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REA Group senior economist Eleanor Creagh expects Brisbane houses to pass the $1m median price level in the next few months.
Almost half of all houses across South East Queensland are now over $1m with over 310 suburbs across the state passing the millionaire median mark as prices continue to surge.
Analysis of market trend data shows 325 Queensland suburbs with either house, unit or both medians sitting higher than $1m. Fifteen were for units, 11 of which were in areas where houses were also at seven digits or more.
Among those now smack bang on $1m for house medians are Daisy Hill in Brisbane off massive 21.8 per cent growth in the past year, along with Wynnum West, Beerburrum and Palmwoods on the Sunshine Coast, all of which got there off double digit annual rises.
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Brisbane suburbs are firing though the Gold and Sunshine Coasts still outpace its overall medians.
Also breaking through were Logan suburbs Underwood ($1,006,500) and Shailer Park ($1.015m), Kurwongbah in Moreton Bay ($1.005m), Brighton ($1.004m) and Kenmore ($1.005m) in Brisbane and Pacific Pines ($1.01m) and Highland Park ($1,016,269) on the Gold Coast.
This as the latest PropTrack Home Price Index, released Saturday, saw Brisbane’s median house value threaten to pass the crucial seven-figure price point, sitting tantalisingly close at a record $977,000, though both the Gold and Sunshine Coasts have already surpassed that level.
It pips January’s figure which was revised downwards by over $2,000, with REA Group senior economist Eleanor Creagh now expecting the value of half the houses across the region to cross the millionaire line this year.
She said on current growth trends, Brisbane houses were on track to hit $1m median this year.
“If growth continues at the same pace, I guess it would be six to eight months, at some point this year,” she said.
Brisbane’s overall median dwelling value is at a record $870,000 after January’s revisions, with the highest level on the Sunshine Coast ($1.01m) then the Gold Coast $962,000, Ipswich $720,000, Toowoomba $640,000, Mackay-Isaac-Whitsunday $535,000, Cairns $575000, Townsville $525,000, and Central Queensland $515,000.
Buyer’s agent Rich Harvey said the latest Propertybuyers/Hotspotting report recorded 1194 suburbs or towns nationally hitting medians of $1m or more.
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Queensland’s millionaire suburbs list was made up of 138 suburbs in Brisbane, 67 on the Sunshine Coast, 57 on the Gold Coast, 19 in Logan-Beaudesert, 17 in Moreton Bay, six in Ipswich, four in Wide Bay, three in Mackay-Isaac-Whitsunday, two each in Townsville and Toowoomba and one in Cairns.
Propertybuyer CEO Rich Harvey said Brisbane hitting a million-dollar median was “inevitable” given the strong growth since the pandemic and continued demand especially from interstate migrants and investors.
Exclusive research by Propertybuyer and real estate analysts Hotspotting, saw Queensland make up almost half their top 10 hottest suburbs on the brink of million-dollar median prices. Four Queensland suburb made the list – Capalaba in Redlands, Coombabah and Upper Coomera on the Gold Coast, and Woombye on the Sunshine Coast.
“What suburbs will hit it faster than others comes down to amenity, attractiveness, proximity to shops, schools, transport, and the right connectivity to lifestyle activities.”
“The key driver for Brisbane (and SEQ) is interstate migration figures, the attractiveness of the lifestyle and the relative affordability compared to other states.”
Rich Harvey featured on Channel 9’s Buying Blind TV show with Marshal Keen and Shaynna Blaze.
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The Propertybuyers/Hotspotting report said as of January 2025, there were 1194 suburbs or towns nationally with a median house or unit price of $1m or more, compared with 1144 in September 2024 (based on analysis of markets with 30 or more sales in the previous 12 months).
Real estate agent Wade Trask of Place Cleveland said “it’s just crazy” the type of price projection Brisbane was facing due to demand continuing to exceed homes for sale.
In Redlands, he said, “you can’t get into a four bedroom property now for less than million dollars, I’ve been talking to people with three bedders which go up to $900,000s now.”
But he said the prices were still better value there than just five to 10 minutes closer to the CBD where the same houses might go into the $2m-plus range.
Mr Harvey said a decade ago $500k was what investors had to spend on average but “now it’s crept up to $750k to $1m.”
“I think $1m for Brisbane is inevitable. We’re going to get there very soon this year. Brisbane has a growth rate of somewhere between 8 and 10 per cent this year. I’m heavily invested in Brisbane myself. I think it’s got a great future ahead of it.”
Annual growth & dwelling medians:
Sunshine Coast 6.14% $1,010,000
Gold Coast 8.01% $962,000
Brisbane 10.21% $870,000
Ipswich 14.24% $720,000
Toowoomba 13.18% $640,000
Cairns 8.17% $575000
Townsville 24.21% $525,000
Central Queensland 20.39% $515,000
Mackay-Isaac-Whitsunday 13.45% $535,000
(Source: PropTrack Home Price Index)
