Brisbane has officially joined Sydney in the elite club of million-dollar house markets, with its median house value surpassing $1 million for the first time on record in May.
According to Cotality’s Home Value Index, the median rose from $996,000 in April to $1,006,000 in May, and then again to $1,011,000 in June.
This milestone places Brisbane as the second-highest capital city housing market by median value for the ninth month in a row, overtaking Melbourne in June 2024 and Canberra in October 2023. While Sydney still holds the top spot, the median gap between the two cities remains substantial at $549,000, only slightly down from its peak of $567,000 in October 2024.
Brisbane’s momentum is part of a broader trend, with Cotality’s latest Housing Chart Pack revealing that 78.8% of Brisbane suburbs were at a record high in June – the highest share of any capital city.
The city’s rapid house value gains are part of a longer-term trend. From June 2020 to June 2025, Brisbane’s home value undex (HVI) for houses climbed 76.1%, while the median house value jumped from $558,000 to $1,011,000 – a $453,000 gain in five years.
This extraordinary rise is largely attributed to Brisbane’s late start in the pandemic-era housing boom, which allowed it to grow from a more affordable base compared to Sydney and Melbourne. The city’s warmer climate, lower housing density, and lifestyle appeal also made it an attractive option during the COVID period.
A major driver of Brisbane’s boom has been interstate migration, particularly from New South Wales and Victoria. Greater Brisbane’s population grew by 9.2%, or 235,000 people, from June 2020 to June 2024 – well above the national population growth rate of 6.0% in the same period.
Assuming an average household size of 2.5, this growth translated to an estimated 94,000 additional dwellings required. Over that same four-year period, around 88,000 dwellings were completed in Brisbane, suggesting that demand outpaced supply, further intensifying price pressure.
While international migration has contributed, the net inflow from other Australian states has been the standout. Fewer Queenslanders have moved away, and more Australians are relocating to the Sunshine State.
This population surge came at a time of constrained housing supply and led to a sense of urgency in the market, particularly in Brisbane.
Queensland has also benefited from a strong labour market and resilient economic activity, including robust job growth and state final demand.
While Brisbane’s growth story has been impressive, affordability constraints are starting to bite. The city’s median house price advantage over Melbourne and Canberra—$63,000 and $30,000 respectively – may begin to erode its appeal to interstate movers.
Although Brisbane house values rose 1.9% in the June 2025 quarter, the pace has slowed from the 3.5% growth recorded in Q2 2024 and a high of 10.2% in the three months to November 2021.
Nationally, 44.8% of suburbs analysed by Cotality are now at record highs in value, and more than 600 others are within 0.5% of peak. With no rate cut in July, ongoing housing shortages, strong investor activity, and resilient buyer demand are keeping pressure on prices.
