When Donggang Shi bought his home on Brisbane’s southside 12 years ago, the purchase price was $450,000.

These days, similar homes in his suburb are selling for more than $1 million.

Home ownership is a cornerstone of the Australian dream — but for many it’s becoming increasingly out of reach.

Across the country, property prices have seen a marked increase since the onset of the COVID-19 pandemic — and it’s an issue felt profoundly in the sunshine state, where values have jumped from the city to the suburbs.

Brisbane is now the second-most expensive city for housing in the country, with the median property price rising to $843,231, according to CoreLogic data released in May.

Dongang fears what that means for his daughter and her partner, who are now searching for a home.

‘How are our peers able to afford homes and we’re not?’

Dongang’s daughter is hoping to buy an apartment or townhouse in Brisbane’s inner-south, but the young couple are looking at a price tag of at least $800,000.

His daughter hasn’t asked for family assistance, but he says if property prices continue to follow the same trend, the bank of mum and dad may be the only option.