains. 

Paris

For €570,000 ($980,000), you could buy a two-bedroom apartment in the popular Montmartre neighbourhood of Paris. 

The home has a sunny living room with windows opening onto a Juliet balcony. 

There is an eat-in kitchen with bright yellow tiles, and two double bedrooms overlooking a courtyard. 

Rio de Janeiro

For 3.95 million Brazilian reais ($1.08 million), you could buy a stunning poolside house with panoramic views. 

The four-bedroom home overlooks the Pedra da Gávea, one of Rio de Janeiro’s tallest mountains. 

There is an outdoor jacuzzi beneath swaying palms and a sprawling entertainment deck. 

Inside, four generous bedrooms are spread over two storeys. 

Hong Kong

Pickings are slim in Hong Kong, which regularly ranks among the world’s most expensive cities for housing. 

For $5.38 million Hong Kong dollars ($1.09 million), you could buy a one-bedroom apartment in a 1970s high-rise apartment block. 

The apartment is neatly finished with built-in cupboards, a small study nook, and a kitchenette with a washing machine. 

The home is in a busy area of Hong Kong where many new residential towers have been built in recent years to make the most of the harbour views. 

Marrakesh

A dreamy turquoise villa in Morocco could be yours for $770,000. 

The four-bedroom riad is arranged around a central courtyard with a pool and tiled patio. 

Ornate tiling, timber accents and green paint give the home a sense of peace and tranquility. 

A roof terrace offers views over the Atlas Mountains and the city’s famous Medina. 

New York

Property is not cheap in New York City, where this studio apartment would set you back $US640,000 ($1.01 million). 

The apartment may be pricey, but it has stunning water views from the living room window. 

The studio flat is located in Manhattan’s finance district, and is part of a luxury apartment complex with its own gym and roof terrace.

Spain

You could buy an entire castle in the north of Spain for just €600,000 ($1.03 million). 

This nineteenth-century castle in Galicia has exposed stone walls, ivy-covered archways, and its own chapel. 

From the castle are peaceful views over the surrounding countryside, including mountains and a gently-flowing river. 

The castle is located in Valdeorras, close to the Portuguese border and just a two-hour drive from the Atlantic coast. 

Lagos

Lagos, the largest city in Nigeria, is one of the most important financial centres in Africa and a global megacity that is home to over 21 million people. 

For 1 billion Nigerian naira ($1 million), you could buy a luxurious seven-bedroom house with a swimming pool, indoor elevator, and home gym. 

The house offers an enormous ten-car garage, eight bathrooms, surround sound, and a ladies’ den. 

It’s located in Lekki, a wealthy residential city in Lagos that is still under construction.  

Japan

For just ¥39 million ($417,000), you could buy a stunning traditional merchant house in Awaji Island, Japan. 

The house dates from the 1930s, and has ocean views, a garden with cherry-blossom trees, tatami mats, and two bedrooms. 

The island is located just across the water from Osaka, which can be reached via train, car or ferry.