More than 1,000 Australians are now in a bidding war for a house that will eventually fetch more than $2.5 million.
A total of 1,100 properties have been sold across the country in the last month, with another 1,400 properties expected to be completed by the end of March, according to data from property website PropertyGuru.
Of those, only 100 are located in Melbourne, where most people live.
There are also some homes being built in Brisbane, with two expected to go on the market by the middle of next year.
“It’s a bit of a bit over the top but that’s what people have been asking for,” said John Dutton, who owns a house in Brunswick in the north of the state.
“We want to get out of our comfort zone and start living more like Australians.”
He’s hoping to be able to rent his house next month, after the state Government announced a rebate for people who buy a property.
“I’m a big believer in this idea of buying and living like Australians,” Mr Dutton said.
The state Government says about two-thirds of new house purchases in Queensland are for $5 million or less, while the average price in Sydney is $2,856.
Brisbane has long been touted as the future of real estate, with a number of developments on the horizon including a $3.2 billion apartment complex and a large development to be built on the site of the former Central Station.
There has also been a boom in luxury homes being constructed in the state, with Sydney-based real estate company BDO announcing plans for a $9 million, 1.5-acre house.
In Melbourne, the average house price is $4.2 million.
The property bubble is expected to peak at around $7.5 billion by the year 2020, but that may not be enough to pay off the state’s $12 billion debt.
Topics:real-estate,housing-industry,housing,wealth-and-ampersons,melbourne-3000,brisbane-4000More stories from Queensland