by Sanjeev Sah | Feb 18, 2025 | Market Updates

Five out of Australia’s eight capital cities will have a median house price of more than $1 million within a matter of weeks despite a national slowdown in the market, according to Domain. 

Brisbane made house price history in the final quarter of 2024 when its median soared past the $1 million mark to $1.02 million, and Adelaide’s median rose by $25,000 to reach $992,193. This is just $7,807 short of $1 million, a figure it is expected to hit in the coming weeks.  

Furthermore, Perth could join Sydney, Melbourne, Canberra, Brisbane and Adelaide by the end of 2025 as the capital is expected to see price growth of 8% to 10%. 

Four years ago, Sydney was the only Australian capital city with a median house price of more than $1 million. 

For potential property investors, these shifts signal exciting opportunities as key cities continue to see strong growth, even amidst broader market challenges.