Brisbane is one of two cities in Australia with record high real estate prices, rising by almost $167,000 for houses and $40,000 for units in a matter of months.

Domain’s House Price Report for the June quarter showed Brisbane median house prices hit a record high of $840,594 after rising 0.2 per cent over the quarter and 24.7 per cent over the year, while unit prices rose by 1.4 per cent over the quarter to reach a record $448,383.

Of the other major cities, Sydney and Melbourne had the weakest housing market growth while house and units prices in Adelaide remained high, like Brisbane.

Dr Nicola Powell, Domain’s chief of economics and research, said the increases continued despite the pace of price growth slowing as the strongest upswing in 18 years began to lose momentum.

“There is no doubt that demand for Queensland property remains stronger compared with other capital cities. However, buyer conditions are loosening,” she said.

“Unit prices rose 1.4 per cent over the quarter to reach another record high at $448,383.”

Powell said a demand for houses during the upswing had continued to rise more than twice as fast as for units annually.

“However, it is the first time in almost two years that unit prices have recorded a stronger rate of quarterly growth than houses,” she said.

“Units are being placed in the spotlight for a combination of reasons: affordability constraints, increased investment activity and reduced borrowing capacity.”