“Fewer properties are for sale and that’s dwindled even further since spring started,” Gillespie said. “Buyers have a mindset now that they’re not in a rush because the market hasn’t made them rush.”
Another one-bedroom terrace in the same suburb, at 44 Swanson Street, sold for $1.06 million in June, just above the median price.
Buyers looking for a family home at a similar price would likely cast their net further afield.
Recent sales at that price point include a three-bedroom house on 450 square metres in Glenmore Park.
The home at 61 Binyang Avenue fetched $1,005,000.
In Melbourne, buyers could expect their budget to stretch a little further.
In Northcote, a two-bedroom classic Victorian at 4 Latham Street is for sale with a price guide of $950,000 to $1.03 million.
The home, with a colourful interior, is in one of the city’s most popular inner suburbs, especially for young buyers looking for a family home.
“A mixture of first home buyers and people who may have had a smaller apartment or entry-level townhouse are looking to get in,” selling agent Nelson Alexander Northcote’s Alex Rodighiero said.
In the same suburb, a two-bedroom Edwardian sold this month for $1 million, and was listed with the option to renovate and extend.
Further from the CBD, a three-bedroom house on a 610-square-metre block in Aspendale Gardens sold this month for $1,017,000.
The home at 20 Denahy Court has an updated kitchen and was offered as move-in ready with scope to upgrade further.
In Brisbane, buyers with a $1 million budget might consider a small but luxurious apartment overlooking the river and the Story Bridge.
The two-bedroom apartment at 408/9 Christie Street South Brisbane is advertised for offers over $950,000, and the building also includes an infinity pool and gym.
Place Estate Agents’ Michael Hatzifotis said interstate buyers from Sydney and Melbourne have been looking to downsize in inner-city Brisbane.
“Downsizers are selling their homes in their own suburbs like inner Melbourne and Sydney and then relocating for work,” Hatzifotis said.
Elsewhere, a three-bedroom cottage in Chelmer sold for $1.01 million this month.
The home at 205 Honour Avenue came with two bathrooms and a study.
In Perth, buyers might look at a circa 1920s home that has been updated in Mount Lawley.
The two-bedroom home at 163a Walcott Street is in an inner northern pocket of Perth, and has been advertised for offers over $949,000.
Meanwhile, in Hobart, buyers can find a historic, Federation-style terraced townhouse, for offers over $1 million.
The home at 185 Davey Street, South Hobart has hints of the past, featuring an open fireplace, picture rails and stained-glass. It also has a study.
The circa 1915 home has been fully renovated, and has been advertised as a home with a “strong rentability factor” for investors.
The Morning Edition newsletter is our guide to the day’s most important and interesting stories, analysis and insights. Sign up here.