The properties selling for $1 million in Sydney, Brisbane and Melbourne

Gone are the days when a seven-figure budget guaranteed you a great home in the suburb of your choice.

Since Sydney’s median house price is already over $ 1 million and the other capitals – Melbourne in particular – are catching up, a seven-figure sum is no longer as high as it used to be.

Rapidly rising prices mean that what you can expect on a budget this size changes almost weekly, with homes advertised for $ 1 million often selling well beyond that.

This is what a $ 1 million home looks like in Australia’s largest cities.

SYDNEY

With the median Greater Sydney home price soaring to over $ 1.2 million in the last quarter based on domain data, it’s no surprise that a detached home in the inner or middle ring suburbs is out of the question.

Nick Simitzis of Belle Property Randwick sold a two-bedroom apartment ahead of auction last week after more than 80 groups – mostly first-time buyers – inspected the unit. The suburb has an average unit price of $ 1,012,500.

The property, with a suggested price of $ 950,000, was sold to a first-time buyer Thursday for $ 1 million. Records show it was last sold for $ 695,000 in 2013.

“For around $ 1 million, you can buy a two-bedroom apartment, maybe even a one-bedroom unit in a more modern building,” Simitzis said.

6/1 Ethel Street, Randwick NSW 2031

In the past few weeks, two-bedroom, one-bathroom units with no parking space in Bondi and Fairlight on the northern beaches have also sold for $ 1 million. And a one-bedroom unit with no parking in the inner-city suburb of Potts Point wasn’t far from destination and sold for $ 950,000.

Buyers spent $ 1 million on a two-bedroom townhouse in the small suburb of Wareemba to the inner west and the same amount on a three-bedroom home in Riverwood, southwest of the city, which was described as a delight for renovators.

In Marsden Park, more than 50 kilometers from the central business district, a new five-bedroom, three-bathroom home was sold to a first-time buyer couple on Friday. Sales of $ 1 million were well above the suburb’s average home price of $ 780,000 last year.

44 Albatross Avenue, Marsden Park NSW 2765

44 Albatross Avenue, Marsden Park NSW 2765

Sales agent Amarjeet Singh, from Waratah Estate Agents said similar sized properties in the area could start from $ 900,000, but the finishes had raised the price to $ 1 million.

“$ 1 million for this is now widespread. Even first-time buyers are jumping off the $ 900,000 market because they can’t get much for less,” he said.

MELBOURNE

In Melbourne – where the median home price is $ 963,073 – buyers recently bought three-bedroom, one-bathroom homes on a budget of $ 1 million in the Reservoir to the north of the city and Ashwood to the east of the city. A three bedroom villa in Caulfield North sold for $ 1 million.

In Doncaster East, about 12 miles northeast of Melbourne’s central business district, a three-bedroom, two-bathroom townhouse was auctioned for $ 1 million on Saturday after five bidders were drawn.

The bid on the 186-square-foot block, advertised with a price guide of $ 850,000 to $ 935,000, opened at $ 860,000 and steadily rose to $ 999,000. At that point it came to a standstill.

2/1 Greendale Road, Doncaster East VIC 3109

2/1 Greendale Road, Doncaster East VIC 3109

It was only after the property was declared in the market that a buyer offered an additional $ 1,000, which raised the price to $ 1 million – with the home being sold for $ 20,000 over reserve.

Jack Zhang of Fletcher’s Manningham said the young first-time buyer family who bought the home didn’t want to spend more than $ 1 million as they wanted to qualify for a stamp tax rebate.

Mr. Zhang said the market is changing very quickly, especially for homes, making it difficult for both buyers and realtors to keep up with price increases.

For $ 1 million, buyers could expect to buy a townhouse or three-bedroom unit in the area, Zhang said, but “there is almost no chance of buying a detached house.”

A seven-digit top-floor two-bedroom, two-bathroom apartment in St. Kilda sold for $ 999,500 earlier this month.

47/64 Fitzroy Street, St. Kilda VIC 3182

47/64 Fitzroy Street, St. Kilda VIC 3182

BRISBANE

With an average home price of $ 616,387, Brisbane is offering a lot more cash to buyers fortunate enough to be on a seven-figure budget.

Recent sales for around $ 1 million include a three-bedroom home with wraparound porch in the affluent suburb of Paddington and a three-bedroom apartment in Redcliffe overlooking Moreton Bay northeast of Brisbane.

In Norman Park, which has an average home price of $ 932,500, a four-bedroom, two-bathroom Queenslander recently sold for $ 990,000.

Space Property South Brisbane sales agent Warren Walsh said the property on a 221-square-foot block attracted the interest of a mix of downsizers, couples, and a few families. He said the house was like a mix of a house and townhouse because of the small block size.

99 Thackeray Street, Norman Park QLD 4170

99 Thackeray Street, Norman Park QLD 4170

A few suburbs in Wakerley recently moved into a five-bedroom, two-bathroom home after being bought by a local family for $ 1 million in December.

Sales agent Todd Gerhardt, of ReMax Advantage sold the property off-market after showing two buyers through the property on a 603-square-foot block, and said it would likely raise more than $ 1 million if it hit the market now.

He noted that on a budget of $ 1 million, house hunters could typically get a one-story four- or five-bedroom home with a swimming pool.

52 Red Gum Crescent, Wakerley QLD 4154

52 Red Gum Crescent, Wakerley QLD 4154