Brisbane Joins Australia’s Million-Dollar Home Club

Brisbane has officially entered the million-dollar property market, driven by a mix of population growth, tight housing supply, and shifting buyer demand. This milestone reflects the city’s rising profile among Australia’s

Brisbane has officially joined Australia’s elite group of cities where the median house price has crossed the million-dollar mark. This major milestone reflects years of rapid growth in the city’s housing market, shaped by a mix of strong demand, limited supply, and a changing economic landscape.

Recent data shows Brisbane’s median house price now sits just over $1 million, marking a major milestone for the Queensland capital. Long behind Sydney and Melbourne in price, Brisbane’s rise reflects its growing appeal as both a lifestyle destination and a property investment hotspot.

One of the main drivers of this surge has been population growth. Brisbane has seen a steady influx of new residents, particularly from other states. Many people from Sydney and Melbourne were drawn to Queensland’s capital during and after the Coronavirus Disease 2019 (COVID-19) pandemic, seeking more space, better weather, and more affordable housing options. This population shift created a spike in demand for homes, especially in areas offering quality lifestyles and proximity to the city.

At the same time, housing supply in Brisbane has struggled to keep pace. Delays in construction, rising building costs, and a lack of available land have all contributed to a tightening market. As demand has continued to outstrip supply, house prices have naturally moved upward.

Another factor fueling Brisbane’s growth is its changing role in the national economy. Infrastructure projects, a growing job market, and a surge in remote work have made the city more attractive to a broader range of buyers. With more professionals able to work from anywhere, Brisbane has become a top choice for those seeking a better work-life balance without sacrificing career opportunities.

The announcement that Brisbane will host the 2032 Olympic Games has also boosted confidence in the local property market. Experts say this has encouraged more investment and infrastructure development, further driving up property values.

For many buyers, this new price point presents both opportunity and challenge. While some long-time homeowners have seen strong gains in their property value, first-home buyers may now find it harder to enter the market. Still, analysts note that Brisbane remains more affordable than Sydney and Melbourne, with plenty of growth potential ahead.

As Brisbane steps into its new role as a million-dollar market, it reflects a broader shift in how Australians view city living and where they choose to call home.