$77k wiped: Brisbane to lose million-dollar status by early 2027

Brisbane is now just $14k away from dropping below the million-dollar median home price level. Brisbane is clinging to its million-dollar property status by a $14,000 thread as a brutal market correction wipes as much as $77,000 from values in just seven months – with worse set to come. The relentless property downturn has stripped more than $62,000 from the typical Brisbane home to leave the median dwelling value at $1,014,000, putting the Queensland capital on track to officially tumble back into six-figure territory by February 2027 – or sooner if price falls accelerate following another interest rate rise. Houses have borne the brunt of the downturn, with Brisbane house medians plunging 6.3 per cent from their March peak to $1,150,000 – an estimated $77,321 wipe-out that’s pushed annual house price growth into reverse (-0.8 per cent). An aerial view of Victoria Park, the intended site for the new Olympics stadium to be built for the 2032 games. The city is widely expected to see huge demand leading into the games. Picture: Dan Peled / NewsWire The sharp correction marks an abrupt end to the river city’s pandemic run, with dwelling values sliding 0.4 per cent in October to sit 5...