Brisbane house prices hit record high, cementing $1m status
Brisbane houses have hit a fresh record as home prices across Queensland surged to shocking highs.
Brisbane has defied gravity by smashing out a new home price record for a 32nd straight month, despite affordability constraints slowing the pace of growth.
After breaking through the $1m barrier last month, the latest PropTrack Home Price Index, released Friday, reveals the Queensland capital’s median house price rose again in July to $1.067m — up from $1.015m in June.
Brisbane’s median price for all dwellings (houses and units) rose another 0.4 per cent over the month and now sits at $919,000 — up from $908,000 in June, and nine per cent higher than a year ago.
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It remains the second most expensive capital city behind Sydney, with a median home price of $1.19m.
In regional Queensland, home prices were up 0.6 per cent over the month, hitting a new peak, and have grown nearly 10 per cent in the past financial year.
Townsville was the state’s strongest performer over the past 12 months, with its median home price climbing 16.7 per cent to $551,000, followed by Mackay at $557,000 (up 14.5 per cent).
Home prices in regional Queensland have almost doubled over the past five years, rising a whopping 90 per cent.
Nationally, home prices also hit a record high of $827,000 in July, though the pace of growth
has slowed. Prices were up 0.3 per cent for the month.
| PROPTRACK HOME PRICE INDEX JULY 2025 | |||
| Region | Monthly growth (%) - All dwellings | Annual growth (%) - All dwellings | Median AVM ($) - All dwellings |
| Sydney | 0.12 | 3.31 | 1194000 |
| Melbourne | 0.17 | 1.46 | 824000 |
| Brisbane | 0.44 | 8.97 | 919000 |
| Perth | 0.36 | 7.9 | 847000 |
| Adelaide | 0.87 | 9.37 | 845000 |
| Hobart | 0.52 | 3.11 | 665000 |
| Darwin | 0.07 | 6.64 | 531000 |
| Australian Capital Territory | -0.13 | -0.13 | 835000 |
| Capital Cities | 0.25 | 4.33 | 929000 |
| Rest of NSW | 0.39 | 4.72 | 731000 |
| Rest of Vic. | 0 | 1.62 | 556000 |
| Rest of Qld | 0.65 | 9.81 | 728000 |
| Rest of SA | 0.57 | 12.5 | 459000 |
| Rest of WA | 0.16 | 10.21 | 547000 |
| Rest of Tas. | 0.24 | 3.9 | 513000 |
| Rest of NT | 0.06 | 2.72 | 343000 |
| Regional Areas | 0.41 | 6.5 | 652000 |
| National | 0.3 | 4.87 | 827000 |
REA Group senior economist Anne Flaherty said home prices rose in all capital cities except Canberra last month, despite the Reserve Bank’s surprise decision to keep interest rates on hold in July.
“While the number of homes for sale has slowed over winter, buyer demand remains strong, with auction clearance rates sitting at the highest level in more than two years,” Ms Flaherty said.
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“Home prices are expected to break into new territory later this year, with further interest rate cuts expected to add momentum to price growth.”
One of the biggest sales in Queensland in July was that of a waterfront mansion in Noosa, which fetched $16.95 million at auction.
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The property at 78 Noosa Parade sold to a buyer with property in Brisbane, and had previously been owned by Russell Jones, the former boss of packaging giant Amcor.
On the Gold Coast, one of the biggest sales of the past month was a waterfront home at 315 Monaco St, Broadbeach Waters, which sold for $10.6m under the hammer.
And in Brisbane, one of the top sales for July was a Palm Springs-inspired mansion at 68 Kitchener Rd, Ascot, which recently changed hands for an undisclosed price, understood to be between $7.5m and $9m.
New research by Place Estate Agents’ research team found Brisbane recorded 139 home sales over $5m in the past 12 months — a 25 per cent year-on-year jump that places the River City shoulder-to-shoulder with Sydney and Melbourne’s luxury markets.
Place auctioneer Sam Kelso said the level of buyer engagement in the luxury bracket was a clear sign that Brisbane’s winter market was heating up.
“We’re seeing serious depth in the $3 million-plus segment right now,” Mr Kelso said.
“Buyers aren’t waiting for spring; they’re bidding strong and bidding early. Last weekend’s results prove that prestige buyers are here, they’re confident, and they’re competing hard for quality homes.”
Ray White The Collective’s Matt Lancashire said the majority of big sales in Brisbane over the past year had been renovated houses sitting on blocks of 1500 sqm or larger, reflecting a fundamental shift in buyer expectations at the luxury end.
“Land values keep going up and anyone who can afford to buy a large renovated home in the top end expects a large land holding too,” Mr Lancashire explains. “They’re not making any more land — that’s an ongoing theme driving this market.”
The numbers tell a compelling story. Stock levels have plummeted by more than 30 per cent compared to the previous year, while buyer enquiry has surged 60 per cent, according to Ray White.
Mr Lancashire said the buyer demographic ranged from clients in far north Queensland’s mining industry and cattle sectors to young entrepreneurs.
He said three of his recent $10 million-plus sales involved buyers under the age of 40. “All of the properties were turn-key and walked out the door.”
Originally published as Brisbane house prices hit record high, cementing $1m status