Of course you can. Here’s the version with an epilogue:
Brisbane property prices break through the million mark
Brisbane's property market has officially entered the seven-figure club, with the median house price reaching a record high of A$1.016 million in the December 2024 quarter, up A$23,000 from the previous quarter, marking eight consecutive quarters of growth.
Outstanding performance in the unit market
The median price for units also hit a new high of $632,000, up $11,000 from the December quarter. According to Domain’s latest House Price Report, Brisbane is now the second most expensive capital city unit market in Australia, behind only Sydney.
"The million-dollar mark is a psychological watershed for Brisbane and demonstrates both market resilience and demand," said Domain chief research and economist Dr. Nicola Powell.
She added: "By 2024, unit prices are expected to rise by nearly $100,000 overall, or $18.11tpa. However, this is discouraging news for those looking to buy a home, as affordability becomes a greater challenge when the median house price exceeds $1 million."
High-end areas and suburban hotspots
House prices in high-end Brisbane areas like New Farm continued to climb, increasing by 6.71% in 2024, bringing them to within $200,000 of the median of $3 million. Ascot, with a median of $2.275 million, was the second most expensive area, despite a 7.11% annual drop. A renovated mansion on Sutherland Drive sold for $23 million, setting a Brisbane house price record.
In the unit market, Highgate Hill became the first area in Brisbane to have a median unit price exceeding A$1 million. Within a year, the price soared by A$48.2% to A$1.0225 million, making it the fastest growing area in the unit market.
Supply increases, growth slows
“With supply at its highest level in two years, the pace of market growth is slowing,” Dr. Powell said. “While there may be more choices during the fall selling season, the overall increase in supply is likely to be a positive for buyers.”
Currently, five areas in Brisbane have a median house price exceeding A$2 million, including popular areas such as Paddington, Clayfield and Robertson. In the unit market, in addition to Highgate Hill, East Brisbane also performed well, with an annual increase of 35.2%, reaching a median of A$680,000.
Market activity and outlook
Brisbane's property market is expected to perform strongly in 2024, particularly in the unit market. This reflects government stimulus measures and buyers' confidence in Brisbane's long-term development. Furthermore, first-home buyer incentives have attracted a large number of buyers, but the current market is short of suitable properties. Despite this, the median price exceeding $1 million still means that nearly half of all properties are priced below $1 million. Brisbane is attracting increasing attention from local and interstate buyers. Finding properties with high potential below $1 million is crucial, as they rely on the help of ANP, a team of urban planners.
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