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Another Aussie City Hits $1 Million Median House Price

Jul 11
2 min read

For the first time ever, the median house price in the Queensland capital has cracked $1 million, making Brisbane Australia’s newest million-dollar property market.

According to new figures from Cotality, Brisbane’s median house price hit $1,006,000 in May, up from $996,000 in April — and a solid jump from $942,000 this time last year.

The upward trend continued into June, nudging the median even higher to $1,011,000.

That milestone puts Brisbane second only to Sydney in terms of house prices, officially overtaking both Melbourne and Canberra in the national rankings.

To give you an idea of the gap:

Sydney still leads the pack, with a $549,000 difference in median values between the two cities.
But Brisbane is now $63,000 pricier than Melbourne, and $30,000 ahead of Canberra.

So, what’s driving the surge?

Cotality says Brisbane’s boom really took off during the COVID-19 pandemic, with house prices skyrocketing 76.1% between June 2020 and June 2025. A big part of that growth came from interstate migration, as Aussies sought more affordable housing, warmer weather, and a more relaxed lifestyle.

In fact, Brisbane’s population grew by 9.2% — that’s 235,000 people — in just four years, far outpacing the national growth of 6% over the same period.

But here’s the catch:

That popularity — and the rising house prices that come with it — could start to put off new buyers.

There are already signs that price growth is slowing down.