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Brisbane tipped to reach $1m median by next year: How a slow burn became Australia’s hottest market

In less than 18 months, Brisbane is tipped to reach its most significant milestone yet – a $1 million median house price tag.

Just 12 per cent, or $111,715, remains between that momentous seven-figure sum after house prices rose to a record high of $888,285 in December. Given the city has consistently collected around 10 per cent of annual growth over the past few years, experts predict we might even get there by next January.

While it’s bound to come as an unwelcome shock for frustrated buyers and renters, the city’s coming of age has been years in the making, says Domain chief of research and economics Dr Nicola Powell.

A cataclysmic shift that started before the pandemic is continuing to transform the formerly sleepy city into an international magnet, with the market clocking milestone after milestone since 2020.

Just look at last year alone.

In April, historic New Farm home Amity – at 101 Welsby Street – cracked the city’s house price record when it sold for $20.5 million.

In December, rent prices across the city rose to record heights with interstate demand sending rents in some blue-chip suburbs to $1000 per week.

City timeseries data from Domain reveals house medians have almost doubled since March 2016, and with plenty of room left to grow, Powell believes the next decade could be the Sunshine State capital’s most thrilling yet.