Australia could soon have its second million-dollar city, with rising property prices pushing capital city markets higher.
For residential property investors, Brisbane is shaping up as a prime market to watch.
According to PropTrack’s latest home price data, Brisbane’s median house price has hit a record $977,000, following 9.6% growth over the past year.
Sydney remains the most expensive city, with a median of $1.425 million after 3% growth, while the ACT sits at $956,000 despite a slight 2% drop.
REA Group senior economist Eleanor Creagh predicts Brisbane will surpass the $1 million median price within months. She notes that nearly half the suburbs in Southeast Queensland already have median prices above this level.
Propertybuyer CEO Rich Harvey highlights the broader trend, revealing that 1,194 suburbs and towns across Australia now have median prices of $1 million or more, up from 1,144 in September 2024.
He believes Brisbane reaching a million-dollar median is inevitable, driven by strong post-pandemic growth and continued demand from interstate migrants and investors.
“The key factors driving Brisbane’s growth are high interstate migration, its attractive lifestyle, and affordability compared to other states,” he explains.
Harvey also points out that investor budgets have changed significantly. A decade ago, the average investment spend was $500,000, but today it’s between $750,000 and $1 million.
“With Brisbane’s current growth rate of 8% to 10%, it’s only a matter of time before it joins Sydney in the million-dollar club. For property investors, the future looks bright.”
