It’s official: Brisbane’s property market has soared into the seven-figure club, with the median house price now topping $1 million.
A record $1,016,192 median house price was reached in the December quarter – fuelled by a $23,000 quarterly price hike – capping an extraordinary eight straight quarters of growth.
The median unit price increased by almost $100,000 in 2024 (an increase of 18.1 per cent), with a further rise over the December quarter, cementing Brisbane’s position as the second-most expensive capital city for unit buyers, Domain’s latest House Price Report, released on Thursday, revealed.
The million-dollar milestone is a “psychological line in the sand” for Brisbane, says Dr Nicola Powell, Domain’s chief of research and economics, with the Queensland capital tipped to be one of Australia’s best-performing property markets in 2025, even as the pace of price growth cools.
“There have been so many milestones reached for Brisbane recently,” said Powell.
The city’s typical house climbed by about $100,000 (10.9 per cent) last year, with New Farm recording a 6.7 per cent increase, bringing the premium suburb within $200,000 of the $3 million median milestone.
“The fact that we’ve now got premium suburbs like New Farm, Teneriffe & Newstead rubbing shoulders with the eastern suburbs of Sydney and even some of the elite suburbs on the Gold Coast is how you know you’ve got a perception change,” said Powell.
Brisbane’s coming of age is in full swing. “Brisbane last year had a real bounce back after a quite difficult 2022 and 2023 market … and specifically in the unit [market]. That is in line with government stimulus and this feeling that Brisbane is a really good long-term outlook,” said Powell.
Local and interstate buyers alongside young professionals and empty nesters downsizing are what is fuelling the inner-city apartment market. demand having scarcely wavered and a continued lack of supply.
