Based on Cotality’s analysis, median house prices in Queensland’s capital rose to $1,006,000 in May, increasing from $996,000 in April and $942,000 in May 2024.

The price increase continued in June, lifting to $1,011,000.

It’s the first time on record median house prices in Brisbane have topped $1 million, putting it next to Sydney for average property values.

Brisbane has held its position as the second most expensive house market in Australia since June, trailing only Sydney. It overtook Canberra in October last year and Melbourne in June last year.

However, there remains considerable daylight between Brisbane prices and Sydney prices.

Cotality found the gap between Sydney’s median home values and Brisbane’s was aat $549,000, down a little from its peak of $567,000 last October.

Meanwhile, Brisbane’s median is $63,000 above Melbourne’s and $30,000 higher than Canberra’s.

Cotality reported that Brisbane house prices have climbed sharply since the onset of the COVID-19 pandemic, with a 76.1 per cent increase from June 2020 to June 2025.

Their research found that much of the price increase had been driven by interstate migration, which had its foundations in cost of living and lifestyle motivations.

Brisbane’s population grew 9.2 per cent – or by 235,000 people – between June 2020 and June 2024, Cotality said, compared to six per cent growth nationally in the same period.

However, the booming house prices that mark Brisbane’s success in attracting new residents could also see that very trend reversed.

Cotality also found house price growth was slowing if still solid, rising 1.9 per cent in the latest quarter, compared to 3.5 per cent in the June 2024 quarter and a high of 10.2 per cent in the three months to November 2021.