we did ours on a budget...it's functional, looks great and the money we saved means I'll be able to stay home for longer.

A friend gifted us her beautiful bassinet (which we barely used since it was too deep and DS woke every time I put him in there), a new mattress for that was $20 from Clark Rubber. I bought new linen for about $30

Boori cot and mattress off eBay for $300, set up as a sidecar to our bed because we cosleep, but can also be converted to a toddler bed. Linen was $20 (plain white fitted sheets...DS sleeps in a grobag)

Pram & capsule - we bought a brand new travel system for $500 from pramwarehouse (cheapest price I could find)

Ikea chest of drawers and shelving unit were about $300, and I put a change mat on top of the drawers $20

For decorations I bought square canvases and covered them in bright colored children's quilting fabric - DS LOVES them...from only a few weeks old he would smile, giggle and chatter to them. Even now if he's crying, we take him to look at his 'pictures' and he settles straight away. Total cost probably about $100

there are a couple of websites I looked at that do nursery packages for cheap...babyzonedirect and bubsngrubs come to mind. Goodluck!