The PropTrack Home Price Index, released Wednesday, found Brisbane has been consistently peaking every month for over a year – rising 12.82 per cent year-on-year – with the median house price now just $89,000 shy of $1m ($911,000).

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Brisbane home prices grew 12.82 per cent year on year.

PropTrack senior economist Eleanor Creagh said Queensland’s pandemic home price boom “really outperformed” other areas including Melbourne, “but even since then growth in Brisbane has surpassed growth in Melbourne”.

She said Brisbane was in the midst of a “seller’s market” with a variety of buyers facing “pretty limited choices” across the market.

“We’re continuing to see that demand-supply imbalance fuel strong home price growth in Brisbane,” Ms Creagh said. “I’d be expecting this effect to continue. We know that population growth is set to remain strong.”

PropTrack senior economist Eleanor Creagh expects more growth out of Brisbane given strong demand.

The last time Brisbane was higher than Melbourne was 14 years ago, Ms Creagh said – with the Queensland capital trumping the Victorian capital over just two other periods in history, between 1994 to 1997 and 2006 to 2010.

While Brisbane median prices for houses and units ($911,000 and $617,000) were $1,000 and $3,000 less than Melbourne respectively, the larger number of units in the southern capital weighed it down overall.

In regional Queensland home prices also rose in double digits annually, up 10.03pc over April 2023 levels – having seen the biggest increase of all markets since the pandemic of 68pc since March 2020.

The strongest growth performer for Queensland in the past year was Ipswich which saw a massive 16.18 per cent rise to a median dwelling price of $652,000.

Townsville was the strongest out of regional Queensland, pulling growth of 15.57pc in the past year to a mid range of $430,000 while the Gold Coast saw 11.89pc to $924,000, Sunshine Coast up 8.49pc to $973,000 and Cairns rose 7.86pc to $528,000 – all above long term averages.

Across other parts of Greater Brisbane that performed strongly, Logan-Beaudesert saw a massive 15.34pc jump in its median home price to $700,000, Brisbane South rose 14.46pc to now sit over $1,052,000 while Brisbane North jumped 12.63pc to $879,000.