PHOTO: A three-bedroom house at 12 Hazlewood Street, Paddington, sold for $960,000. Photo: Space Property
Property prices are falling across the majority of Australian capital cities, with buyers now getting more bang for their buck.
Sydney has been hit hardest by price falls, and the city’s median is tipped to fall below $1 million in the coming months off the back of its steepest downturn in decades.
But just what a $1 million budget can buy in Sydney, even in the cooling market, still pales in comparison to what can be snapped up in other cities, where a seven-figure price tag generally gets you much closer to the city centre and into a better property with more space.
“The million-dollar market looks very different in each city,” said Domain senior research analyst Nicola Powell. “In some cities, $1 million would be the prestige markets, that’s not the case in Sydney and Melbourne where the prestige point is much higher.”
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