Invest in the property market for less than $1 million

In Australia, we are surrounded by $1 million property sales, especially in our booming metro cities. The median national property price in Australia is $550K but if you’re hoping to live inner city, you’re most likely surrounded by six-figure sales.

In Melbourne, 10 suburbs have been added to the million-dollar club this quarter including, Altona, Heathmont and Maribyrnong, with median house prices crawling above $1 million. In NSW, suburbs including Glen Alpine and Harrington Park, 50 kilometres away from Sydney CBD, now have a million-dollar median price tag. 

It’s a tough market but, the APS Mortgage Broking team has some tips to help you get started for less than $1 million!

Outline your budget

The first step is determining how much money you have to spend. It should be easy enough to calculate your savings, but you also need to look at what the bank will approve.

We recommend discussing this with a Mortgage Broker who will be able to help you calculate your affordability. Mortgage Brokers will be able to help you manage the finances so that you can feel confident in your decision making and concentrate on the fun stuff!

Decide your non-negotiables

The next step is determining what you need and want from a property. If you’re going to be living on your property, you need to think about how much space you need to have a comfortable and enjoyable life for your family, now and in the future.

You need to think about how much you value location or whether this is something you can sacrifice. Decide if you want a seven-bedroom house in the suburbs, a regional oasis, or a tiny space in a bustling inner-city area. We all have to make sacrifices when purchasing property but it will be so much easier if you determine what’s important from the get-go.

Looking at your options under $1 million

Now it’s time to look at your options, based on your affordability and non-negotiables.


The median house price in Melbourne is now 1.45 times the median apartment price. Purchasing an apartment is an economical way to get into the property market while often not having to sacrifice location.

If you have $500K or more to spend, generally, you won’t have to sacrifice on location or lifestyle. You’ll be able to find one and two-bedroom apartments in various inner-city areas, however, you may have to sacrifice space. If you have a growing family or work from home, you’ll need to consider how much space you need to comfortably live in a one or two-bedroom apartment for under $1 million.

As the property market continues to boom, eventually buyers will have two choices; purchase an apartment in their preferred location or move to a new suburb to purchase a house within budget.

If you purchase your apartment now, your investment will be able to cater for future demands. If you have a small budget, apartments are a great place to start!

Villa units for under $1 million

If your budget sits just below $1 million, you could also consider purchasing a Villa unit.

Villa units are small houses that share their block of land with other units. Typically, you’ll find 3-6 single level units on a block, where homeowners share a driveway. You won’t be able to avoid paying Body Corporate fees, however, they are usually significantly lower compared to a large apartment complex with share lifts and car parks.

Depending on which city you live in, you may have to move slightly further from the city or choose to live on a main road in order to secure a Villa unit. 

This option provides you with ownership of the land and typically more privacy compared to an apartment. 

If you can’t afford to buy a house in your ideal location, a Villa unit is going to be your next best option!

Houses in regional areas

If you arent fussed about location, you could consider moving regionally where house prices are more affordable. This has recently become a popular option for those who can work from home.

If you have a big family or love having space and serenity, moving regionally is a great option. The value of your house is likely to increase over time with population growth, which could leave you with a significant return.

If you’re happy to make the move, you’ll be on to a winner here.


Another popular option for new homeowners is purchasing a property in a booming suburban or regional location and then choosing to rent inner city. This would allow you the opportunity to get into the property market without sacrificing your current lifestyle. 

When you’re ready to move on, you may choose to move into your property or sell it after the value has increased.

Looking for support?

The APS Mortgage Broking team is here to help you create success in the property market. No matter what your budget is, we’re here to discuss all of your options, and the best part is that our service is free!

Call our APS mortgage broking experts Tony and Dale, on 1300 131 809.