A combination of Australia’s lowest interest rates since the 1960s and an increase in the number of investors in the Sydney property market has seen Sydney’s median house price break through the $1 million mark for the first time in the cities history.
This now means that half of Sydney’s properties are above $1 million, and half are below $1 million – this is higher than the average house prices in London and fast approaching those in New York.
Follow this news, Business Insider took a look at the type of property you can buy with a million dollars across Australia’s capital cities.
While in Sydney a million bucks will buy you a one bedder in the CBD, in Hobart you can bag a 10 bedroom B&B for the same price.
Taking a virtual journey through each of the country’s major cities, we’ve put together a range of properties based on an advertised price guide of between $950,000 and $1,050,000 to see what a million dollars will buy you in each location.
Here’s what a million bucks will buy you in the CBD of each Australian capital city:
A million dollars in the harbour city doesn't buy you a lot of space compared to the rest of the nation. This 70 square metre two bedroom pad in the CBD is listed for about $1 million.
For a million dollars you could also purchase this 88 square metre one bedder located on Sydney's Gloucester Street
Listed at $989,000 this 93 square metre apartment is smack bang in the middle of the city on Pitt Street.
Just outside of the CBD in downtown Pyrmont $975,000 will buy you a renovated two bedroom apartment.
Heading north to Brisbane a million dollars stretches a bit further. At offers over $950,000 this three bedroom Brisbane apartment looks out over the river from the block's 16th floor.
You can still buy a block of land with city views in Brisbane for under a million dollars. This 421 square metre block is listed for $980,000.
A million dollars in Brisbane will get you both river views and a central CBD location. This listing is currently on the market for $999,000 and is actually for two apartments (on the same title) one with two bedrooms and the other with one.
It's still possible to get a three bedroom house in Brisbane's CBD for under a million bucks with this Spring Hill property currently listed at $950,000.
At $1.05 million this 217 square metre Darwin apartment is more spacious than the one bedders Sydney has to offer in the same price range.
For $995,000 you can pick up this three bedroom, two bathroom 246 square metre apartment in Darwin city.
Stretching just over the million dollar mark to $1.05 million buys you 217 square metres of apartment with Darwin Harbour views.
A million dollars in Perth appears to be worth almost the same as a million bucks in Darwin. Located in St Georges Terrace this three bedroom apartment will set you back a cool $995,000.
Close to Perth's Swan River this three bedroom Mount Lawley home comes with a price tag of between $990,000 and $1.03 million.
For just under a million dollars in Perth you can buy a four bedroom house on a 493 square metre block.
Adelaide appears to deliver even more bang for your million. This three bedroom, eco-friendly apartment with views over Adelaide city is listed at $980,000.
Just north of Adelaide's CBD a million dollars will buy you a relatively new 256 square metre home.
A million dollars buys you a lot more in Adelaide than it does in Sydney, Perth or Darwin. This apartment in Adelaide's CBD has three bedrooms, five bathrooms and an asking price of over $1.05 million.
A million dollars in Melbourne buys you slightly more space square metres than in Sydney. This three bedder on St Kilda Road is listed at $995,000.
Three bedroom pads in Melbourne for a million dollars compared to one or two bedroom apartments in Sydney's CBD for the same price.
You can still get a three bedroom penthouse with skyline views in Melbourne for just over a $1 million.
This inner city three bedroom Melbourne penthouse is on the market for $995,000 and is around the same size as what you can buy in Darwin.
Tasmania's Hobart is the capital city which offers the most amount of space for your dollars. This ten bedroom B&B in the capital is on the market for offers over $950,000.
With views over Glebe Park and the War Memorial, this three bedroom sub penthouse in Canberra is listed at over $995,000.
For just over $990,000 you can pick up this two bedroom house on a huge 1712 square metre block.
NOW WATCH: Executive Life videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.