I am not sure about 350K for a 'reasonable' house in Brisbane any more than Melbourne. 450K-550K in my view - but have a look for yourself:
www.realestate.com.au
It's all overpriced on the back of cheap credit over the past few years, which has just changed - interest rates on mortgages in Australia now around 7.5-8.0 %. House prices pretty steady (unless you are in Perth which is out of control - artificially)