New research from OurTop10 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:
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.
"Brisbane's transformation from affordable alternative to premium property market has been nothing short of remarkable," says Simon Ma, CEO of OurTop10. "At the current 13% annual growth rate, Brisbane is on track to overtake Canberra as Australia's second-most expensive capital city for houses."
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.
"Brisbane is no longer the budget-friendly escape valve for southern buyers," adds Ma. "The city has graduated into a premium market, and that fundamentally changes who can afford to live here.”
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