Where $1 million will buy you a house in 2025 in Australia’s major cities

A million dollars doesn’t stretch as far as it once did, and its buying power varies greatly depending on location. In Australia’s biggest cities, the stand-alone homes that you can secure at this price point differ dramatically. As demand shifts across different regions, these trends are bound to change, but as of early 2025, here’s where each state stands.

Perth

Western Australia and Tasmania remain the last strongholds where $1 million can still secure a beautiful, move-in-ready family home in the capital city.

Both homes offer a unique blend of historic charm and modern amenities, with their prime locations providing easy access to cafes, transport, and vibrant local hubs that Perth has to offer. Moving on to the next state, there stands the only current example of a stand-alone home based in Hobart.

Hobart

Stretching just out from the postcode of Hobart, there are also charming housing options.

The first cottage house just outside of Hobart offers scenic views in a prime location near Salamanca’s cafes and shops. Similarly, the second home is a mid-century architectural house that shares breathtaking mountain and river views. Both show it’s not too bad spending a million to live just out of the central suburb of Tasmania.

In contrast to the other two states, New South Wales tells a different story, as you’ll need to roll up your sleeves to bring a nearby suburb property up to standard.

Sydney

Due to the continuously growing popularity of Sydney, it is not surprising that there are limited options even just out of the CBD. As the two houses above present, though, there are still stand-alone options in decent locations. Whether you’d like to turn an older property into something new or join the auction for a home ready to move in to, either way you’ll end up about 10 km from the city.

Meanwhile, in Queensland, South Australia, and Victoria, you can still find homes on the outskirts of the CBD, though compromises are inevitable. The real question is, how much longer will that remain the case?

Brisbane

Queensland comes with limited options, but they are each considerably closer to Brisbane in comparison to the previous city. The first home is a versatile dual-living property in Red Hill featuring two separate flats within easy reach of the CBD and local shops. The second home is a character-filled East Brisbane property block offering renovation or redevelopment potential (STCA).

Adelaide

Available near Adelaide, the first option is a charming 1900s Torrens Title maisonette offering a light-filled, open-plan design with a modern kitchen and a private courtyard, just moments from The Parade and the East End. The second million-dollar home is a brand-new, designer villa in Bowden featuring three bedrooms within walking distance to excellent city-fringe amenities.

Melbourne

Considerably close to the busy city of Melbourne, there are two houses squished into their respective locations, with nicely comfortable interiors. The first home is a charming period piece in Burnley that features classic details like high ceilings and timber floors, while the other property is located in the vibrant heart of North Melbourne with the added bonus of off-street parking.

As we’ve seen, each state offers its own set of opportunities and challenges when it comes to securing a stand-alone home for $1 million. From the historic charm and scenic views in Perth and Hobart to the more hands-on projects in New South Wales and the growing options in Queensland, South Australia, and Victoria, the landscape is constantly evolving.

The million-dollar mark may no longer guarantee the same experience across the country, but for those willing to look beyond the obvious, there are still hidden gems waiting to be discovered. Be notified immediately when properties in your budget are listed on Homely using our alerts.