Million-Dollar Suburbs

Australia could soon have its second million-dollar city with further price growth nudging capital city prices higher.

PropTrack’s latest home price data shows that Brisbane’s median house price now sits at a record $977,000 after 9.6% growth over the past 12 months.

It is second to Sydney, which has a median house price of $1.425 million after growth of 3% in the past 12 months.

The ACT is also not far behind with its median now $956,000, despite a 2% drop in the past 12 months.

REA Group senior economist Eleanor Creagh expects Brisbane will pass the $1m median price level in the next few months. She says that already about half the suburbs in Southeast Queensland have medians above $1 million.

Propertybuyer CEO Rich Harvey says there are now 1,194 suburbs or towns nationally with medians of $1 million or more, up from 1,144 locations in September 2024.

He says Brisbane hitting a million-dollar median is “inevitable” given the strong growth since the pandemic and continued demand, especially from interstate migrants and investors.

“The key driver for Brisbane is interstate migration figures, the attractiveness of the lifestyle and the relative affordability compared to other states,” he says.

Harvey says a decade ago, $500,000 was what investors spent on average, but now it has crept up to between $750,000 and $1 million.

“We’re (Brisbane is) going to get there very soon this year. Brisbane has a growth rate of somewhere between 8% and 10% this year. I think it’s got a great future ahead of it.”