Reventon CEO Chris Christofi: Million-dollar markets are on the rise. Picture: Tony Gough
Queensland’s property market has minted 101 new million-dollar markets in the past year, defying interest rate hikes and an affordability crisis putting the brakes on the national growth outlook.
Latest data shows the state is now home to 342 house and unit markets with a median price of $1m or more, with 140 of them located in Brisbane.
The June 2026 Million Dollar Hotspots report by Reventon and Hotspotting identified the next wave of suburbs soon to hit the milestone, with four of the nation’s top 10 future picks in the Sunshine State.
Spring Mountain ‘s median house price sits at $995,000
Reventon CEO Chris Christofi said the data showed underlying buyer demand was outpacing macroeconomic headwinds, with 365 suburbs added to the national million-dollar list over the last year alone to bring the Australian total to 1,600 markets.
The surge cements Greater Brisbane’s median house price at $1.236m, locking it in alongside Sydney ($1.604m) and Adelaide ($1.025m) as the nation’s million-dollar capitals.
“These figures show that far from slowing down, the number of million-dollar markets continues to rise,” Mr Christofi said.
“Locations that have million-dollar medians have already proven to be desirable locations where buyers are prepared to pay top dollar to secure a property.”
The unit market of Hawthorne is hot on the heels of Paddington, with a current median of $981,000
The report highlighted Springfield Lakes, Loganholme and Paddington units are Greater Brisbane’s next hotspots, along with Baringa on the Sunshine Coast.
These areas were all on the verge of breaking through the seven-figure barrier, with infrastructure and lifestyle driving buyer demand.
Hot on their heels were nearby suburbs, Greenbank and Spring Mountain (houses), plus Warana and Hawthorne (units).
Hotspotting founder Terry Ryder said the suburbs were also sound picks for investors, offering rising rents, solid yields, and low vacancy rates.
“They are the markets where price growth has been steady in recent years and where demand remains strong. With that trajectory set to continue, these markets will soon breach the million-dollar barrier,” Mr Ryder said.
Hotspotting founder and property analyst Terry Ryder
While local fundamentals remained robust, a clear shift in nationwide sentiment had emerged as the market contended with three consecutive interest rate hikes.
Separate data from Realestate.com.au’s latest Market Snapshot shows this was tempered by a lack of homes available to purchase.
“Choice for buyers is limited in Brisbane, Perth and Adelaide, with total listings down circa 40 per cent on pre-pandemic levels in all three cities,” REA executive manager of economics Angus Moore said.
It’s created a long-term imbalance of demand over supply, leading to Brisbane home prices skyrocketing by 59 per cent since January 2022, outperforming almost all other capital city markets across the country.
Spillover demand from Loganholme has pushed Greenbank’s house price to $990,000
But the Real Estate Buyers Agents Association of Australia (REBAA) warned the Federal Budget’s proposed tax reforms to negative gearing and Capital Gains Tax would cool broader investor confidence.
REBAA Queensland State Representative Melinda Granzien said Southeast Queensland was entering a period of adjustment following years of extraordinary price hikes.
“While population growth, interstate migration and housing undersupply continue to support the market, buyer sentiment has become noticeably more cautious throughout 2026,” Ms Granzien said.
“Conditions are shifting from a strong seller’s market towards a more balanced environment.”
.Buyers Agent Melinda Granzien: Shifting market. Photo: Supplied
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Ms Granzien said properties priced under the $1m mark were continuing to attract the bulk of market urgency, while seven-figure properties were beginning to experience reduced inspection numbers.
“The fear of missing out that drove much of the market over recent years has eased,” she said.
“Vendors need to recognise that market conditions have changed and price expectations must align with current buyer sentiment.”
But with prices in many areas only now coming off the boil, hidden gems were disappearing fast.
Suburbs highlighted in previous editions of the Hotspotting report including North Lakes ($1,009,000), Alexandra Hills ($1,015,000), and Biggera Waters ($1,422,500) have already broken through the million-dollar barrier.
Units in Brisbane’s inner-city Paddington are so close to million-dollar prices after notching up 17 per cent growth.
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