Brisbane has the highest median house price in Australia at $2.9 million, with an average cost of $2,947,000.
The median house in the CBD was priced at $1.7 million, up 1.3 per cent from a year ago, according to the latest figures from property website Zillow.
The highest-priced apartment in the city is at the Lakeside Villa apartments in Southbank, at $3.4 million.
“It’s very, very rare for us to be in the top 10 of the most expensive apartment in Brisbane, but this year we’re the first to do so,” said property agent Paul O’Connell.
“The market is so strong that you’d expect there to be more luxury apartments, especially in the inner west.”
While the price increase is in line with the national average, the rate of increase is much slower in Brisbane compared with other major cities in Australia. “
That’s what we’ve been seeing for the past year.”
While the price increase is in line with the national average, the rate of increase is much slower in Brisbane compared with other major cities in Australia.
“Brisbane has the lowest cost of living, which is great news,” Mr O’Donnell said.
However, it is a different story for those on the higher end of the income scale.
For example, the average salary of an income earner in the Brisbane area is $51,200.
The city’s median house value is $1,827,000, while the median income is $64,000 – a gap of $3,800 per household.
“There’s a huge gap in terms of average household income across Brisbane,” he added.
“For most people, it’s more affordable to live in Brisbane than Melbourne or Sydney, but in some parts of the city, it can be very difficult to get by.”
The gap between Brisbane and other major Australian cities has increased over the past 12 months, and has now surpassed $30,000 for the first time.
The figures show that the average Brisbane house price has risen by $8,700 in the past five years, to $2 million.
That’s a 2.5 per cent increase.
However that increase has also dropped the average median house prices by $1 million in Brisbane over the same period.
The median home value in Brisbane has risen in the last year, from $1 billion to $1 and a half million.
It is now $1-2 million more than the national median house, which was $1m.
The increase is also outpacing the growth of other major property markets, such as Melbourne, Sydney and Adelaide.
The most expensive property in Brisbane is on the Central Coast at $4.6 million, which includes an underground garage for $2m.
There are currently five properties on the Brisbane Gold Coast worth over $4 million, including the $2-million house at the Gold Coast Hotel.
Zillow has also released its list of the 10 most popular property listings in Brisbane for July, and found that the CBD is the most popular destination for buyers.
The list includes nine properties, all in Brisbane’s inner west, including two properties in the central inner west and one in the outer west.