Brisbane home prices have surged $2950 each week over the past year, with the city recording Australia’s second-biggest property jump behind Perth.

Cairns house prices have surged by over $78,000 in just the past year, rising by more than the average salary and hitting a new record as a chronic shortage takes hold.

Five years ago $1 million would have landed you a lush four-bedroom house on a 600-square-metre block - not anymore.

Built in 2020, the contemporary home sits on 4 acres at Old Neck Road South, part of the historic Masury family estate.