Australia’s Newest Million Dollar City; Inside the Brisbane Property Market
In June 2021, Brisbane sat comfortably below Sydney, Melbourne and Canberra for median house prices, missing out on a podium spot. Four years on Brisbane is now the second-largest property market in Australia (in terms of median home values). [1]
Brisbane’s rise has been rapid and relentless. It’s passed Melbourne (Which has dropped to fourth) and Canberra (Which has continued to grow, albeit at a slower pace) to challenge Sydney for the most expensive capital city. It’s also finally crossed the median million-dollar mark for property prices, Something that, until now, had only been accomplished by Sydney.
This is great news for people who invested in Brisbane at the turn of the decade. It’s rare to see such a surge in property values in such a relatively short amount of time. For those now looking to buy in Queensland’s most recognisable capital city, homeownership is less and less accessible. How did Brisbane grow so quickly? What types of properties are fuelling this growth? And what solutions exist for homebuyers?
The Rise of The Sunshine State
Brisbane’s growth has been fed by some key factors:
- From June 2021 to June 2025, median home values increased 76.1%, as people returned to the city post-COVID.
- The resident population has grown an estimated 9.2%, as Brisbane proved a popular area for interstate and overseas migration. [2]
- Brisbane’s slower start to the pandemic-era housing boom gave it a more stable foundation to build from.
- Brisbane’s hosting the 2032 Olympics, drawing large international crowds and cementing its place as one of the world’s great cities.
The Queensland Government attributes the significant amount of migration to Brisbane, both internally and externally, to a focus on a healthy job economy, safe and inclusive spaces, and plenty of opportunity for business owners. [3]
What Does This Mean for Homeowners?
Brisbanites who already own property, particularly those who purchased at the start of the 2020’s have plenty of reason to celebrate, as the median home in Brisbane has gone from $558,000 to $1,011,000 in just five years. For a homeowner, that’s an estimated return on investment of over 76%.[4] In just 5 years, the median property value has very nearly doubled. Despite this, house sales Australia-wide continue to be relatively low. Stock levels are 5.8% less than this time last year. The Brisbane property market sees high demand, but critically low supply. As of last month, vacancy sits at 0.9% [5].
What Does This Mean for Homebuyers?
Brisbane has gone from one of Australia’s most affordable Capital Cities to one of the hardest to enter.
The Home Guarantee scheme for first home buyers was raised to include properties valued under $1,000,000 after the last Federal Election . First home buyers are still able to access properties in Brisbane that fall only slightly below the median value with a 5% deposit, without having to pay LMI.
It’s difficult to discern just how much further the property market in Brisbane is going to climb; The market is expensive enough for first home buyers looking for a safe entry point, but for property investors hoping to capitalise on the Brisbane boom, it’s safe to say they’ve likely missed the train. Brisbane could still grow to rival Sydney’s $1.5 million market, but growth will likely moderate in the second half of this year.
Some suburbs that are still quite affordable and seeing strong growth include, but aren’t limited to, Deception Bay, Redbank, and Victoria Point, with all three having median property prices below $1,000,000, and positive net growth month-to-month [6].
If you’re looking to buy, invest or refinance in Brisbane, or any other capital city or region, reach out to your local MoneyQuest Broker. We can help look at your borrowing power, discern what and where you can buy, and help you shape your savings for smart property investment. Reach out today!
[5] SQM. Residential Vacancy Rates, City: Brisbane. viewed 21/7/25
Disclaimer:
This article is written to provide a summary and general overview of the subject matter covered for your information only. Every effort has been made to ensure the information in the article is current, accurate and reliable. This article has been prepared without taking into account your objectives, personal circumstances, financial situation or needs. You should consider whether it is appropriate for your circumstances. You should seek your own independent legal, financial and taxation advice before acting or relying on any of the content contained in the articles and review any relevant Product Disclosure Statement (PDS), Terms and Conditions (T&C) or Financial Services Guide (FSG).
Please consult your financial advisor, solicitor or accountant before acting on information contained in this publication.
Proudly Part Of
The Money Quest Group (MQG) is one of Australia's leading boutique mortgage broking businesses, with a network of more than 600 brokers nationwide. Known for their exuberant culture and superior support, MQG provides brokers access to a range of financial products from more than 60 lending institutions and suppliers, and exclusive access to in-house benefits and services.
© 2017-2025 MoneyQuest Australia Pty Ltd, Australian Credit Licence 487823