In the fickle world of real estate, $1 million (£805k) stretches further in some locations than it does in others – for the same sum, you can pick up a vast property with acres of land, or a tiny apartment in a bustling city. To illustrate the difference, we've found two homes for sale in key countries, with a similar seven-figure price tag but very different amenities and square footage. From a sprawling Australian estate to a micro flat in London, you might be surprised by what a million bucks can buy you around the world...
Australia is home to bustling cities and beautiful, rural locales, so it makes sense that its real estate prices vary greatly. But one thing that's universal in Oz is that prices are on the up. "Average residential prices across New South Wales are now $284,000 higher than they were in December 2019," The Guardian confirmed. And those living in Tasmania are now, on average, paying 49% more for a home than they were before the Covid 19 pandemic. As of June 2023, the mean price of residential dwellings in Australia was AUD$912,700, which equates to $593,775 (£478k), with homes in New South Wales being the most expensive at AUD$1.2 million ($781/£630k). The cheapest state to buy is Northern Territory, where the average home costs AUD$521,700, or $339,400 (£273k).
Highlighting the point beautifully, this sprawling compound in the Knuckey Lagoon area of the Northern Territory is priced at a little under AUD$1.6 million, which is around $1 million (£840k). The remote luxury home comes with extensive land, including a stunning landscaped garden, a swimming pool and a windmill.
The residence itself has "country barn vibes", the listing agents suggest. With a vibrant orange façade, dual carports out front and a prominent second storey, it's an enticing, spacious and distinctive home.
Head inside and you'll find bright and free-flowing rooms with ample space for work, rest and socialising. The ground floor benefits from two bedrooms with private verandas, an open-plan living room, a dining zone and a kitchen. Upstairs, there's an elegant master suite with timber floors and an impressive pitched ceiling. A set of French doors open the room up to a private balcony, overlooking the pool below.
As for design details, the beautiful Australian house has polished concrete floors, generous ceilings and plenty of glazing, allowing the gorgeous scenery outside to seep into every space. So, what could you get for the same amount in the much pricier state of New South Wales?
Amazingly, a snug apartment inside this building in Chatswood, a residential district in the Lower North Shore of Sydney, will set you back more than the sprawling, rural estate we've just seen. Listed with a starting price of AUD$1.6 million, which translates to $1 million (£840k), the micro apartment measures just 1,194 square feet.
The cosy and contemporary apartment has an open-plan living room, with a lounge, dining space, kitchen and exterior balcony. Surprisingly, considering its square footage, there are three bedrooms and two bathrooms, although each is of a relatively compact size.
This is the kitchen, which lies at the opposite end of the lounge and balcony. It features a prep island, timber units and marble-style countertops. Fresh and modern, the interior is move-in ready, but you're certainly paying a premier for its location.
This is one of the bedrooms and the image shows how compact the space is. It features a small ensuite bathroom and a built-in closet with mirrored doors – likely to enhance the impression of space. Residents of the building can enjoy access to secure parking, too. Still, the apartment doesn't provide a huge amount of bang for your buck, does it?
Like most countries, the United States is home to super-expensive metropolises and more affordable cities and towns. Like Australia, prices are soaring across the States. "The housing market tends to follow the law of supply and demand, and since there isn’t enough supply to match demand, home prices are looking fairly resilient," Bank Rate explains. According to the National Association of Realtors, the average house in America costs $410,200 (£330k), with Californian homes being the most expensive at $799,000 (£643k). Iowa was found to be the most affordable state for real estate, with homes averaging $239,000 (£192k). Unsurprisingly, New York City is the county's priciest place to live when it comes to the cost of living, while Detroit, Michigan, is the cheapest.
Economic strife has caused housing prices to plummet in The Motor City. According to Zillow, the average house price in Detroit is just $65,875 (£53k) and median earners will spend about "6% of their monthly income on mortgage payments, which is extremely low", Forbes suggests. However, Detroit's housing market is slowly getting stronger, which means now is the perfect time to snap up a spacious and affordable home, like this stunning historic residence. Located in the south-after Brush Park neighbourhood, it's on the market for just under $1.2 million (£966k).
Built in 1895, the historic residence measures 2,000 square feet and is arranged over three floors. A set of grand stone steps leads to the front door, which opens into a bright, open-concept hallway and living area. Meticulously restored, the property is beautifully modern with plenty of authentic period elements that have been lovingly preserved – think hardwood floors, pretty fireplaces and large-scale sash windows.
As well as a lounge, there’s also a spacious dining room and a modern kitchen. The second floor is home to the primary bedroom, which has a large walk-in closet, ensuite and laundry room.
The third floor features two more bedrooms, one with a large rooftop deck, and the other with its own bathroom. Plus, for your money, you’ll also gain a generous front yard and a one-car detached garage. Move-in ready, the buyer wouldn't need to lift a finger. However, those buying in New York City will have very different prospects if they only have a million dollars to spend...
In stark contrast to Detroit, New York City has one of the most expensive property markets in the world, let alone in the US! Here, the cost of living is reportedly 87.2% higher than the national average and home appreciation in the last year has been 5.6%. In September 2023, the median listing home price in New York was $799,000 (£643k), up 3.1% year-over-year. In Brooklyn, one of the city's five boroughs, the average house will set you back $826,439 (£665k). And by house, we mean compact apartment! This petite but stylish condo lies in the heart of Brooklyn, just four blocks from Prospect Park. Spanning just 1,141 square feet, it's up for grabs for a cool $975,000 (£785k).
Described by the listing as a "penthouse", the apartment lies inside the Midwood Condominiums building, a revived Art Deco property that was refreshed by SpearHead Architecture & Design Studio. Thanks to this modern makeover, the property is fresh, stylish and filled with natural light. But it's still pretty compact!
The micro home has an open-plan living room and kitchen with island dining, two bathrooms and two bedrooms. Lovely touches can be found everywhere you look. From wide-plank white oak flooring to brass hardware and metal sconce lighting, the place is very high-end, which will have contributed to its price tag.
There's also a small but workable balcony, allowing the buyer to enjoy their morning coffee with a view. Still, you won't get a lot of square footage for your money if you choose to buy in New York.
The United Kingdom is suffering from a housing crisis. Due to a huge supply and demand imbalance, decent homes are not only hard to come by but extremely unaffordable for many. The average UK house price increased by 1.7% in the 12 months leading to June 2023 and sat at $357,830 (£288k) in June 2023, according to the Office for National Statistics. In 2023, County Durham was named one of the cheapest places to buy a house in the UK, with the average house just $162,000 (£130.4k). Unsurprisingly, the City of Westminster in London is the most expensive area. Here, homes cost $1.1 million (£922k) on average.
To highlight how much space you can get for a million dollars in County Durham, this modern family home in the village of Seaton is on the market for $1.1 million (£850k). With its impressive dual façade, spacious front and rear gardens and stylish interior, it provides plenty of bang for your buck.
Stretching 4,300 square feet, the property is arranged over two and a half floors and offers an entrance hall, a lounge, an open-plan kitchen-come-dining room, a home office, a utility room, four bedrooms and four bathrooms.
The first floor of the property is where three of the bedrooms can be found. This level also boasts a balcony, a lounge, two ensuites and two dressing rooms. The master suite is the size of the average studio apartment in London and features a pitched ceiling and a statement headboard that doubles as a room divider. As for design, the house is modern and bright, finished with the finest materials.
What's more, for your money you'd gain this spacious back garden. Accessed via aluminium sliding doors from the kitchen area, the beautiful backyard benefits from a tiled patio area, a lawn and a covered outdoor kitchen. Oh, and did we mention the property enjoys stunning views across the open countryside? Priceless! So, how does a million-dollar home in London compare?
In the British capital, the average house costs a whopping $900,640 (£725k) and houses, especially detached ones, are reserved for the lucky few. Across the city, you'll find plenty of compact flats with hefty price tags, too. To prove our point, this 860-square-foot apartment in Wapping, East London, is available for $1.1 million (£900k).
The front door opens directly into the living room, which offers a sitting area, dining area and kitchen in one. There's just about enough space to roll out a yoga mat! There are also two double bedrooms and a single bathroom.
Located inside a new development, the modest home is contemporary and move-in ready, with lovely interior design throughout. What's more, large windows allow plenty of natural light. However, there isn't much in the way of storage space.
One plus is that the place comes with a small balcony, with enough room for a dining table and two chairs. Residents also benefit from a concierge service and lift access, as well as the use of a shared garden.
A country with dramatic natural landscapes and vibrant cities, New Zealand is a sought-after place to live. In fact, Forbes ranked the world's top cities for liveability, placing Auckland in 11th place and Wellington in 23rd place. So, what about affordability? Well, property here is famously expensive. The average house costs NZ$841,050, or $502,497 (£405k), with the West Coast being the cheapest at NZ$476,050 ($284k/£229k). In 2023, Auckland was declared to have the seventh-least affordable housing market in the world, just behind Los Angeles. Here, the median property sells for NZ$1 million, or $597,465 (£481k).
The West Coast isn't the only affordable spot in New Zealand. The Wellington Region, located on the country's North Island, also harbours pockets of low-cost housing. The city of Lower Hutt, which is about 30 kilometres away from the capital of Wellington, is one such locale. Here you'll find this contemporary family home. Though up for auction, it has an estimated sales price of NZ$1.4 million, or $836,450 (£674k).
Standing proud at 2,712 square feet, the modern home is nestled on the lower slopes of Normandale and boasts a slick weatherboard, and brick and fibre cement exterior. Inside, the living areas are light and contemporary, with walls of glass and the finest fixtures. There’s an entrance foyer, an open-plan kitchen with a living and dining space, a separate lounge and four bedrooms.
As well as gorgeous living spaces for the whole family, there’s also a private floor where each of the bedrooms can be found. All of them are generously proportioned doubles, but the master boasts a walk-through wardrobe leading into the ensuite. The home is also high-tech, with a central vacuum system, a ducted heat pump, an EV charger and a hardwired alarm system.
Outside, there's a 4,650-square-foot backyard with a patio and lawn. Plus, most of the interior spaces – as well as the garden – enjoy mesmerising views of the Hutt Valley. Not too shabby, is it? However, the property you can buy for the same fee in Auckland is a little bit different...
Shockingly, a relatively modest apartment inside this residential building in the heart of Auckland city will set you back NZ$1.7 million, which is $1 million (£819k). The tower is located close to Viaduct Harbour and the waterfront, which might have something to do with its eye-watering price tag. Let's head inside...
The modern flat is laid out over a single floor, with a narrow entryway, an L-shaped lounge with a kitchen and dining space combined, two bedrooms and two bathrooms. It's fresh and bright, with access to two separate balconies.
Looking at the photos, though, it's clear to see there isn't a whole lot of space. This bedroom, for example, just about fits a double bed, a chest of drawers and a side table.
No doubt adding to the price is the fact the apartment enjoys sweeping views of both the harbour and city. Plus, residents of the building have access to a shared lap pool, sauna and outdoor courtyard. There’s also a garage for parking. Still, the price seems a little steep to us.
A country with vast national parks, gorgeous mountain ranges and thriving metropolises, Canada is often described as one of the best countries in the world, not just for travel, but for living too. The Canadian Province of New Brunswick has the cheapest houses, according to Canadian Mortgage Professional. Here, homes cost, on average, CAD$265,800, which is $194,500 (£157k). Toronto and Vancouver have the country's most expensive property markets, with the average home in Ontario costing CAD$812,338 ($594k/£480k) and British Columbia costing CAD$907,465 ($664k/£536k).
Providing astonishing value for money, this enchanting waterfront estate in Shediac River, New Brunswick, could be yours for CAD$1.4 million, which equates to just over $1 million (£827k). Sitting on more than 27 acres of land in a truly stunning location, the impressive home offers serious bang for your buck.
The beautiful waterfront home was completed in 2015 and enjoys over 2,000 feet of private river frontage. Entirely custom-built, the owners clearly spared no expense when designing the place. Boasting over 5,000 square feet of interior space, the property is what dream homes are made of.
Inside, the pad is light-filled and stylish, with spacious rooms and neutral interior design – think light wooden floors, contemporary grey paintwork and crisp white joinery. It offers an entrance hall, an open-concept living room with a kitchen and dining area at one end, a laundry room, three bedrooms and three bathrooms. There’s also a bonus room located above the double garage – perfect for visiting guests.
All of the rooms feature plenty of windows and some have French doors, allowing for a seamless indoor-outdoor flow. There’s also a walkout basement, a rear balcony and a front porch, where you could while away the hours. Plus, this place is eco-friendly and benefits from a geothermal heat pump, ensuring interior comfort all year round, with extremely low energy bills. So how does British Columbia compare?
Well, it's a totally different story in the centre of Vancouver, where you can pick up a two-bed flat for the exact same figure. Costing a snip under CAD$1.4 million, or $1 million (£827k), the city apartment is bright and modern, but doesn't provide much in the way of space.
Built in 2020, the interior measures just over 1,000 square feet and features a single communal living space, with a sitting area, dining table and compact kitchen.
There are two bedrooms and two bathrooms, both of a reasonable size, but nothing compared to the waterfront home in New Brunswick! No doubt adding to the cost of this place is the fact residents gain access to a shared gym and social lounge. But does that justify the price tag?
There's also a roomy exterior balcony, with enough space for a dining table and chairs, and maybe a few pot plants. What’s more, since the apartment is both northeast and south-facing, it benefits from lovely mountain and water views. Would you pay extra for that?
According to the experts at Ooba, South Africa's property market is "in good health despite inflation, rising interest rates and load shedding". Here, property prices are growing at a lower rate than inflation and homes are still well-priced. A recent RE/MAX National Housing Report revealed that the Free State has the lowest median asking price, with homes costing R1.3 million on average – that’s just $71,163 (£57k). South Africa’s most expensive province, the Western Cape, where the capital city Cape Town is located, is twice as expensive but still way cheaper than the rest of the countries we've featured. Here, the median asking price is a mere R2.6 million – or $142,330 (£115k).
Positioned in the Gauteng province of South Africa, where the cities of Johannesburg and Pretoria lie, this modern eco home is priced at R23 million, or $1.3 million (£1m). Nestled on almost an acre of land, the sprawling mansion is state-of-the-art and comes with everything a VIP could need, including an in-ground swimming pool.
Laid out over three luxurious floors, the well-priced home provides several spacious reception areas with solid wood floors, high ceilings and glass sliders that connect to magnificent exterior patios. There’s a gourmet kitchen, a large dining room, a study and two offices.
There are a total of five bedrooms and eight bathrooms, with the master suite being the finest of them all. With its vaulted ceiling, endless glass, private balcony and cosy sitting area, it’s fit for a celebrity.
This house also benefits from a basketball court, underfloor heating and a cool wine cellar. Even better, it’s powered by heat pumps and is highly energy efficient. So, what can you get for the same amount if you head to the Western Cape?
Should you choose to buy in Cape Town, you'll be looking at spending around the same figure for something far smaller. This apartment building is located in the Clifton neighbourhood of the city, an area that offers four white sand beaches and a lively bar and restaurant scene.
Inside, the three-bedroom flat features an open-plan living area, with a lounge, small dining space and galley kitchen. Yet, remarkably, it's also for sale for R23 million, which equates to $1.3 million (£1m).
The home measures 2,271 square feet and is fairly traditional in terms of décor and could certainly do with modernisation. Yet it's perfectly serviceable, so the buyer could move in and then take their time with any upgrades.
According to listing agents, Sotheby's International Realty, the apartment is located in a "rarely for sale, hard to find and highly-desirable" neighbourhood, which is likely why it is so expensive. Adding to its price is the fact the home comes with two parking bays, a communal swimming pool on the edge of the sea and, of course, unbelievable views. So, what would you choose if you had a million dollars to spend – a compact but perfectly positioned apartment or a sprawling family home in a less desirable area?
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