Brisbane’s property market has reached a new milestone as house prices continue to climb, hitting a record median of $994,945 in the September quarter.
This marks the seventh consecutive quarterly increase for the city, and if growth continues at the current pace, Brisbane could reach the million-dollar median threshold in a matter of weeks according to Domain.
The city’s unit market has also seen some solid gains, pushing Brisbane to become Australia’s second most expensive capital for units, overtaking Melbourne for the first time in 25 years. As demand remains strong amidst tight supply, Brisbane is set for continued growth.
Unit prices surge as demand grows
Brisbane’s unit market has seen exceptional growth, with the median price rising by $20,000 in just three months to $610,321 – a quarterly increase of 3.3 per cent. This rise is the strongest among all capital cities, marking a key moment for Brisbane’s unit market.
A combination of factors, including affordability pressures and limited new supply, has pushed more buyers toward units as a viable alternative to houses. The narrowing price gap between units and houses has made units particularly attractive for both local and interstate investors and Brisbane buyers agents. The surge in unit prices also highlights the impact of high building costs, as fewer new units are coming onto the market, creating competition for existing stock.
Interest in Brisbane’s western suburbs
Certain Brisbane suburbs are experiencing rapid price growth, with the western regions showing especially strong gains. House prices in Brisbane’s west rose by 5.3 per cent over three months, reaching a median of $1.3 million. Meanwhile, the Logan-Beaudesert area saw the biggest increase in unit prices, jumping by 8.2 per cent, followed closely by Brisbane’s west, which rose by 6.9 per cent.
Suburbs like Manly have turned into standout performers, with house prices soaring by 42 per cent to nearly $1.6 million over the past year. This sharp growth is partly driven by demand from interstate investors and Brisbane buyers agents who view Brisbane as an attractive option compared to other capitals facing additional taxes or regulations.
Demand-driven by infrastructure and limited supply
Brisbane’s inner city has also seen renewed interest in high-end apartments, thanks to ongoing infrastructure developments such as the Queens Wharf project. New amenities are attracting buyers, including local downsizers and investors who see long-term potential in the area.
Despite strong demand, limited development approvals and high construction costs are keeping supply tight, which is likely to drive prices further in the coming years. Many new builds in Brisbane are now high-cost developments and entry-level units are scarce, putting upward pressure on prices across the board.
Affordability challenges ahead
With prices continuing to rise, Brisbane is quickly approaching the million-dollar median mark, posing affordability challenges for prospective buyers. This surge has led to increased demand in areas such as Enoggera and Ashgrove, where even postwar homes are seeing high demand. One-bedroom apartments in the inner city are now above the million-dollar price tag, signalling a shift in what buyers are willing to pay for central locations.
Experts predict that if interest rates decline, demand could rise even further, adding more fuel to the already-competitive market. In the unit sector, first-home buyers remain active, though they face challenges due to rising costs and limited new inventory.
The Brisbane market shows no signs of slowing down, with strong demand and constrained supply expected to support ongoing price increases. As the city prepares for major events like the 2032 Olympics and continues infrastructure improvements, prices are likely to keep on rallying.
If you want to learn more or are considering buying property, seeking advice from a buyers agency in Brisbane who provide local expertise through qualified Brisbane buyers agents.
