Median property prices in Brisbane continue to drop for the fifth month in a row with a 0.2 per cent slide in October.

Property values have decreased by a total of 2 per cent since June while Sydney, Melbourne, Darwin and Canberra have gone up in comparison reports the RP Data-Rismark Hedonic Home Value Index. Listings for sale there are 22 per cent more compared to figures a year ago.

Tim Lawless, RP Data researcher, said the decline in prices was not surprising since the market began declining June. "Potentially the most concerning leading indicator is the build-up of properties available for sale,'' he said in a statement. "Compared with last year there are currently 23 per cent more homes available than there were 12 months ago."

Real estate agency PRDnationwide offers another picture saying that there has also been a 74.2 percent increase in million dollar property sales in Brisbane since June last year. Research analyst Josh Brown told The Courier-Mail that 594 properties in that price range were sold in Brisbane between January and June 2010, compared to 341 during the same period last year.

"Sales have been buoyed by increased investor activity, as well as attention from the upgraders market, which is people buying their second and third homes in more expensive price brackets,'' Brown said. These type of premium sales contributed to 7.8 per cent of all property transactions in the area during the first half of the year.