It’s no secret that property prices around Australia have skyrocketed over the past decade while wages have stagnated. So is it still possible to buy into the Australian dream and purchase your own home on a budget?

The New Daily took a virtual tour of Australia’s capital cities to find out what $400,000 can buy in today’s property market.

Sydney

It’s nearly impossible to find a house for under $400,000 in Sydney, where the median house price for the March 2018 quarter was $878,325, according to CoreLogic.

This two-bedroom Lower Macdonald bushland sanctuary sold for $370,000 in January, but it’s quite a commute to Sydney’s CBD. The hamlet village is 78 kilometres from the city, and has a population of just 260 according to 2016 census data.

This two-bedroom property in Lower Macdonald sold for $370,000. Photo: WFR Real Estate

A bushland sanctuary 78km from Sydney’s CBD. Photo: WFR Real Estate

Other options include a double brick two-bedroom property in the western Sydney suburb of St Marys, 45 kilometres from the CBD, which sold for $380,000 in February, and a three-bedroom townhouse in Campbelltown, sold for $385,000 in March.

A two-bedroom property in St Marys. Photo: LJ Hooker

A $385,000 Campbelltown townhouse. Photo: Prudential Real Estate

When it comes to apartments, an art deco studio residence in Potts Point sold for $370,000 in April, offering city rooftop views in a desirable location close to eateries, the harbour, and and inner-city hot spots.

An Art Deco apartment building in Potts Point. Photo: Bresic Whitney Rosebery

Inside the $370,000 Potts Point apartment. Photo: Bresic Whitney Rosebery

It’s still possible to snag a studio apartment in Centennial Park for under $400,000, or consider a two-bedroom option in Cabramatta, the home of Sydney’s thriving south-east Asian food scene.

The Chantilly apartment building in Centennial Park. Photo: Century21

Inside the Centennial Park apartment, which sold for $388,500 on April 21. Photo: Century21

Melbourne

It is still possible to find a livable house for $400,000 in Melbourne’s outer suburbs, but only just. Melbourne’s median house price for the March quarter was $720,881. This quaint three-bedroom Werribee house, 32 kilometres from the CBD, sold for $395,000 on April 21, while a three-bedroom Melton house set on 589 square metres maxed out the budget at $400,000 on April 23.

A $395,000 house in Werribee. Photo: Hocking Stuart Werribee

Inside the Werribee house. Photo: Hocking Stuart Werribee

Apartments are a better bet for inner-city Melbourne living at a $400,000 price point. Greville Street, Prahran is one of Melbourne’s most renowned streets for shopping, cafes, and nightlife south of the river, and this stylish one-bedroom apartment with balcony is right in the centre of the action, and sold for $369,000 in January.

Outside 120 Greville Street, Prahran. Photo: Biggin & Scott Prahran

Inside the stylish one-bedroom on Greville Street. Photo: Biggin & Scott Prahran

If you’re a young professional looking to be in the heart of the city, this loft-style apartment with spiral staircase and mezzanine bedroom in the Bank Apartments building on Bourke Street sold for $395,000 in February.

The Bank Apartments on Bourke Street. Photo: Dingle Partners

The apartment features a spiral staircase and mezzanine level. Photo: Dingle Partners

This sixth-floor apartment in the historic Grand Hotel building, built circa 1893, with majestic foyer, Docklands views and amenities including pool, and gym, sold for $382,000.

The Grand Hotel building circa 1893. Photo: City Residential Real Estate

The foyer of the Grand Hotel apartment building. Photo: City Residential Real Estate

Brisbane

You’ll get slightly more bang for your buck when it comes to houses in Brisbane. You can even net a decent block of land with a three-bedroom house on it, like this family home in Acacia Ridge, set on 549 square metres and sold for $400,000 on April 23.

This three-bedroom home in Acacia Ridge sold for $400,000. Photo: LJ Hooker Sunnybank Hills

The view from the balcony. Photo: LJ Hooker Sunnybank Hills

The median house price in Brisbane was $491,806 in March. This top-floor two-bedroom apartment in happening Fortitude Valley sold for $399,000 in April.

A $399,000 apartment in trendy Fortitude Valley. Photo: Position

Inside the top floor two-bedroom apartment. Photo: Position

This 84-square-metre one-bedroom with study and balcony in the heart of downtown Brisbane went for $400,000 in January.

The view from a $400,000 apartment in Brisbane City. Photo: Place Estate Agents

Inside the Brisbane City apartment. Photo: Place Estate Agents

Perth

Perth’s median house price for the March quarter was $464,736. For $400,000, you can still expect to find quality three- and four-bedroom family homes within 45 minutes of the city centre.

Located in Dianella, 9 kilometres from Perth’s CBD, this contemporary three-bedroom home was sold for $400,000 in April.

This Dianelle property sold for $400,000 in April. Photo: Acton Mount Lawley

Inside the three-bedroom Dianella house. Photo: Acton Mount Lawley

Featuring a renovated kitchen, carport and in-ground pool, this three-bedroom house is close to Perth Airport in High Wycombe. It sold for $385,000 in April.

This three-bedroom house in High Wycombe sold for $385,000 in March. Photo: Professionals Stirling Clark

The property features an in-ground pool and large backyard. Photo: Professionals Stirling Clark

Positioned on the edge of the CBD, this stylish top-floor loft-style apartment has two bedrooms plus a third bedroom or study, spectacular city views and access to a shared pool. It sold for $350,000 in January.

A stylish city-edge apartment for under $400,000. Photo: Limnios Property Group

The apartment sold for $350,000 in January. Photo: Limnios Property Group

Adelaide

Adelaide recorded a median house price of $434,629 in the March quarter.

In the leafy, family-oriented suburb of Golden Grove, this three-bedroom sandstone house is about 35 minutes’ drive from Adelaide’s CBD. It sold for $385,000 in April.

A delightful sandstone cottage in Golden Grove. Photo: Ray White Golden Grove

The house showcases a gourmet kitchen with tiled splashback. Photo: Ray White Golden Grove

This two-bedroom apartment in the centre of trendy North Adelaide sold for $400,000 in April.

A $400,000 apartment in North Adelaide. Photo: Harris Real Estate

The apartment is just minutes from the CBD. Photo: Harris Real Estate

Canberra

Australia’s national capital had a median house price of $591,492 in March quarter.

This two-bedroom house is on a 364 square metre block in Latham, about 20 minutes’ drive from Canberra’s CBD. It sold for $377,500 in February.

A cozy two-bedroom house in Latham. Photo: LJ Hooker Kippax

The house sold for $377,500 in February. Photo: LJ Hooker Kippax

Designed by Fender Katsilidis, the architects behind Melbourne’s Eureka Tower, this modern apartment in Acton’s Nishi building sold for $400,000 in March.

The Nishi building in Acton. Photo: Luton Properties

The view from the apartment’s balcony. Photo: Luton Properties

Hobart

Despite recent growth in the housing market, Hobart remains Australia’s most affordable capital city, with a median house price of $423,468 in the March quarter.

It’s tough to nab a house for under $400,000. If there is a bit of wriggle room in your budget, you can snag a gem like this two-bedroom pad in the beachside suburb of Taroona. It sold for $428,000 in February.

A two-bedroom house in beachside Taroona. Photo: Charlotte Peterswald for Property

Inside the Taroona property. Photo: Charlotte Peterswald for Property

There are plenty of great apartment options, like this central Hobart one-bedroom, which sold for $385,000 in March.

This city’s edge apartment sold for $385,000. Photo: Knight Frank

Inside the one-bedroom apartment. Photo: Knight Frank     

Darwin

Darwin’s median house price clocked in at $429,048 in the March quarter.

This three-bedroom house sold for $360,000. Photo: Real Estate Central

Inside the Anula property. Photo: Real Estate Central

In the northern suburb of Anula, this three-bedroom house sold for $360,000 in January.

A $385,000 Darwin city apartment. Photo: Elders Real Estate

Inside the one-bedroom apartment. Photo: Elders Real Estate

Walking distance to the CBD, this ground-floor one-bedroom apartment with shared pool sold for $385,000 in March.