Buyers seeking homes under $1 million in Australia's major cities may find value despite softer market conditions due to interest rate hikes. Sydney and Melbourne have fewer listings, but options exist in suburbs like Elwood and Reservoir. Coastal and regional areas offer affordable choices, such as Point Lonsdale and Aberdare. Brisbane's under-$1 million homes are scarce, with more options further out. Adelaide, Tasmania, ACT, Western Australia, and Northern Territory also present affordable properties under $1 million.