In regional towns and smaller cities, you can get a lot for your money. In some places, you could buy an established farm. 

But in Sydney and Melbourne, you’d be lucky to get more than a two-bedroom apartment or townhouse. 

In Brisbane, you can buy a three-bedroom home for the national median in some of the city’s best suburbs. Priced at $799,000 and up, a home in the suburb of Paddington would be considered entry-level. 

Provided you managed to snag it for the lower end of the price range ($800,000 to $850,000) a huge plot with a modern four bedroom home in Orange, NSW could be yours. 

There’s a huge contrast from regional NSW to Sydney. While in Orange you get a big homestead on land, in Lane Cove it only gets you about 101 square metres of floor space. 

In Canberra city, it’s much the same as Sydney. You can get a 97 square metre executive style apartment for around the median price. However for the relatively low price of $799,000 you get a large, dual-level family home, with panoramic views in a more regional ACT area. 

In Melbourne, $800,000 can go pretty far if you know where to look. Northcote was considered a bit of a hidden gem years ago but has since undergone rapid gentrification. Buying a home for the average median price is doable, you just may have to broaden your search area.