AusFinance Gazette

Here’s how far the median price goes in 5 of the world’s major cities

In Sydney for example, few properties in the $1 million range come with a place to park your car, let alone a second bedroom.

The further out from the CBD you look, the more likely suburban luxuries like a driveway or backyard come into play, but on average, $1M only gets you 81.33 square metres of space in this harbour city. Are we getting a raw deal, or is the property market dealing similar blows all over the globe? Let’s take a look.

New York

It’s probably a good thing NYC never sleeps—because for $1M ($721K USD) you’re unlikely to find much space to rest your head. At this price point in Manhattan, you’re looking almost exclusively at studio apartments like this newly renovated listing in a luxury building off Irving Place. It’s a similar story across the bridge in Brooklyn, where character-filled studios in Williamsburg go for around the same price. And because this wouldn’t be complete without a NYC real estate horror story, check out this super-snug listing going for the bargain price of just over half a mill.

London

At the beginning of this year, the most expensive house ever sold in the UK went for over £200M. In case you’re wondering what that kind of candy gets you, it’s 45 bedrooms over 7 floors sprawling 60,000 square feet in total. Anyway, what were we talking about? Oh, yeah, one million Australian dollars. At that price point, you’ll average around 50.86 sq m and find something like this brand new studio apartment, or this one bedder with a balcony and canal views.

Paris

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In the heart of the city of wine, cheese, baguettes and cigarettes, $1M gets you an average of 53.05 sq m, with mostly chic studios or small one-bedroom apartments up for grabs. This current listing oozes old world charm, boasting decorative ceilings, fireplaces and even a cellar. If you’re looking for a more contemporary casa, something like this is in the budget, but what you gain in renovated kitchen counters you’ll lose dearly in space (39.01 square metres is less than half the space you get in Sydney.)

Hong Kong

Let me just preface this by saying that if you are looking for space, Hong Kong’s property market is not for you. Here, $1M AUD buys you an average of 9.04 square metres. No, that’s not a typo. Obviously you’re paying for the location rather than the pad, but if you’re still curious what that kind of bang for your buck looks like, here’s a visual.

Sau Paulo, Brazil

For the sake of wild comparisons, let’s end this round-the-world trip in the least expensive city for luxury buyers—Sau Paulo, Brazil. Here, $1 million dollars buys you and average of 202 square meters, and if that doesn’t seem like that big of a difference, check this out. Four bedrooms, six baths, sprawling gardens and a landscaped yard with a pool all for the same price as a kitchen in HK.

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