Brisbane has officially entered Australia’s million-dollar property market, with median house prices surpassing the $1 million mark for the first time in recorded history. As of May 2023, the median house price reached $1,006,000, increasing from $996,000 in April and up from $942,000 in May 2024. This trend continued into June, climbing to $1,011,000.
This milestone positions Brisbane alongside Sydney in terms of average property pricing, making it the second-highest city for house prices in the country, having overtaken Canberra and Melbourne in recent months. However, despite this impressive surge, Brisbane’s prices still lag behind those of Sydney by approximately $549,000, a minor decrease from the peak gap of $567,000 noted in October. Brisbane’s median is also $63,000 higher than Melbourne’s and $30,000 above Canberra’s.
Cotality’s analysis indicates that since the onset of the COVID-19 pandemic, Brisbane’s house values have skyrocketed by 76.1%, growing significantly from June 2020 to June 2025. The rapid increase in property prices can be attributed to a notable rise in interstate migration, driven by the city’s more affordable cost of living and appealing lifestyle options. Between June 2020 and June 2024, Brisbane’s population surged by 9.2%, amounting to around 235,000 new residents, which far exceeds the national growth rate of 6% during the same timeframe.
However, this dramatic rise in property values could potentially reverse the very migration trend that has propelled these prices. Although home values are still on the rise, growth appears to be slowing—1.9% in the latest quarter compared to 3.5% in June 2024 and a peak of 10.2% in the three months to November 2021.
As Brisbane stands at the forefront of Australia’s housing market transformation, the future trajectory of its property prices remains a focal point for potential buyers and investors alike. With ongoing population growth intertwined with evolving market dynamics, it will be interesting to see how Brisbane navigates this new phase in its real estate history.