Brisbane’s median house price will surpass the $1 million mark for the first time within the next three months and Perth will become a million-dollar city by June next year as their hot housing markets hit new peaks, Domain says.
 

Melbourne is also on track to hit a new high by the end of December if values continue to gain momentum.

Nicola Powell, Domain’s chief of research and economics said Brisbane and Perth will achieve their million-dollar milestones earlier than expected after their median house prices surged by 4 per cent and 6.6 per cent in just three months, respectively.
 

“Brisbane has similar housing dynamics as Perth, but it also has the large infrastructure spending ahead of the Olympics to support the housing market.”
 

In April, Domain predicted Brisbane could hit the million-dollar mark by the end of the year, but since then, prices have re-accelerated.

Over the past three months, Brisbane’s median house price has lifted almost $38,000 to a new high of $976,464. At this rate, the city only needs another $24,000 or 2.4 per cent increase to crack the $1 million mark.

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Greg Carroll
MTA Finance