Australian NBA star Matthew Dellavedova buys house

Matthew Dellavedova Mike McGinnis/Getty Images

Matthew Dellavedova has used some of his new $US38.5 million Milwaukee Bucks contract to splash out on a five bedroom mansion on the shores of Lake Michigan.

The Australian point guard known as Delly scored himself a bargain in Milwaukee's reasonably priced property market compared to the sky high prices back in his homeland.

Dellavedova's 346 square metre, five-bedroom, five bathroom, Tudor-style home on a 2000 square metre block of land in Shorewood cost him $US1.36 million.

The home was originally built in 1934, but underwent a major renovation to keep much of its original character intact, according to realtor.com

Dellavedova, 26, from Maryborough in country Victoria, scored the big four-year contract with the Bucks after winning the NBA title with LeBron James' Cleveland Cavaliers last season.

The tough guard, who recently proposed to college sweetheart Anna Schroeder, joked on Wednesday with reporters that he was struggling to furnish his new digs and was in a race against time to have it done before his family visited from Australia in December.

"It takes a lot longer than what I thought to order stuff and get it in," he said.

"I already had a bed.

"But we got some temporary chairs and are eating off the ping pong table."