Key takeaways:
Sydney's median house value is now almost $1.6 million, meaning a $1 million budget may be more likely to buy a unit or a house in parts of the outer suburbs.
Melbourne remains one of the few capitals where a $1 million budget sits above the median house value.
Hobart and Darwin may offer buyers access to larger homes or more land for a similar budget.
Property prices are only one part of the equation. Deposit size, borrowing power and repayments can also shape what buyers can realistically afford.
A $1 million property doesn't necessarily require a $1 million loan, making deposit size and borrowing power important considerations.
A $1 million budget still sounds substantial, but in 2026 it buys very different things depending on where you are looking.
In some capitals, it may still be enough to secure a family home. In others, buyers may need to compromise on location, land size or property type to stay within budget.
That shift matters because buyers are not just chasing a postcode. They are weighing deposit size, borrowing power, repayments, commute times and the kind of home they can actually live in comfortably.
The meaning of a $1 million property budget has also changed significantly over time. According to a Cotality report, more than a third of Australian homes were valued at $1 million or more in 2025, up from less than 10% a decade earlier.
While $1 million was once considered a premium price point, it now sits close to the median house value in several capital city markets.
Cotality's May 2026 Home Value Index highlights just how differently Australia's housing markets are performing, with property values varying significantly between capital cities.
Capital city median values in May 2026:
City | Median house value | Median unit value |
|---|---|---|
Sydney | $1,579,396 | $904,326 |
Melbourne | $958,361 | $636,769 |
Brisbane | $1,232,690 | $884,881 |
Adelaide | $1,013,138 | $697,499 |
Perth | $1,097,164 | $768,808 |
Hobart | $807,533 | $580,265 |
Darwin | $759,997 | $461,472 |
Canberra | $1,040,041 | $598,931 |
Source: Cotality Home Value Index, May 2026. Median values are current as at May 2026 and may change.
The table also highlights how much Australia's housing market has changed.
Cotality research found more than one-third of Australian homes were valued at $1 million or more in 2025, reflecting the growing number of markets where seven-figure property values have become increasingly common.
A $1 million property does not always mean a $1 million mortgage
Buyers should also factor in upfront costs such as stamp duty, conveyancing, inspections and, depending on their deposit size, lenders mortgage insurance (LMI).
The examples below focus on property values, but what buyers can actually afford will depend on factors such as their deposit, income, existing debts and lender requirements.
For example, a buyer with a 20% deposit purchasing a $1 million property may need to borrow around $800,000 (before allowing for upfront costs), while buyers with smaller deposits could face higher repayments and additional costs such as LMI.
For buyers, the practical question is no longer whether $1 million is a lot of money. It is how far that budget stretches in the city they want, and what they are prepared to give up to stay within it.
An Aussie Broker can help you compare loan options, estimate repayments and understand how different property budgets could affect your borrowing position.
To see how much that budget really stretches, we looked at current median house and unit values across Australia's capital cities and found examples of what buyers could purchase right now.
What can $1 million buy in Sydney?
Note: The properties featured below were advertised for sale at approximately $1 million at the time of publication. Prices, availability and listing details may change without notice.
Sydney remains Australia's most expensive property market, with a median house value of $1.58 million and a median unit value of $904,326.
That means a $1 million budget sits well below the typical Sydney house price but can still provide options for buyers willing to compromise on location, dwelling type or land size.
For many buyers, the trade-off is between space and proximity, with houses often requiring a move further from the CBD while units can provide access to more central locations.
While Sydney remains Australia's most expensive market, recent softer conditions and higher listings could give some buyers more choice than they had during the peak of the recent boom.
Here are two examples of the different property types a $1 million budget can access in Sydney today.
What you can buy right now:
75 Palmerston Road, Mount Druitt NSW 2770
Price guide: $1,010,000
75 Palmerston Road, Mount Druitt
Sitting on more than 575 square metres of land, this three-bedroom home offers buyers a foothold in Sydney's detached housing market. Located around 43 kilometres west of the CBD, it's close to Mount Druitt Village, Westfield Mount Druitt and major transport connections.
1602/653 George Street, Sydney NSW 2000
Price guide: $990,000
1602/653 George Street, Sydney
For buyers prioritising location over land size, this two-bedroom apartment in Sydney's CBD offers a very different proposition. Positioned within the Mantra Sydney Central building, it includes two balconies and city skyline views, placing residents within walking distance of transport, dining and entertainment precincts.
What can $1 million buy in Melbourne?
Melbourne's median house value sits at $958,361, while the median unit value is $636,769.
Unlike Sydney, a $1 million budget still sits above Melbourne's median house value, giving buyers greater flexibility when choosing between detached homes, townhouses and apartments.
After several years of comparatively softer conditions, buyers may also find they have more choice and less competition than in some other capital cities. That can make it easier to balance lifestyle goals with budget realities.
In Melbourne, a $1 million budget may stretch across a wider range of property types and locations.
What you can buy right now:
Price guide: $669,000 - $729,000
5 The Strand, Melton
Set on 753 square metres of land, this four-bedroom, two-bathroom home offers plenty of space for growing families, complete with a large pergola designed for entertaining.
20 Wilson Mews, North Melbourne VIC 3051
Price guide: $910,000 - $960,000
20 Wilson Mews, North Melbourne
This two-storey townhouse offers inner-city living without the apartment lifestyle. Featuring a galley kitchen, south-facing entertaining terrace and mezzanine study nook, it places buyers within easy reach of Melbourne's CBD while still providing extra space to spread out.
What can $1 million buy in Brisbane?
Brisbane's median house value has climbed to $1,232,690, while the median unit value now sits at $884,881.
The city's strong growth over recent years means a $1 million budget no longer stretches as far as it once did. For many buyers, detached houses close to the CBD may be out of reach, shifting attention towards outer suburbs, townhouses or larger apartments.
Despite rising prices, Brisbane has continued to attract buyer interest seeking a balance between lifestyle, employment opportunities and relative affordability.
What you can buy right now:
98 Jacaranda Avenue, Logan Central QLD 4114
Price guide: Offers over $888,000
98 Jacaranda Avenue, Logan Central
Set on 744 square metres, this renovated three-bedroom home combines modern finishes with a generous block size, offering buyers a move-in-ready option in one of Brisbane's more affordable growth corridors.
1706/100 Quay Street, Brisbane City QLD 4000
Price guide: $960,000
1706/100 Quay Street, Brisbane City
This two-bedroom, two-bathroom apartment is located in Brisbane’s bustling CBD and in a complex with exclusive amenities like a swimming pool, spa, and mini gym.
What can $1 million buy in Adelaide?
Adelaide's median house value now sits just above the $1 million mark.
While affordability pressures have increased, buyers still generally have more options than in Sydney, Brisbane or Perth.
A $1 million budget may still provide access to detached homes across many established suburbs, while unit buyers often have greater choice around location and lifestyle.
What you can buy right now:
82 Hectorville Road, Hectorville, SA 5073
Price guide: $769,000 - $809,000
82 Hectorville Road, Hectorville
This contemporary three-bedroom home offers a near-new alternative without the wait associated with building. Featuring open-plan living, stone benchtops, quality appliances and a private outdoor entertaining area, it demonstrates the kind of modern lifestyle a sub-$1 million budget can still unlock in Adelaide.
What can $1 million buy in Perth?
Perth's relative affordability advantage has narrowed after several years of strong growth. The median house value now sits above $1 million, although buyers may still find more space for their money than in some east coast capital city markets.
A $1 million budget remains competitive in Perth, but buyers are increasingly facing the same trade-offs around location and property type seen elsewhere around the country.
What you can buy right now:
41A May Street, Bayswater WA 6053
Price guide: From $995,000
41A May Street, Bayswater
This modern home combines open-plan living, a private alfresco area and a well-appointed kitchen. Large windows and indoor-outdoor flow help maximise natural light and make entertaining easy throughout the year.
What can $1 million buy in Hobart?
With a median house value of $807,533, Hobart remains one of the more accessible capital city markets for buyers with a $1 million budget.
In many parts of the city, that budget may still secure a detached home, while apartment buyers may find themselves with a wider range of choices than in Australia's larger capitals.
What you can buy right now:
37 Lower Jordan Hill Road, West Hobart, TAS 7000
Price guide: Offers over $975,000
37 Lower Jordan Hill Road, West Hobart
Set on a generous block in West Hobart, this character-filled home blends period features with modern updates. High ceilings, original timber details and multiple living areas create a flexible family home just minutes from Hobart's city centre.
What can $1 million buy in Darwin?
Darwin remains Australia's most affordable capital city market by median property values, meaning a $1 million budget may stretch further than in many other capital city markets.
Depending on location, buyers may find opportunities to secure larger homes, bigger blocks or lifestyle-focused properties that would be difficult to replicate in many other capitals.
What you can buy right now:
32 Ashley Street, Stuart Park, NT 0820
Price guide: $980,000
32 Ashley Street, Stuart Park
Designed for tropical living, this five-bedroom residence combines elevated leafy views, expansive verandahs and multiple indoor-outdoor entertaining spaces. The flexible layout offers plenty of room for larger families while remaining close to Darwin's CBD.
What can $1 million buy in Canberra?
Canberra sits almost exactly on the $1 million threshold, with the median house value now at $1,040,041.
For buyers, that means a $1 million budget remains highly relevant. While it may not unlock every suburb, it may still provide access to detached homes in parts of the capital, alongside a wide range of apartment and townhouse options.
What you can buy right now:
8 Shearston Street, Moncrieff, ACT 2914
Price guide: $759,000
8 Shearston Street, Moncrieff
This architecturally designed three-bedroom home offers modern open-plan living, premium finishes and a north-facing courtyard. Located within a boutique complex, it provides a low-maintenance option for buyers seeking extra space without a million-dollar price tag.
What does this mean for buyers?
A $1 million budget can mean very different things depending on where Australians choose to buy.
In Sydney, it may mean prioritising location over land size. In Melbourne, Adelaide and Canberra, it may place buyers closer to the middle of the market. In Hobart and Darwin, it could provide access to larger homes and more space.
While property prices often dominate the conversation, they are only one part of the affordability equation. Deposit size, borrowing power, repayments and long-term lifestyle goals can all influence what a buyer can comfortably afford.
Rather than focusing solely on headline property values, buyers may benefit from understanding how different locations and property types affect their overall financial position.
A $1 million budget means different things in different markets
The fact that more than one-third of Australian homes are now valued at $1 million or more highlights how much housing affordability has changed over the past decade.
Whether a $1 million budget buys a city apartment, suburban family home or lifestyle property, understanding your borrowing power before you start searching can help narrow the options and make it easier to focus on homes that fit both your goals and your budget.
An Aussie Broker can help compare loan options, assess borrowing power and model different purchase scenarios before buyers make their next move.