Cheap money and looser lending has fuelled a v-shaped recovery in Australia’s housing market and taken prices to new record highs.

After suffering their longest and largest falls since the 1980s, house prices have climbed to new heights on the back of interest rates falling one percentage point over the past nine months.

The strength of the rebound has pushed Sydney’s median house price back over a million dollars – and set new records in Adelaide, Brisbane, Canberra, Hobart and Melbourne.

But what can buyers actually get for a million dollars in today’s hyper-inflated market?

Sydney

Median dwelling price: $872,934

Look. A million dollars may sound like a lot, but it’s not going to land you a swish house in the centre of the city. You’ll have to cast a much wider net.

A million bucks these days should get you a three-bedroom, one-bathroom house in western suburbs such as Croydon Park, which is roughly 10km from the CBD.

The house below has a listed price of $950,000 and comes with a reasonably-sized garden and an outdoor entertaining area. And down the road in Campsie, you’ll find this three-bedroom, one-bathroom house is scheduled for auction with price hopes of $899,000.

As for units, one million dollars will get you an art deco apartment in Potts Point or a flat with a Juliette balcony in hipster-friendly Surry Hills. That should leave some spare change, too. Unless last weekend’s auction mania is a sign of things to come.

The Croydon Park home comes with an outdoor entertaining area. Photo: Elders

Melbourne

Median dwelling price: $689,088

Although slightly more affordable than Sydney’s, Melbourne’s house prices have skyrocketed since the beginning of last decade.

The median is still below one million dollars, but it’s creeping up fast.

North-siders can find good deals in North Melbourne, just 3 or 4 kilometres outside the CBD. Or they could snap up a small, Victorian brick terrace in the highly sought-after suburb of Fitzroy.

The one-bedroom, one-bathroom house below on Rose Street is going to auction on March 21 with price hopes of $950,000. Boasting exposed brick walls and an enviable indoor-outdoor flow, the home is also just steps away from the suburb’s food and drink mecca: Brunswick Street.

Hipster chic, just a few steps from Brunswick Street. Photo: Jellis Craig

Brisbane

Median dwelling price: $503,265

Property becomes much more affordable when you leave Australia’s two largest cities.

This five-bedroom, three-bedroom Queenslander has plenty of charm and falls well within the million-dollar limit.

There’s an entertainer’s deck complete with city views; polished timber floorboards; and multiple living areas.

It’s in the suburb of Grange, close to several good schools.

White walls pair with timber floorboards to create a warm yet clean aesthetic. Photo: McGrath

Adelaide

Median dwelling price: $439,453

Home buyers with a million dollars in the bank have plenty of choice in Adelaide.

Some of the city’s most expensive property is in Toorak Gardens, Malvern and Glen Osmond.

But the property below is in the up-and-coming suburb of Thebarton, less than 3 kilometres from the CBD.

Although it’s selling above the suburb median, the three-bedroom, two-bathroom home has been freshly renovated and comes with an auto-sliding picket fence and cellar complete with bench seating.

It is within walking distance of the free tram into the city and less than 3 kilometres from the Adelaide Oval.

The home was originally built in 1910. Photo: Ray White Woodville

Perth

Median dwelling price: $442,691 

Perth’s property prices have been falling since the end of mining boom and are 21 per cent below their peak.

Which is why you could snap up this three-bedroom, one-bedroom home in Mount Claremont for roughly $800,000.

The home is close to the beach and just 9 kilometres from the city. And there’s even a pizza oven in the backyard.

The home has two outdoor entertaining areas. Photo: Boutique

Hobart

Median dwelling price: $488,968

A perfect storm of poor government planning, restricted supply and a booming short-term accommodation market means Hobart was once again named Australia’s least affordable city for renters last year.

House prices have also soared, but from a low starting point.

The property below is asking for offers above $950,000. It is located east of the river in Lindisfarne, just 6 kilometres from the CBD, and comes complete with a double garage, wood fire, and state-of-the-art kitchen.

M2 Architecture designed the home. Photo: Petrusma Property

Canberra

Median dwelling price: $631,862

Drive twenty minutes outside the nation’s capital and you’ll find the property pictured below, in Calwell.

Asking for offers above $790,000, it boasts large, open-plan living spaces bathed in natural light; four bedrooms, and a pool to cool down in summer.

The home also comes with a double lock-up garage. Photo: Hayman Partners