Qld’s million-dollar shock: Majority now priced out of Brisbane houses

The majority of houses in Brisbane are now out of reach of most wage earners in the state as the median price comes $2k shy of $1m.

Queensland has hit a jaw-dropping milestone, with Brisbane’s house price skyrocketing to the brink of $1m, slamming the door on the dream of home ownership for the majority of wage earners.

The latest PropTrack Home Price Index released Monday saw Brisbane’s median house price reach just $2k shy of $1m to $998,000 with its median unit now priced the same as houses were in April 2022 ($690,000).

Money.com.au figures estimate a pre-tax income of about $187,000 is required to buy a million-dollar home, off a 10pc deposit with lender’s mortgage insurance – out of reach of the majority of Queensland where Australian Bureau of Statistics figures put median weekly earnings at $1,350 in August 2024 or $70,200 a year.

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Brisbane heat map for home price growth across its SA4 regions. Source: PropTrack.

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Brisbane’s median dwelling price (which includes houses and units) rose 8.38 per cent annually to $889,000, the PropTrack data found, with unit growth outpacing houses (11.42pc vs 7.8pc).

PropTrack senior economist Eleanor Creagh found no relief from price rises across the state over the year, with regional Queensland dwelling prices rising stronger than Brisbane annually, up 8.66 per cent to $733,000.

Regional houses which are at peak median of $769,000 are outpacing the rise in unit prices there, seeing an annual jump of 8.96pc versus 7.58pc respectively. Regional unit prices are shockingly close to Brisbane’s median sitting at $674,000 now.

The top four SA4 regions in Queensland had higher dwelling price growth levels than any of its counterparts across the country, led by Townsville up 20.19pc to $540,000, Central Queensland +16.33pc to $534,000, Darling Downs-Maranoa +14.13pc to $482,000 and Toowoomba +13.36pc to $661,000. Queensland fifth strongest SA4 region was Ipwich in Greater Brisbane which rose 11.35pc to $747,000.

Eleanor Creagh is PropTrack’s senior economist.

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Ms Creagh said cities like Brisbane “are now seeing growth moderate after strong outperformance” but added “lower interest rates have lifted borrowing capacities and boosted buyer demand” which was “likely to drive further price growth throughout the remainder of 2025”.

“While stretched affordability will remain a constraint, a chronic lack of new housing supply, population growth, and targeted buyer incentives are expected to keep upward pressure on prices,” she said.

OpenCorp founder and property investment expert Cam McLellan said more everyday Queenslanders were now turning to “creative, sustainable ways into the market”, seeking options “outside of being ‘traditional’ PPR (principal place of residence) owners” given price surges.

His main recommendations centre around “buying sight unseen in more affordable states; embracing rentvesting – renting where you want to live, buying where you can afford; and accessing equity from parents’ homes, no cash needed”.

Rentvestors Marie and Lee Brown pictured at home at Victoria Point. Picture Lachie Millard

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Queenslanders Lee and Marie Brown are among those who’ve given up living in their own home in Greater Brisbane – instead buying rentals including two interstate bought sight unseen.

The couple now have four properties in their portfolio, and said the scariest part was just getting started.

“We live in Queensland and had already bought two investment properties here, in Doolandella and Algester, with OpenCorp’s help in 2019 and 2022. But when we were ready to keep building our portfolio, they showed us we didn’t have to stick to our own state.”

“That’s how we ended up buying in Perth and Victoria. We realised it’s not about buying close to home, it’s about buying where your money will work hardest.”

“We were used to taking big holidays and getting new cars every other year. Shifting our mindset from spending to investing took work. We also had to clear our bad debt. But education was key. Now we look back and wish we’d started earlier.”

Townsville continues to show the strongest growth in the country of SA4 regions.

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The HPI results come as the latest Australian Bureau of Statistics building approval data warned just 5,612 apartments were approved across March and April, compared with 8,625 across January and February – a sad statistic for those priced out of houses hoping to buy a unit to live in.

Property Council of Australia group executive policy and advocacy Matthew Kandelaars said “this is a far cry from the 15,029 greenlit during March and April in the apartment boom of 2016”.

“We will not meet our housing targets without the heavy lifting that needs to come from apartments that can deliver homes at scale close to transport, existing infrastructure and amenities.”

He warned even with approvals “it can take years for a project to start construction, held back by a tight labour market, high construction costs and complicated planning systems”.

“State and territory governments need to step up. Planning is key to delivering more homes, and our approvals data shows that the current systems are not working. More must be done.”

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