It’s not easy getting your foot into Sydney’s property market.
Since the GFC, median house prices in Sydney have been on an incredible trajectory growing four times faster than wages and five times the rate of inflation.
But if it’s any consolation for homebuyers, there have been signs of cooling with sentiment towards residential property throughout Australia dropping late last year and expectations that Sydney’s once-hot housing market would see single digit growth rates in 2016.
Recent data shows that house prices in Sydney have risen 1.5% so far for 2016 with median prices sitting at 807,500 for houses and $665,000 for units.
We decided to compile a list to see how much property you could get with a million dollars in Sydney from the CBD, Eastern and Western suburbs, North Shore and Northern Beaches through to The Shire and Hills District.
We’ve set some parameters for the chosen properties making sure that they’re under 40km from Sydney’s centre with an advertised price between $950,000 and $1,050,000.
While a million dollars can buy you a cosy two bedroom, one bathroom apartment in the heart of Sydney, or a 2.85m wide terrace in Surry Hills, it can also get you a three bedder in Sutherland or a four bedroom family home in Castle Hill, 30 kilometres from the city centre.
Here’s a look at what you can get with $1 million.
A million dollars can buy you this two bedroom and two bathroom apartment in Zetland in inner-east Sydney. The property spans 100 square metes and also comes with a small study, although not big enough to fit a bed, as well as a car space. It is centrally located -- around 5 kilometres from the Sydney CBD and 4 kilometres from Sydney Airport.
You can get something similar over in the inner-western suburb of Camperdown, close to Central and Sydney University, where a million dollars will buy you a two bedroom and two bathroom apartment. It's only 4 kilometres away from the CBD and even comes with a car space.
But it's a different story when you get closer to the city centre especially in the hip area of Surry Hills. The suburb has witnessed some crazy prices over the last year including this 2.85-metre wide home which sold for $965,000 at auction. This tiny property sat on just 38 square metres of land with two bedrooms upstairs and a living and dining area downstairs. It's around a 6 minute walk to Central Station and 15 minutes to Town Hall Station.
When you reach the heart of Sydney CBD, expect to fork out close to a million dollars for a two bedroom apartment with one bathroom. This apartment spans 92 square metres and doesn't come with a car space. However, you will find that you're also paying for the convenience of being in walking distance of places such as the Opera House and shopping district on Pitt Street.
Meanwhile, you can get a brand new duplex in Picnic Point in the south-western region of Sydney. It comes with four bedrooms and three bathrooms and sits on 302 square metres of land space. The property is around 32 kilometres away from Sydney CBD.
A little over one million dollars will get you this modern home which spans across a comfortable 522 square metres. The property comes with four bedrooms, two bathrooms and even three parking spaces. It's 23 kilometres south-west of Sydney CBD.
Also south-west of Sydney in Moorebank, you can buy a brand new home for just under a million dollars. The property features five bedrooms, three bathrooms as well as two parking spaces. There's also a pergola area that can be used for entertaining guests and a yard. It is around 23 kilometres away from the CBD.
Even further down south, the same price range will get you a three bedder in Sutherland in the Shire. This property is on the bigger side with 942 square metres of space, a large entertaining deck and backyard. It is around 30 kilometres south of Sydney CBD.
But if you head to inner west Sydney, you'll find yourself paying a million bucks for this small single level Balmain home. It spans 168 square metres and comes with three bedrooms and one bathroom but no parking spaces. The property is around 6 kilometres away from the CBD.
Nearby in Drummoyne, homebuyers can expect to pay the same amount for a waterfront apartment overlooking Five Dock Bay. It's a great place if you want to live on the harbourfront but on the pricier side considering it comes with two bedrooms and one bathroom. The property has one parking space and is around 6 kilometres north-west of the CBD.
When you head further up north, you will find that prices will get steeper. In Chatswood, a million dollars will stretch so far as to get you this one bedroom and one bathroom apartment as well as a parking space. This apartment spans 71 square metres and is in the vicinity of a number of shopping and entertainment centres. It is situated in the Lower North Shore around 10 kilometres from the CBD.
A million dollars will however, get you a more spacious three bedroom and two bathroom apartment in Wahroonga on the Upper North Shore of Sydney. This ground floor apartment will be large enough to accommodate a family close to schools and public transport. It covers 115 square metres with 73 square metres of yard space and is 22 kilometres north-west of the CBD.
In the eastern suburbs, one million dollars will pay for this apartment 8 kilometres north-east of the city centre. Although it's on the smaller side with two bedrooms, one bathroom and parking space, it does come with the perk of having great ocean views.
Meanwhile in Bondi, you'll also find yourself paying close to a million dollars for a small two bedroom apartment. This one in particular spans 83 square metres but the upside is that it does have some ocean views and isn't a far commute to the CBD which is only 7 kilometres east of the CBD.
If you move into The Hills area, one million will get you a very decent home spanning 695 square metres. There's enough room for a family in this four bedroom home which also comes with a bathroom and two toilets. Despite this, it is further away from most of the other properties at around 30 kilometres away from the central business district.
In the Hills area, you can also score a spacious four bedroom home with two bathrooms and a separate study which can act as a home office. This double-storey property also comes with a double lockup garage as well as a backyard and outdoor entertaining area. It's around 36 kilometres north-west of the CBD.
Here's where you can expect a million dollars to stretch further. In Guildford, located in the City of Parramatta 25 kilometres west of the Sydney CBD, you can buy a four bedroom family home spanning two levels. It also includes two bathrooms and two car spaces and has a land area of around 505.9 square metres.
Meanwhile in Ryde, the same amount can get you a two bedroom and one bathroom apartment with city views. It's not too roomy spanning 99 square metres but there is a 22 square metre storage case and parking spot that comes with it. It's an easy ride into the city which is 13 kilometres away and Parramatta which is 8 kilometres away.
Up in the northern beaches, you'll be able to land yourself a three bedroom apartment a little over a million dollars. The contemporary boutique apartment also comes with two bathrooms and a car space. It is located around 12 kilometres north-east of the Sydney CBD.
Close by is this three bedroom apartment in the beachside suburb of Narrabeen. The top floor residence is located on the edge of the peninsula close to North Narrabeen Beach and Narrabeen Lagoon. It comes with three bedrooms, three bathrooms and two parking spaces and is around 23 kilometres north-east of Sydney's CBD.