Cheap money and government incentives have pushed property prices to fresh record highs during the pandemic.

So great has the boost from record-low interest rates been that even a third wave of COVID this year failed to stop property prices from rising.

Price growth is expected to slow down from here on out as affordability constraints push home ownership beyond the reach of even more Australians.

But the median national property price is already well above $600,000 – and in Sydney, it’s already above $1 million.

So, what can you buy for a million dollars in your city?

Sydney

Median: $1,017,692

Sydney has some of the most expensive real estate in the world.

And so it’s perhaps unsurprising that buying a house close to the CBD for a million dollars is virtually impossible. But the same cannot be said for apartments.

You could pick up a one-bedroom unit in inner-city suburbs such as Surry Hills or Redfern; splash out for an ocean view across the harbour in Manly; or snap up a two-bedroom unit in places like Glebe.

The unit on Goodlet Street in Surry Hills pictured below sold for $806,000 on August 17. It’s a split-level apartment near to Prince Alfred Park and comes with a small balcony.

This one-bedroom unit on Goodlet Street sold for $806,000 on August 17. Photo: Ray White

Melbourne

Median: $762,068

A million dollars will get you a three or four-bedroom house with a garden in the northern suburbs of Reservoir, Preston or Coburg North. All three are about 30 minutes from the CBD via car or public transport.

Closer to the city, you could pick up a modern two-bedroom unit in the inner-city suburbs of Fitzroy, South Yarra or Prahran.

Hockingstuart sold the four-bedroom house in Reservoir pictured below for $902,000 on August 24.

This four-bed in Reservoir sold for $902,000 on August 24. Photo: Hockingstuart

Brisbane

Median: $598,615

Outside the country’s two biggest cities, a million dollars goes a long way.

You could buy a two-bedroom unit in New Farm, a leafy suburb just two kilometres from the CBD, and walk away with plenty of change. Or you could pick up an apartment with an ocean view in Redcliffe.

Buyers with a seven-figure budget could also purchase a house in many suburbs. Located just a few streets away from Suttons Beach, the three-bedroom Queenslander pictured below sold for $830,000 on August 24.

This three-bedroom house sold for $830,000 on August 24. Photo: Belle Property

Adelaide

Median: $516,454

Buyers could purchase a two or three-bedroom house in the inner-city suburb of Norwood for less than $900,000. The area is known for the Parade – a retail strip boasting chic cafes, boutique shops and lively bars and restaurants.

People who would rather live closer to the beach could buy a three-bedroom house for that price, too. The three-bed property in Glenelg pictured below sold for $842,000 on July 17.

This three-bedroom house in Glenelg sold for $842,000 on July 14. Photo: Klemich

Beachside opportunities are also available further afield.

Homes rarely exchange hands in Port Willunga, a town popular among Adelaide residents for its beaches and close proximity to world-famous vineyards. But when they do, they are often snapped up for less than a million dollars.

For example, this four-bed house sold for $815,000 in June 2020.

Perth

Median: $532,392

Much has been made of Perth’s housing problems in recent years. Prices are edging up again now. But between 2014 and 2019, they dropped by more than 20 per cent.

The city was left with an oversupply of housing when the mining boom ended and temporary workers left the city in droves. And this pushed prices off a cliff.

Fast forward to today and a million dollars will get you a fair chunk of property.

It could get you a three-bedroom terrace in inner-city Highgate; a three-bedroom house in North Freemantle, near to the beach; or a modern three-bedroom apartment in East Perth, a riverside suburb just five minutes’ drive from the CBD.

This three-bedroom apartment in East Perth sold for $875,000 on August 5. Photo: Ray White