Property prices are at record highs in all capital cities with one expected to breach the $1 million threshold within a month. Domain analysis predicts that Brisbane’s median house price will surpass the $1 million mark for the first time in September. And it says Perth will not be far behind with its set to achieve a $1 million median by June 2025.

Domain chief of research and economics, Dr Nicola Powell, says the two smaller capital cities achieved growth of 4% and 6.6% respectively in the past three months. Domain’s analysis shows that Melbourne is also on track to hit a new high median by the end of December if its growth continues to gain momentum. While growth in Sydney and Adelaide is expected to moderate during the next few months.

Powell says it is the affordability of the smaller capital cities that is attracting buyers and in turn, driving prices up. She says Perth is also being boosted by its “extraordinarily” tight rental market and positive population dynamics while Brisbane’s market is benefitting from big infrastructure spending ahead of the Olympics.

Brisbane had initially been predicted by Domain to tip over the $1 million mark by the end of 2024 but Domain says recent growth has caused it to revise that time frame.