This research and data was paid for by OurTop10. If you use it, please cite and link to our client and Primara Research. Thank you.
New research reveals Brisbane has officially breached the $1 million mark for median house prices for the first time, reaching $1.01 million in the September 2024 quarter. The Queensland capital becomes only the third Australian city to hit this milestone, joining Sydney and Canberra in the seven-figure club.
Brisbane's meteoric rise outstrips all rivals
Brisbane's property market has surged 13% annually, with the median house price jumping $120,000 in just 12 months, from $890,000 in September 2023 to $1.01 million today. Quarter-on-quarter growth shows no signs of slowing, with a $40,000 increase from the previous quarter's median of $970,000.
The city's five-year performance tells an even more dramatic story:
Brisbane: 82% growth since 2019
Adelaide: 77% growth
Perth: 76% growth
Sydney: 55% growth
Melbourne: 17% growth
The great reversal: Brisbane overtakes Melbourne
Five years ago, Melbourne's median house price of $710,000 sat 28% ahead of Brisbane's $555,000. Today, Brisbane has leapfrogged Victoria's capital, now commanding a 22% premium with its $1.01 million median compared to Melbourne's $770,000.
Apartments surge even faster
The growth extends beyond houses, with Brisbane's apartment market climbing even faster at 17% annually, pushing the median to $738,000, the second-highest growth rate of any Australian capital.
Australian Bureau of Statistics data shows Brisbane's median house price has skyrocketed 450% over 23 years, from just $185,000 in March 2002.
