All these homes have sold for more than $1m in the past few weeks across Greater Brisbane.

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Shock has set in as ‘cheap suburbs’ join hundreds of others where a mid range home is now priced over $1m – out of reach for the majority of families, and still rising.

Once affordable suburbs like Geebung, Shailer Park, Thorneside and Mountain Creek are among areas where the mid price for houses has hit $1m, and the same applies to Paradise Point and Palm Beach where houses are so astronomical that units there have hit million-dollar medians now too.

PropTrack senior economist Paul Ryan said the “million-dollar creep” spreading into previously affordable areas was not surprising given the sheer pace of growth Queensland is seeing.

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Buyers need a household income of $200,000 or more in order to get a look in across more than 280 suburbs across Queensland, several of which are now seeing both houses and units priced in seven figure medians.

“I think the longer you go on, the more you’ll be surprised at the types of locations that will hit that million-dollar price point,” Mr Ryan told The Courier-Mail.

This house at 273 Ellison Road, Geebung, sold for $1.281m on September 11, 2024.

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“We’ve seen like this property price boom extended for four and a half years. Queensland prices are up 74 per cent just in that period. It’s not surprising that the competition for affordable locations is pushing that million-dollar mark further and further away from the city.”

Mr Ryan said that was not about to change any time soon.

“Going forward, we still see a lot of momentum in the Brisbane market even though prices now exceed Melbourne. A lot of people are moving for affordability reasons, and they still will be,” he said of interstate migration. “You can still get better value properties in Brisbane than Melbourne.”

PropTrack senior economist Paul Ryan says the longer the boom goes, the more buyers will be surprised at the types of locations that will hit the million-dollar price point.

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9 Waimea Ct, Mountain Creek, sold for $1.25m on Sept 13, 2024.

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He said PropTrack was expecting home price growth to slow, but from “such a strong rate at the moment”.

“Brisbane prices grew 14 per cent over the past year, even if we saw a slowdown and prices grow by 8 per cent over the next 12 months, that’s still twice the three-decade average.”

The average pace of growth in the past year across suburbs with million-dollar-plus medians was 15.1 per cent, according to PropTrack’s latest Market Trends figures.

Among suburbs where medians are right on $1m now are houses in Karalee in Ipswich, Mountain Creek and West Woombye on the Sunshine Coast, Geebung and Thorneside in Brisbane and units in Palm Beach and Paradise Point.

This house at 17 Weenga Street, Geebung, sold for $1.15m.

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A massive 46 suburbs sit within $100,000 above $1m, including Shailer Park ($1,002,500), Park Ridge South ($1,030,000), Munruben ($1,043,000), Cornubia ($1,040,000) and Glenlogan ($1,040,000) in Logan – Beaudesert.

Brisbane suburbs Salisbury ($1,080,000), Ferny Grove ($1,005,000), Everton Park ($1,010,000), Upper Mount Gravatt ($1,020,000), Nudgee ($1,085,000), Lota ($1,065,000), Tennyson ($1,030,000) and Cleveland ($1,030,000) are also in that grouping.

3 Sunbury Street, Geebung, sold right on the $1m mark on July 31 2024.

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Gold Coast suburbs Parkwood $1,090,000, Ashmore $1,085,000 and Maudsland $1,050,000 are also on the elite list along with Ipswich’s Pine Mountain, Port Douglas in Cairns ($1,075,000), and Pomona on the Sunshine Coast ($1,040,000)

Four suburbs sit above the $3m median price level, with the most expensive in Queensland being Teneriffe which was the only one above $4m on $4,075,000. The other three were houses in Mermaid Beach on the Gold Coast $3,292,500 as well as Surfers Paradise $3,030,000, and those in Chandler in Brisbane’s east $3,235,000.

9-11 Nora Street, Thorneside, sold for $1.225m on August 14, 2024.

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There were over 60 suburbs across the Sunshine Coast that had million-dollar medians, six of which were above $2m: Sunshine Beach $2,850,000, Tanawha $2,315m, Minyama $2.175m, Noosa Heads Units $2.015m, Tinbeerwah $2.005m and Doonan $2.0025m.

Five had both houses and units in the million dollar club: Bokarina, Noosa Heads, Sunshine Beach, Twin Waters and Yaroomba. At the lower end of the million dollar scale were suburbs like Aroona $1.025m, Maroochydore $1.08m, Caloundra $1.0575m and Witta $1.055m.

The Gold Coast had around 50 suburbs in the million dollar level, four of which had both units and houses above $1m medians: Coolangatta, Hollywell, Palm Beach and Paradise Point. At the lower end of the million scale were Maudsland $1.05m, Southport $1.05m, Tamborine Mountain $1.05m, Jacobs Well $1.03m and Arundel $1.02m.

23 Piccadilly Street, Geebung, sold for $1.24m on August 6 2024.

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Across the rest of regional Queensland, there are nine million-dollar suburbs: Three across the Mackay-Isaac-Whitsunday region – Airlie Beach ($1,135,500), Cannon Valley ($1,130,000) and Woodwark ($1,120,000); two in Cairns – Palm Cove ($1,125,000) and Port Douglas ($1,075,000), one each in Townsville – Castle Hill ($1,250,000), Wide Bay – Dundowran Beach ($1,145,000), Toowoomba – Cabarlah ($1,245,000) and Central Queensland – Barmaryee ($1,077,500).

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