The same budget, five very different outcomes
Seven hundred thousand dollars is a common starting point for Australian property investors. It's enough to get into most capital cities, but what you actually get for that money varies enormously. A $700k budget in Perth looks nothing like a $700k budget in Sydney. Understanding that gap is one of the most practical things you can do before you speak to a broker.
The data below draws on figures from Cotality (formerly CoreLogic), PropTrack, and the Australian Bureau of Statistics as at mid-2026. Markets have moved quickly, so treat this as a reference point rather than a final word.
What $700k gets you in each market
Sydney
Sydney's median home value reached $1.24 million after annual growth of 6.4 per cent. That puts the median well beyond a $700k budget. At this price point, you are looking at a one-bedroom unit in the outer western suburbs, or a two-bedroom apartment in some middle-ring areas. Sydney dwelling values are currently sitting about 2.1 per cent below their cyclical high reached in November 2025. For an investor, Sydney at $700k is a narrow market. You are buying into the unit segment, which historically carries different land-content characteristics than a freestanding house.
Melbourne
Melbourne recorded a median of $854,000 following a 4.5 per cent rise over the year, meaning $700k still puts a house within reach in the outer ring. A two-bedroom unit or a three-bedroom house in Melbourne's outer suburban ring, roughly 35 km from the CBD, is the realistic outcome at this price. Melbourne remains deeply undervalued relative to Sydney, with the median house gap now exceeding $600,000. That does not mean it will close quickly, and ANZ Research expects Melbourne housing prices to fall 1.7 per cent in 2026, driven by higher rates and a sharp drop in consumer confidence. For an investor with a long horizon, the entry price is lower than it has been relative to other capitals in some time, but rental yields in outer Melbourne can be tight.
Brisbane
Brisbane's housing market has pushed the median home price above $1 million to $1.01 million after annual growth of 14.6 per cent. At $700k, you are firmly in the unit and townhouse segment within the metro area, or a freestanding house in the outer suburban corridor. Brisbane's housing market has seen 80.6 per cent trough-to-peak price growth over five years and is now at a new peak. The strong run means investors buying today are paying a very different price than those who entered in 2021.
Adelaide
Greater Adelaide's property market has a median house price of $980,815 and a median unit price of $675,818. That median unit price sits almost exactly at the $700k mark, which tells you something useful: $700k in Adelaide still buys a house in the inner-to-middle suburban ring, or a very solid unit in an established suburb. The Adelaide property market was one of the country's top performers, and while it stalled a little in early 2025, values have kept increasing. The city's homes were comparatively affordable, though that affordability gap is now disappearing. Vacancy rates and rental demand remain worth examining suburb by suburb.
Perth
Greater Perth's median house price has reached $1,032,032. Despite that headline number, $700k still accesses a genuine freestanding house in many middle and outer suburbs. On the outskirts of Perth, roughly 40 minutes south of the CBD, suburbs like Wellard have a median price around $690,000, with 12-month growth of 8.67 per cent and rental yields around 5 per cent. Perth recorded one of the strongest monthly gains among all capitals as recently as May 2026 at 1.5 per cent.
What these numbers don't tell you
Median prices have limits as a comparison tool. Comparing dwelling prices across cities can be misleading because Melbourne has roughly double the proportion of units relative to houses compared to cities like Perth, Brisbane, and Adelaide, which skews the median 'all dwellings' figure.
Yield and vacancy data matter just as much as price. The national median weekly rent reached $681 in Q4 2025, with a national vacancy rate of 1.7 per cent, compared to 2.1 per cent twelve months earlier (Cotality/Global Property Guide). But vacancy rates differ meaningfully at the suburb level. Always obtain an independent rental appraisal before assuming what a property will rent for.
The costs on top of purchase price also shift the calculus. Stamp duty rates differ by state, and some states offer concessions for investors or first home buyers that can add tens of thousands of dollars back into your position. Factor in conveyancing, building inspections, and holding costs before comparing markets on price alone.
Price growth has been increasingly concentrated in more affordable segments of the market, with competition remaining strongest for lower-priced stock where first-home buyers, investors, and upgraders continue to compete (Cotality research director Tim Lawless). A $700k budget puts you squarely in that contested band.
A worked example: the same $700k, different weekly maths
To make this concrete, consider two illustrative scenarios with a $700k purchase.
In Perth (outer middle ring): assume a three-bedroom house purchased at $700k. With a 20 per cent deposit ($140k), the loan is $560k. At a gross rental yield of around 5 per cent (based on the Cotality/API Magazine data cited above), gross weekly rent sits at approximately $673. From that, subtract interest costs, rates, insurance, property management fees, and maintenance. Net cash flow will depend on your loan structure and tax position, and a licensed broker and accountant can run the actual numbers for your situation.
In Melbourne (outer ring): a similar $700k house may yield closer to 3.5 to 4 per cent gross, given tighter yields in that market. Weekly gross rent at 3.75 per cent would be around $505. The entry price is similar, but the cash flow dynamic is different from day one.
These are illustrative figures only, not projections. The purpose is to show how yield differences affect your week-to-week cash flow position, not to compare likely outcomes.
Three things to do before you commit
Get a current rental appraisal for the specific suburb you are considering, not just the city-wide median yield. Vacancy rates, tenant demand, and achievable rents vary dramatically at the suburb level. A property manager in that suburb is the best source.
Speak with a mortgage broker about your serviceability position across different states. Some lenders apply different assessments to interstate properties, and stamp duty differences between states will affect your upfront cash requirements. A licensed credit adviser can map this out against your income and existing debts.
Understand the holding cost picture before you sign. Rates, strata levies (if applicable), property management fees, insurance, and likely maintenance costs will vary by property type and location. An accountant can help you model the after-tax position across different purchase scenarios.
If you want to talk through which markets fit your situation, the team at Elite Wealth Creators sources investment-grade property across multiple markets and connects clients with licensed brokers. You can book a free call or visit our services page for more detail.
General information only, not personal financial advice. Speak with a licensed adviser before acting.