Thanks to the myths that media spreads, home ownership rate in this country in a steady decline. Vacancy rates everywhere you point your finger - are less than 2%. Less than 2% officially recognised as a "housing crisis".
You are going to do yourself a lot of harm trying to jump up to the height of $1m price brackets. You perhaps heard an expression "Property Ladder"? This is exactly what it is. If instead of one $1m house you buy 3 $300K houses, you would get two families paying off your mortgage, and tax deductions on top. Which means it will be easier to get the loan as bank would assess your rentals as an income.
Adelaide now in early stages of the boom, and shall double in price in the next 5-7 years. After that you can sell your houses for $2M, 1 M back to the bank and buy $1M house mortgage free.
The only flaw in that plan is that $1M house will be worth $2M in 7 years, so in reality you need to buy six $330K houses.
Alternative is to do nothing, and in this case iunflation will grind your today's money to dust.