What type of property does $5 million buy you around Australia?
With property prices soaring to eye-watering levels, what does $5 million buy you these days?
Not this family home in Sydney’s inner-western Haberfield that sold at a hot auction last weekend – it was listed with a price guide of $4.8 million to $5.2 million but sold for a whopping $7.02 million.
Here’s what to expect at that price point.
Sydney
With a median house price of $1.41 million, Sydneysiders with a $5 million budget looking in sought-after neighbourhoods might face strong competition.
In Paddington, a three-bedroom renovated cottage set on 183 square metres of land just sold for $5 million prior to its scheduled auction.
The stylish home at 25 Walter Street has two bathrooms and two car spaces and had a price guide of at $4.75 million.
“In Paddington, at $5 million, generally you’re looking at three bedrooms, two bathrooms, one car park, anywhere between 100 and 150 square metres of land,” BresicWhitney Darlinghurst selling agent Maclay Longhurst said.
“Competition’s the norm on our listings in that price point in Paddington.”
There are few homes for sale, meaning buyers face competition and are often trying to make prior offers to secure properties, he said.
Further south, a three-bedroom, free-standing house in Maroubra sold for $5 million, 24 hours after its auction earlier this month.
The renovated house at 15 Wilson Street has two bathrooms and one car space and came with development approval for a second level.
It was marketed with an initial price guide of $4 million to $4.4 million, was passed in at auction at $4.77 million, then sold afterwards for the reserve price, NGFarah selling agent Stephanie Farah said. It was sold in conjunction with Richardson & Wrench Elizabeth Bay/Potts Point’s Jason Boon.
A $5 million budget across the Coogee/Maroubra/Randwick area generally buys a semi closer to the beaches or a free-standing house further back, she said, adding that $4 million to $6 million was the strongest part of their market.
“A lot of people that have purchased in the last 10 years have a lot of equity, so they can make the jump to the $4 million to $6 million bracket easier,” she said.
Melbourne
Although the real estate market in Melbourne has just reopened after largely being closed through lockdown six, an architect-designed family home in bayside Hampton sold for $4 million last month.
The four-bedroom house at 31 Raynes Park Road is set on 766 square metres and features an al fresco barbecue kitchen and media lounge.
Buxton Real Estate Sandringham’s Peter Hickey said a few buyers were able to inspect the property before lockdown hit, and a buyer’s advocate made an offer on the home that had a price guide of $3.9 million to $4.2 million.
“[For $5 million], you could expect to be nice and close to the beach, the shops, the train station,” he said, adding it would likely be on 600 to 800 square metres with a north-facing backyard and pool.
“Not so much in Brighton – $5 million in Brighton is not going to get you anywhere near as much as in Hampton and Sandringham.”
Brisbane
A luxury whole-floor apartment in trendy New Farm, offering sweeping views of the city and river, sold for $5 million last month through Adcock Prestige’s Jason Adcock.
The three-bedroom, three-bathroom residence at 4/91 Moray Street boasts an expansive outdoor entertaining area, top-quality fixtures and fittings, bathroom walls made of oversized marble slabs, Miele kitchen appliances, a state-of-the-art entertainment system, a wine fridge and a study.
Buyers looking for a free-standing house at this price point could expect something totally renovated on at least 1200 to 1500 square metres, with five bedrooms and four bathrooms, a pool and home theatre, Mr Adcock said. Or, on the riverfront, a modern home on a smaller block of 800 to 1000 square metres.
“I am selling some of these properties within hours,” he said. “I sold a property recently for well over $7 million in six hours.
“The people that do have money generally travel twice a year overseas, they spend between $100,000 to $300,000.
“[They’re saying] ‘If we can’t go overseas, we want something better than what we’ve got.'”
Perth
On the west coast, a contemporary home in Swanbourne sold last month for $5.15 million.
Number 5 Wood Street comes with two levels, six bedrooms, four bathrooms, four car spaces and 1295 square metres of land.
But Space Real Estate’s Justin Davies said a similar property west of the nearby highway, closer to the coast, would likely cost $8 million.
“If you want to spend $5 million in eastern Swanbourne or Redlands or Claremont, parts of Dalkeith, for $5 million you’re going to get a block of land, 1000 square metres, plus a really beautiful four- or five-bedroom home with quality finishes,” he said.
“As soon as you step into that Cottesloe zone, the prices are significantly higher.”
With strong demand from buyers in locked-down Sydney and Melbourne, or further afield in Singapore and Hong Kong, the market is “stronger than it’s ever been”, he said.
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