What the median house price buys around Australia now

The median house price across Australia’s capital cities is now $1,276,413, Domain data released last week shows, which is enough in some neighbourhoods for a spacious family home – or a pied-a-terre in others.

A budget at that level could offer buyers a family home in Melbourne’s north-east or a one-bedroom apartment in Sydney’s Woolloomooloo. Here’s what the median house price buys around the country.

Sydney

Sydney’s median house price is now just above $1.73 million, despite falling 3.3 per cent in the three months to June on Domain data, so to find a suburb where the typical home is available on a budget under $1.3 million might require some creativity.

The median house could be in reach in pockets of western Sydney such as Guildford West ($1,275,000), or Quakers Hill or Schofields (both $1.27 million). On the Central Coast, which the ABS counts as Greater Sydney, Green Point has a median of $1.275 million.

But buyers who look for a unit instead could expect to live in inner-city Woolloomooloo ($1,257,500), where a dramatic black-and-white one-bedroom apartment with exposed beam ceilings on Finger Wharf sold for $1,265,000 in February this year.

PPD Real Estate’s Gavin Lewis, who handled the sale, said the neighbourhood was a good entry point for first home buyers, investors or regional residents looking for a Sydney bolthole.

He said buyers could expect to spend in the early $1 million range on a one-bedroom or late $1 millions or early $2 millions for a two-bedroom on Finger Wharf, but if they were looking at units in other parts of the suburb it would open up more options.

He thought it was an attractive location due to its easy access to the city and harbour.

“Woolloomooloo can be a little bit overlooked. A lot of buyers will associate Woolloomooloo with huge apartments that trade in the $8 million range … not two-bedrooms with parking,” he said.

“It can be a good opportunity.”

Buyers might also consider units in Lindfield ($1,250,000), Narrabeen ($1,235,000) or Cronulla ($1,225,000).

Melbourne

Melbourne’s median house price fell 3.1 per cent in the June quarter, but after a few years of trading sideways is now about $1.04 million – less than Sydney, Brisbane, Adelaide and Perth – meaning a budget of $1,276,000 would stretch beyond Melbourne’s typical home.

For example, the median house price in leafy Lower Plenty in the city’s north-east is $1.27 million, and a well-presented three-bedroom house there with custom cabinetry and oversized windows fetched $1.23 million in April.

The selling agent for 13 Glenauburn Road, Lucas Peressini of Morrison Kleeman Estate Agents, said buyers with a $1.3 million budget in the area could expect three to four bedrooms on about 700 to 1000 square metres of land near parks, shops and public transport.

“It is a family demographic, safe, well-located to good schools and main arterials,” he said. “We do get a number of out-of-area buyers. People have identified the area as being something of value.”

He said 13 Glenauburn Road was offered to the market for the first time since it was built, and was near a park and walking tracks. It sold in two weeks.

But there are also one-bedroom apartments for about $350,000 on offer, and a standout sale of $7.5 million a couple of years ago, he said.

“Lower Plenty is quite unassuming. People tend to stay in their homes.”

Brisbane

Brisbane’s median house price is now above $1.21 million after rising 16.4 per cent over the past year. The closest suburb to the combined capitals’ median is Geebung in the northern suburbs, at $1,275,000, where a three-bedroom house sold earlier this year for $1.2 million.

The Queenslander-style property is set on 668 square metres of land and features a coastal palette, front verandah and two car spaces.

Brisbane buyers could also consider Nundah, Brighton and McDowall, which all have median house prices from $1,247,500 to $1,257,500.

Perth

In the WA capital, house prices have been booming, up 22.5 per cent over the past year to a median of just above $1.18 million, although the growth is starting to run out of steam.

North of the CBD, Yokine has a median house price of $1,275,000, on Domain data.

Avenue One Property Group’s Peter Wildermoth described the neighbourhood as central to the CBD, transport and shopping, with a mix of older-style homes and new development that draws first home buyers looking for two-bedroom villas, as well as upgraders.

He handled the sale last week of a three-bedroom architecturally designed townhouse there for $1,231,000 after receiving three offers, and said buyers on a similar budget in the area could expect a three-bedroom strata property.

“It has always been a really good suburb. A lot of people who buy in the area, when they upgrade they like to stay in the area,” he said.

Hobart

The median house price in Hobart is $818,557, so buyers there may be able to find more space for their money.

An updated 1920s house in Sandy Bay sold earlier this year for $1.25 million. It featured three bedrooms, a courtyard garden, Baltic pine floors and European kitchen appliances.

The median house price in Sandy Bay is $1.27 million.

Adelaide

Adelaide’s median house price has jumped 16 per cent over the past year and is now about $1,125,000.

Above that, buyers with a budget of $1,267,500 could afford the median house in the seaside suburb of South Brighton in Adelaide’s south.

A contemporary four-bedroom house in South Brighton with an open-plan living area and al fresco dining space fetched $1.2 million this month.

Canberra

The median house price in the nation’s capital is $1,037,766, down 2.5 per cent in the past three months.

For those with more to spend, Hackett in the inner north has a median house price of $1,265,000.

A three-bedroom red brick house there on a 942-square-metre block sold for $1.27 million this month.