What you can buy using Sydney's median price of $1.6m across the nation
It’s no secret Sydney is the most expensive city in which to buy a house in the country, but with a median just shy of $1.6 million, what does that money buy you elsewhere?
Domain’s House Price Report measured the Harbour City’s median house price at $1,595,310, but this amount may not go far in Australia’s priciest city.
For buyers wanting something close to the hustle and bustle of the city, you would be lucky to find a terrace or a standalone dwelling under $2 million.
For instance, at 709/188 Day Street, Sydney, a two-bedroom apartment spread across 96 square metres is on the market for $1.5 million. The most affordable townhouse within Sydney City is a three-bedroom residence at 9 Teggs Lane, Chippendale, with a $2 million price tag.
But buyers will get more bang for their buck elsewhere across the country.
Jayson Watts of Nelson Alexander Flemington in Melbourne says Sydney’s median could get you more than just an apartment in Flemington, five kilometres north-west of Melbourne’s CBD.
“You could get a renovated home with three, maybe four bedrooms,” he says. “It’s a great lifestyle for that price guide.”
“It’s an isolated suburb with three train stations and a fairly significant percentage of the suburb is covered in open parklands. But you’re also on the doorstep to the city and close to Flemington and Kensington.”
No. 31 Gatehouse Drive, Kensington, is on the market with a guide of $1.3 million to $1.425 million.
The three-storey home has been renovated and includes three bedrooms, three bathrooms and four car spaces. The kitchen space features stone benchtops, soft-close cabinetry and a wealth of natural light that seeps into the open-plan living and dining space. Multiple outdoor zones, a full undercover balcony and a rooftop terrace, would make entertaining easy.
Not far from there is 7 Chatham Street, Flemington, with a guide of $1.2 million to $1.3 million.
For that price, buyers could purchase a semi-detached property with high ceilings and hardwood floors inside, a brick-paved entertaining area and barbecue and lush gardens surrounding the home.
Elsewhere, at 65 Bridgewater Street in Morningside, Queensland, is a modern three-bedroom home with generous living spaces and bedrooms, a sprawling backyard space and a convenient location less than 15 minutes from Brisbane CBD – all with a guide starting at $1,399,000.
Even closer to Brisbane city is 24 Ridge Street, Greenslopes, which is priced between $1.45 million and $1.58 million on 693 square metres of land. The property has three bedrooms, 3.6 metre-high ceilings, French doors throughout and views of Brisbane’s skyline.
Selling agent Mikaela Ivey of Place Estate Agents – Bulimba says many “professional couples and young couples usually have that price guide”.
“For less than $1.6 million, you can buy a modern, tri-level townhome in areas like Balmoral, Hawthorne and Bulimba. Most of them would have city views but if you go a little further out, you can get a Queenslander home on bigger blocks of land and still in a convenient location,” she says.
Ivey sold 38 Morton Street in Norman Park just before Christmas for $1,396,000. The property was on 405 square metres, had an open-plan living and dining space and three bedrooms with built-in robes.
“We expected the property to sell in the $1.2 million mark and on the day of auction, we had 25 registered bidders,” she says. “We knew it’d be popular but it goes to show how much people would go for a property.”
Meanwhile, in Tasmania, Sydney’s median house price can buy you more than just a few hundred square metres of land, according to Jeremy Wilkinson of Harcourts Launceston.
“You’ll find that in the north of the state, you can buy a very good house in the $1 million to $1.8 million mark, which is amazing,” he says. “And in the south, in Hobart, it’s a little bit more expensive, but what you can get around Sydney’s median will be just as nice.”
No. 542 Churchhill Avenue, Sandy Bay, is less than 10 minutes to Hobart city, with a price guide starting at $1.3 million. While it’s only three bedrooms, the property is nestled on 1103 square metres of land with a stunning garden and river views.
Less than 10 minutes from the city centre in Launceston is 4 Croydon Avenue, Newstead. The four-bedroom, three-bathroom, seven-car property sits on 2807 square metres of land and has a guide of offers over $1,495,000.
“The beauty of Tasmania, in general, is that everything is at your fingertips,” Wilkinson says. “Everything is around 10 to 15 minutes to or from the city … I’m from Melbourne, and it used to take me two hours to drive to work, but in Launceston, you can be in the bush basically when you’re 15 minutes out of town.
“The median in Sydney makes you a rich person in Tasmania … You could sell your house in Sydney for that median and come here and buy a really nice house in one of the nicest areas.
“It’s unaffordable to live so close to the city but whether you’re in Hobart, Launceston and Devonport and other little towns scattered around, you can take a pick of where you want to live and what sort of lifestyle you want all for a reasonable price.”
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