The median house price in Brisbane rose 0.8% in September to $974,000, according to the CoreLogic Home Value Index (HVI).
At the same time, prices in Canberra dropped 0.2%, meaning the average house in the nation's capital now costs about $967,000.
After overtaking Melbourne (where the median price was $926,000 in September) earlier in the year, Brisbane is now the second most expensive city in Australia to buy a house.
Sydney remains well out in front with a median of $1,474,000, more than 50% above Brisbane.
For unit prices, Brisbane is also currently in second, having overtaken Melbourne, Darwin and Canberra in 2024.
Overall, house prices in Australia rose 0.4% through September to a new median of $873,000, while the national average unit price increased 0.6% to $644,000, which are both new all time highs.
Booming Brisbane?
It's the first time in the history of the HVI that house prices in Brisbane are above Canberra - the last time was in the '90s.
While the margin (roughly $7,000) is small enough that it may change in subsequent revisions of the data, it looks likely to widen in the coming months, with prices heading in opposite directions.
The pace of growth in Brisbane is easing - overall dwelling prices only rose 2.7% over the past three months, which is the lowest quarterly growth since April '23.
Nevertheless, it's a landmark moment for Brisbane property, after strong growth over the past 18 months.
The median dwelling price in Brisbane has risen about 26% since March 2023, bettered only by Perth (up 36%).
More and more Aussies are seemingly seeking out the Queensland lifestyle, with ABS estimates suggesting it is by far the most popular destination for interstate migration at the moment.
Over the year to March, net interstate migration to Queensland was over 30,000, more than triple the next highest (WA at 10,039).
Selling season at hand?
The easing of growth in Brisbane is part of a broader trend of price growth throughout the nation moderating.
Low levels of properties for sale has frequently been cited as a contributing factor to the unexpected growth throughout 23/24, but this seems to be shifting.
CoreLogic reports that the flow of new listings is currently 3.2% higher than this time last year.
Tim Lawless, CoreLogic Research Director, says the surge in listings exceeds what would normally be expected for this time of year.
"The rise in real estate inventory is a seasonal trend, with spring and early summer one of the busiest periods of the year for selling," he said.
"However, the flow of freshly advertised housing stock hasn't been this high at this time of year since 2021."
Julian Finch, founder and CEO of Finch Financial, says Australia is increasingly becoming a buyers' market.
"There are a lot of stressed homeowners and property investors that are trying to off load their properties and they are prepared to sell it to the first person that offers them the best deal," he said.
He said that for many sellers, the best deal will not simply be the highest offer.
"[It] may include other attractive elements such as cash, buying the furniture, waiving the cooling off period and fast settlement," he said.
Picture by Alice Duffield on Unsplash
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