What will Australia’s median house price get you?

The Australian capital city median house price has reached just over $632,000 as of January 2020 according to CoreLogic - that’s a 412 per cent increase since 1993.

So what will your hard earned $632,000 get you in each capital city?

Sydney

Australia’s 2016 census reported that 10 per cent of Australians are forgoing traditional housing in favour of units. So if apartment living appeals to you or you’re looking for an investment property, then Sydney’s housing market is for you.

Your $632,000 will get you a one bedroom apartment in a northern Sydney suburb like this ground level unit in Thornleigh (pictured above) which is within walking distance from the local shops and train station.

Slightly further afield is this apartment in Parramatta but while it’s about an hour from the Sydney Opera House, it is only a short walk away from the Parramatta CBD. This means you still get to live the city life in a brand new apartment without the million dollar price tag.

Melbourne

Like Sydney, $632,000 will get you a mid range unit but will also get you an extra bedroom in a trendy, inner city location like Thornbury, Carlton or Balaclava. All three suburbs are well known for their great dining options, entertainment areas and proximity to public transport.

If you’re lucky you might be able to snag a two bedroom apartment in Southbank (pictured above) which is straight across the river from Melbourne’s CBD and within walking distance of the Crown Casino.

Looking to live outside the city? This Doncaster apartment, Box Hill unit or townhouse in Ferntree Gully will give you a bit more space in the suburbs, there also close to schools, shopping centres and community areas.

Brisbane

In Brisbane, $632,000 will get you around three bedrooms more than a Sydney purchase which means it’s a very liveable location for young families.

These properties in Mango Hill (pictured above), Parkinson and Red Hill are definitely more suited to a family and are about 30-45 minutes out of Brisbane’s CBD. All three properties offer a large amount of living space as well being in close proximity to the local shops and schools.

For downsizers, investors and young professionals who value location over space there is still room in the market for them. This West End apartment is only 15 minutes from the city but is also near one of Brisbane’s best entertainment and cultural areas.

Adelaide

Anyone with a larger family might want to look at moving to Adelaide where your $632,000 will get you a three to four bedroom house in northern suburbs like Northfield (pictured above) and Enfield. Both properties were built in the last five years and offer decent sized entertainment areas, a backyard and most importantly separate bathrooms for adults and kids.

Investors are in luck in Adelaide with properties like this Stepney unit on offer for less that the $632,000 median price - the bonus is it’s already tenanted and bringing in $485 per week.

Perth

Similar to Adelaide, $632,00 will get you either a three or four bedroom house about 30-45 minutes from the city centre or a two bedroom apartment closer to the city in somewhere like East Perth if you’re looking for something smaller but closer to the CBD.

If more space in an outer city suburb is what you’re after then these properties in Dayton, Landsdale (pictured above) and Southern River will do the trick. They’re all family friendly homes near parks and shopping strips as well as boasting more than enough room for a few children.

Canberra

For those keen on inner city living or investing in Australia’s capital of Canberra, $632,000 will get you a two bedroom unit like this one in Belconnen that offers a great view over the suburb. The apartment is near Lake Ginninderra and Canberra International Sports and Aquatic Centre and comes complete with tenants leasing the property for $700 per week.

If you’re after a small family home, then $632,000 will have you further out to the suburbs of Moncreiff (pictured above) or Fisher. But what you sacrifice in location, you gain back by getting a pool or backyard.

Hobart

In Hobart, Australia’s median house price will get you a three bedroom, modern property in suburbs like Cambridge, Tranmere (pictured above) and Old Beach.

The Old Beach property offers two storey living for well under the median price as well both mountain and lake views. The Tranmere and Cambridge properties are in the perfect city meets nature suburbs - there’s easy access to Hobart CBD while also having coastal views.

Opting for a unit in Hobart will keep you well under the $632,000 price mark. This Dynnyrne apartment will leave you room in the budget for some nights out in the nearby CBD while also being in a quiet area.

Darwin

Darwin has some great opportunities for investors and upsizers with large families who don’t want their property purchase to break the bank.

For $632,000 buyers can grab a four or five bedroom property, like this Jingli home which has a yard and entertainment area while this Wagaman (pictured above) family home even has a pool.