What type of property will $2 million buy you around Australia?

Who is considered wealthy? A controversial decision to lift stamp duty for properties above $2 million in Victoria has set a new benchmark.

Many in the real estate industry believe the extra charges are unfair, with Melbourne’s median house price expected to reach $1 million by June, and economists saying a $2 million property is not considered as top end as it once was.

“Two million dollars is not massively expensive — it’s not at the high end of the market like it used to be,” AMP Capital chief economist Shane Oliver said.

What does $2 million buy you in the Victorian capital, and how does it compare with properties across Australia?

In Albert Park in Melbourne’s inner south, between $2 million and $2.2 million is being asked for a three-bedroom fixer-upper at 2 Merton Place.

Selling Agent Belle Property Albert Park’s David Wood said the property’s value came from the size of the land it sat on, rather than the home itself.

SOLD - $2,525,000

2 Merton Place, Albert Park VIC 3206

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“Unrenovated houses in Albert Park are selling for around $10,000 per square metre,” Mr Wood said. “Something with less land but renovated would get a similar price.”

Sydney’s market, which has a median house price of more than $1.3 million, has seen numerous homes sell for millions more than $2 million, although there are still some properties that can be found in the price range.

This unrenovated house in Gladesville, on Sydney’s lower north shore, has an auction guide of $1.9 million.

The home at 11 Higginbotham Road includes original 1970s-style tiles and enough parking spaces for several cars.

SOLD - $2,300,000

11 Higginbotham Road, Gladesville NSW 2111

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Buyers looking for something in much better condition could travel to Brisbane, where close to $2 million could get you a newly built, five-bedroom home in the city’s west, close to the Brisbane River.

This home at 4 Pylara Street, Fig Tree Pocket, has been listed with a price guide of $1.7 million to $1.8 million. The new two-storey home has a modern look and a large outdoor area.

SOLD - $1,750,000

2 Pylara Street, Fig Tree Pocket QLD 4069

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Buyers with $2 million in their pocket may want to consider a move to Adelaide, where they may be able to snap up a home on a large block minutes from the CBD.

A luxury four-bedroom home on 1112 square metres of land at 62 Godfrey Terrace, Erindale, just 15 minutes from central Adelaide, is advertised for between $1.85 million and $2,025,000.

It includes open-plan living, a large laundry and, of course, a swimming pool for those looking to escape the sweltering summers.

SOLD - $2,208,000

62 Godfrey Terrace, Erindale SA 5066

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Riverside living is also on offer for those with $2 million looking for a property in Perth.

For that money, buyers could get a two-storey, four-bedroom manse close to the Swan River in Attadale. 

With city views, a gourmet kitchen and large bedrooms, the home at 180B Burke Drive could be the perfect spot for a cashed-up buyer.

SOLD - $2,100,000

180B Burke Drive, Attadale WA 6156

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History buffs with a couple of million to spare may want to look to South Hobart, where a coveted colonial estate, known as Branthwaite, has hit the market.

Listed with a price range of $2 million plus, this five-bedroom home with landscaped gardens at 65 Fitzroy Crescent also has a big pantry and lots of space to breathe.

$2,000,000+ price range

65 Fitzroy Crescent, South Hobart TAS 7004

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Perhaps the biggest property that can be bought for $1,990,000 is a resort-style home which is up for sale in Cullen Bay, eight minutes from Darwin.

The four-bedroom home at 66 Cullen Bay Crescent has a resort-style pool, big outdoor dining areas and lots of open-plan living. It also has waterfront views of the bay.

Perfect for those looking for a home that’s like a holiday all year round.