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Owning the Dream House, a Dimming Dream

Fifteen to twenty years ago having one million dollars in the bank would be considered to be quite a wealthy state. In those days one million dollars could buy a person three to five homes. However, today having one million dollars to invest in property is barely enough for an estate in Australia’s main CBDs. If anything, one million dollars has become the bare minimum an investor would have to spend in order to buy themselves a place in the inner cities of Sydney, Melbourne, Brisbane, Perth, Adelaide, Darwin, Hobart and Canberra.

Hobart is considered to be Australia’s most affordable city to buy a house. Yet in order to buy the standard family home at the heart of the city will cost investors a standard minimum of one million dollars. And still, this is considered a “good deal” in comparison to other Australian CBDs.

After Hobart, Brisbane and Perth come in next in terms of reasonably priced standards. For one million dollars a buyer could get up to a four-bedroom family home in the inner-city suburbs of Bardon (Brisbane) and Claremont (Perth)

Adelaide and Darwin come in next with one million dollars affording some a three-bedroom townhouse in Unley (10 minutes south of the Adelaide’s inner city), and a seventh-floor, three-bedroom apartment overlooking Darwin’s popular waterfront.

And lastly are Australia’s most expensive cities where one million dollars cannot buy much at all. Up until Darwin, one million dollars could house a family. But in the CBDs of Canberra, Melbourne and (most expensive of all) Sydney this huge sum of money can only buy enough for a couple of two people at best. In Canberra’s inner city the best anyone could hope for, for the sum of one million, is a townhouse; in Melbourne, a two bedroom unit; and in Sydney, only a one bedroom apartment overlooking Woolloomooloo Bay.

With prices on property rising so high it would seem that the Australian dream of owning a personal home is becoming dim because as time passes properties will only continue to rise in value. 

 

 

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