Melbourne median house price: What $900k will buy in other countries, from France to India

A Neo-Gothic church converted to a house, east of the city Clermont-Ferrand, France, that’s for sale with a $635,130 asking price (plus fees) in Australian currency. Picture: Groupe Patrice Besse.

Melbourne’s housing affordability has been put in the spotlight, with the budget needed for a typical home in the city enough to buy some surprising alternatives around the world.

From India, to homes across Europe and the USA, and even Bali, we reveal just what you could get for around AUD$900,000 in other parts of the world.

It comes as property experts have warned forecasts for home values to resume growing across the Victorian capital in 2025 could leave the city facing an increasingly difficult challenge in luring the best workforces here – and keeping the population it already has.

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According to PropTrack, Melbourne’s median house is $898,000.

In comparison, buyers seeking a tres bien lifestyle could opt for a renovated, 13-room chateau in Hains, in France’s northernmost region, on the market for AUD $768,616.

That’s a six-figure saving on Melbourne’s typical house value.

Even more affordable is an 1884-built Neo-Gothic church converted to a house, east of the French city of Clermont-Ferrand, that’s AUD $635,130 plus related fees.

Set on 5.05ha close to a forest, this renovated 13-room chateau in Haims, France, is for sale with a €460,000 asking price, which equals $768,616 in Australian dollars. Picture: Leggett Immobilier France.

A 15th-century chateau in the small town of Nontron, southwestern France, has a $994,146 price tag in Australian money. Picture: Leggett Immobilier France.

AMP chief economist Shane Oliver said there was often better value in American houses or smaller European residences, compared to most of Australia’s capital city median house prices.

And while Mr Oliver said a significant number of international students and skilled migrants continued to arrive in Melbourne, the lure of overseas home prices meant this could change in the future.

“Generally speaking, Melbourne is an Australian city and Australian cities are expensive, so it could be a drag to attracting skilled workers – but not as bad as it would be for our more expensive cities (such as Sydney),” he said.

Mr Oliver said there was a counter point, though, with Melbourne often ranking high in international liveability studies — a factor which would draw people here.

Despite this, data from the Australian Bureau of Statistics shows 59,468 Victorians migrated overseas in the year to June 2024.

This three-bedroom home 4km from Maisonnais-sur-Tardoire, in west central France, has a$245,863 price tag in Aussie dollars. Picture: Leggett Immobilier Fance.

AMP chief economist Shane Oliver. Picture: Dylan Robinson.

International estate agency Leggett Immobilier’s Mary Hawkins, who is based in France, said her company’s website had recorded more than 50,000 visits from Australians in the past 12 months.

French real estate network Patrice Besse consultant Olivier Paradis said the availability of properties priced about €540,000 (AUD $903,295) depended on a home’s size, location and surroundings.

“At €540,000, it’s entirely possible to find very attractive properties in France, with or without renovation,” Mr Paradis said.

He advised Australians wishing to buy in France to find a good notary and a good broker.

A development in Montenegro’s coastal town of Tivat will feature 30 houses with gardens, priced from $556,512 in Australian money. Picture: Prospects Montenegro.

Some of the spectacular views on offer in Montenegro. Picture: Prospects Montenegro.

From the Montenegrin real estate agency Montenegro Prospects, sales director Ivana Vukicevic said she occasionally heard from Australian buyers.

“Montenegro is a great place to live,” Ms Vukicevic said.

“It’s a small country — just 14,000sq km, which makes it 560 times smaller than Australia — but it’s incredibly diverse.”

She said the country, with a population of about 620,000, has a little bit of everything from mountains for skiing to beaches, medieval towns, mountains and lakes.

“On a more practical note, buying property in Montenegro is a smart investment,” Ms Vukicevic added.

“Prices are still affordable compared to Western Europe, but they’re steadily rising as more people discover the country.”

She said that rental returns were very good, especially in coastal areas like Budva, Kotor, and Tivat, where short-term rentals are in high demand.

“Taxes are low, which makes owning property even more appealing, the income tax rate is one of the lowest in Europe,” Ms Vukicevic added.

“Plus, buying real estate comes with an added benefit — you can apply for a temporary residence permit, which can be renewed each year.”

Located 30km from the city of Perugia and its airport in Italy, this three-bedroom house has a $660,999 price tag. There’s also an annual $3339 condominium fee owners must pay. Picture: Savills.

WHAT DO YOU NEED TO KNOW BEFORE YOU BUY OVERSEAS?

Real Estate Institute of Australia president Leanne Pilkington was among the Australians to purchase an interest in property abroad in 2024, purchasing a $350,000 leasehold on a four-bedroom Bali villa that’s under construction.

The leasehold means they will be permitted to reside or visit across a 26-year period.

“We always joked about retiring to Bali and I said that I didn’t want to live there permanently, but would be happy to live there for a few months of every year,” Ms Pilkington said.

The couple intend to escape Australia’s winters at the villa.

Real Estate Institute of Australia president Leanne Pilkington says anyone wanting to move overseas should seek legal advice on sales contracts and research home prices in their desired destination. Picture: Supplied.

However, she added that it was important for Australians looking abroad to be aware that internet speeds and other utilities may not be as reliable in other nations, and that in the case of Indonesia foreigners wanting to buy a home freehold were legally required to do so in partnership with a citizen of the country.

She added that if they wanted to rent the villa out while they were not in residence, they had to do so through an Indonesian company.

Named The Manse, this four-bedroom house in the town of Louth, in the UK’s Lincolnshire district, is for sale with the owners seeking offers in excess of $799,137 Aussie dollars. Picture: Savills.

A Ray White Seminyak, Bali, spokesperson said that Australian buyers remained a significant portion of the foreign investor base in the Indonesian province.

“Australia has traditionally been one of the largest sources of international visitors to Bali, and this has translated into continued interest in property investment,” the spokesperson said.

“Many Australians are attracted by the potential for high rental yields and the lifestyle Bali offers, though exact numbers can fluctuate based on economic conditions in Australia and global travel trends.”

Featuring three bedrooms and four bathrooms, this villa in Badung, Bali, is on the market for $956,310 in Australian currency. Credit: Ray White Indonesia.

The spokesperson added that for under AUD $900,000, investors could look at purchasing apartments or smaller villas in less central, emerging areas of Bali.

“In places like Munggu, Balangan, or Tumbak Bayuh, you might find budget-friendly villas or land parcels,” they said.

“However, in more established areas like Seminyak or Canggu, this budget might only suffice for studio apartments or small one or two-bedroom units unless you’re looking at older properties or off-plan developments that might offer pre-construction discounts.”

The spokesperson noted that luxury properties were in high demand, with a trend towards eco-friendly and sustainable developments.

A 28-year leasehold, until 2052, for this villa in Uluwatu, Bali, is available for $940,275 Aussie dollars. Credit: Ray White Indonesia.

Designer Stuart Membery has lived in Bali for more than two decades, from where he runs Stuart Membery Architecture & Interior that works on projects locally and across Australasia, the Middle East, Europe and the US.

Mr Membery said that he enjoyed Bali’s relaxed atmosphere, beautiful tropical environment and the numerous restaurants available to dine in.

He added that most items in available in a typical Melbourne department store or supermarket were available in Bali, with several Australians relocating to Bali post-pandemic to open shops, bakeries and eateries.

“For me, as a business operator, Bali is a wonderful base,” Mr Membery said.

“I can get to America, Europe, Australia and Asia so much quicker than I could from Sydney, where I used to live.”

A three-bedroom villa in Canggu, Bali, has a 28-year lease. It’s on the market for $960,071 in Australian money. Credit: Ray White Indonesia.

Mr Membery said that buying into a Bali property’s leasehold was usually more affordable than into a freehold.

“For $900,000 Australian, in terms of a leasehold, you can get something pretty snazzy if you’re looking for a 20 to 25-year time frame,” he said.

However, he advised anyone looking to take on a leasehold to consider how much financial value they would get out of such an arrangement.

Designer Stuart Membery, who lives in Bali and runs an architecture and interiors business from there, along with a furniture and lifestyle label.

Savills Australia’s Victorian residential director Michael Lang said people relocating overseas needed to realise that often a chateau or winery offered for sale could be hundreds of kilometres from a major city like Paris or Rome – not to mention costly and time-consuming renovations, and the potential for taxes and agent fees.

“They could amount to anything up to an extra 10 to 12 per cent on top of the purchase cost,” he said.

The most popular overseas location for Savills’ Australian clients to buy into is the United Arab Emirates, often for tax and lifestyle reasons, Mr Lang added.

In the northeastern Italian province of Perugia, this farmhouse with a pool is on the market in the town of Gubbio. It‘s asking price equates to $828,558 Australian. Picture: Savills.

But, around the rest of the world there are numerous stunning homes for sale well below what you would pay for a basic residence in Australia.

A seven-bedroom Spanish palace is priced at $811,048, a townhouse amid the stunning scenery of Montenegro for $556,512 and an Italian villa has a $946,281 asking price in Aussie currency.

There’s even a small Irish island, including a house, priced at just $752,739.

In Central America, a tropical Nicaraguan island could be yours — complete with two bungalows could be yours for $609,790.

Just 35km southeast of Limoges, France, is this charming three-bedroom house in the town of Châteauneuf-la-Forêt. It has a $248,962 asking price in Australian currency. Picture: Leggett Immobilier France.

In the US, a three-bedroom Texas house will set you back $378,585 while a five-bedroom villa in India’s coastal town Kappil is on the market for $419,298.

Back in Melbourne, Real Estate Buyers Agent Association of Australia president Melinda Jennison said that strong migration was helping to drive the city’s population growth.

A house for sale in Texas with a AUD$378,585 price tag.

Ms Jennison said many new arrivals to Australia tended to settle in either Melbourne or Sydney, at first.

She said more homes needed to be built to meet demand, with Melbourne a popular destination for career and lifestyle reasons.

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