This article was first published By Samantha Menzies | Yahoo7 Finance – Fri, Jul 1, 2016
The rivalry between Melbournians and Sydneysiders is as rife as ever, but competition has begun to extend beyond the weather, sport and culture – instead, the property markets are becoming the latest cause of divide.
The difference is also represented by the $210,000-$270,000 gap in median property prices.
Sydney, the city known for its millionaires, saw its median house price fall to $995,804 in the first quarter of the year and median unit prices were also down to $656,166.
Meanwhile, south across the border, Melbourne’s house price growth is outpacing the rest of the country as the only mainland capital actually bucking the trend of falling house prices, with houses at a median of $726,962 and units at a median $444,370.
So what can property buyers really buy in each city?
Domain Group has put together a list of five properties from each city, advertised at the cost of the median house price of the other – and the findings are interesting.
Melbourne property available for the median cost of Sydney
Three-bed inner city church conversion
Sydney’s median price just shy of $1 million goes a long way in Melbourne’s attached housing market, and can even secure the buyer with their own converted church.
This modern, multi-level, three-bed house, located 6km from the CBD in hipster haven Brunswick, has been fully renovated.
Four-bed inner-west weatherboard
Melbourne itself is still catching up to the idea that the west is a prestigious place to live, which has created some great value in the inner west. Yarraville, 8km from the CBD, has led the pack to change opinions in the last few years.
This contemporary four-bed, two-bath house would catch the eye of any trendy young family.
Two-bed bayside bungalow
Around 11km south-east of the CBD, Brighton is a blue ribbon postcode home to footballers and celebrities like Shane Warne.
But just next door in Brighton East, you can still pick up period homes in need of updating for about $1 million.
This two-bedroom Californian bungalow has a striking retro facade and is a short drive to the bay.
Sprawling four-bed hillside retreat hideaway
At 31km east of Melbourne’s CBD, Melburnians consider Mooroolbark nearly the end of the line — literally, it’s the second last stop on the Lilydale line.
But the hills area, on the doorstep of the Yarra Ranges, has some beautiful and large houses, including this four-bedroom home on a quarter acre allotment.
Three-bed art deco duplex
Caulfield South, 10km from the CBD, used to be considered the daggy cousin of its trendy neighbours, but has recently started to see cafes and restaurants spring up.
This deco cutie has already been renovated and boasts a sizeable backyard for a family.
Sydney property available for the median cost of Melbourne
Harbor view studio
One thing Sydney clearly has over Melbourne is views, so if you’re going to fork out the median cost of a Melbourne house for a studio apartment, it’d better have an eye on the harbour.
This studio may be small, but having your Weeties while looking at the Harbour Bridge each morning could be worth the premium.
Family home in the west
You can still buy a family-sized house in Sydney for the median price of a house in Melbourne, but be prepared to travel a little further to the CBD than you might for the same price in Melbourne.
This stylishly renovated three-bedroom home on about 550 square-metres of land is 40km west of the city and is right next to the train station and the freeway, so even though you’ll face a bit of a commute, getting into the city shouldn’t be that difficult.
Large inner-city one bedder
Unlike Melbourne, Sydney has mandated minimum apartment sizes. Although $700,000 will only get you a one-bed flat in the inner city, it will still be a lot bigger than the micro-apartments in Melbourne.
This north-facing one-bedder is a large 87 square-metres and just 4km south of the CBD.
Beachside split-level two-bed
You won’t be able to buy much in Manly for $720,000, but you can get a pad with ocean views a little set back from the beach in Brookvale.
This split-level two-bedroom, two bathroom apartment offers views back across Sydney.
Three-bed western family home
The western suburbs of Sydney have boasted excellent house price growth in recent years, so investors with a keen eye have been looking 25 kilometres west in Merrylands.
This three-bedder sits on a 650 square-metre block and, although eventually in need of renovation, is currently tenanted for $770 per fortnight.