Brisbane’s property market continued to demonstrate resilience in April 2026, recording positive dwelling value growth even as the pace of that growth moderated from the elevated levels observed earlier in the year, writes Melinda Jennison, REBAA president and managing director of Streamline Property Buyers.
According to Cotality’s Home Value Index, Brisbane dwelling values rose 1.2 per cent over the month, a deceleration of 0.6 percentage points relative to March’s 1.8 per cent increase, yet still amongst the strongest monthly performances of any Australian capital city. The national picture is increasingly divergent. Sydney and Melbourne recorded monthly declines of 0.6 per cent each, whilst Brisbane, Adelaide (1.1 per cent), Darwin (1.3 per cent) and Perth (2.1 per cent) continued to advance. Over the quarter, Brisbane’s 4.7 per cent growth compares very favourably with the combined capitals index of just 1.1 per cent, and on an annual basis, Brisbane’s 19.7 per cent gain stands well above the national figure of 9.8 per cent.
A moderation in momentum is nonetheless evident. Cotality’s research director, Tim Lawless, has noted that affordability and serviceability constraints have been weighing on demand since late 2025, and the additional pressure of rising interest rates – the Reserve Bank of Australia having lifted the cash rate to 4.1 per cent following hikes in both February and March – is beginning to take effect across the market. Consumer confidence has deteriorated sharply, with the Westpac-Melbourne Institute Consumer Sentiment Index falling 12.5 per cent over the month to reach 80.1 points, returning the index to near historic lows not seen outside of the 1980s and 1990s recessions or the pandemic period.
Queensland’s population growth story continues to evolve in ways directly relevant to the property market. Net interstate migration into Queensland over the year to September 2025 was recorded at 19,092 persons. This is the smallest volume since June 2017. The 97,705 arrivals over that period were the fewest since June 2016, whilst departures remained relatively steady at 78,613. This moderation in arrivals likely reflects the erosion of Queensland’s affordability advantage following years of exceptional price appreciation. Nevertheless, Queensland continues to attract more interstate arrivals than any other state, and only Victoria, Queensland, and Western Australia recorded positive net interstate migration over the period.
Auction clearance rates in Brisbane averaged 55.18 per cent across April, remaining above year-ago levels according to Cotality data. Nationally, clearance rates have held below 55 per cent since the final week of March, the lowest since July 2022, reflecting softening buyer demand across Australia’s major markets, with Brisbane continuing to outperform the national trend.
New listing activity in Brisbane showed a modest uplift through March 2026, with SQM Research recording 7,120 new listings for the month. This is a 2.9 per cent rise on February and 3.5 per cent above the same period a year ago, making Brisbane one of the few capital cities to record year-on-year growth in new listing volumes.
Total listings reached 13,832 in March, up 6.3 per cent from February, yet still substantially constrained, sitting 15.4 per cent below March 2025 levels. This pronounced year-on-year decline in total stock continues to underpin price support across the city.
Source: SQM Research
Encouragingly, old listings, that is, properties on the market for more than 180 days, fell to 1,446, down 1.6 per cent from February and 18.2 per cent lower than a year ago, suggesting that stale stock is being absorbed effectively and that vendors are broadly achieving outcomes without significant discounting.
Construction of new dwellings remains under severe pressure. According to the Australian Bureau of Statistics, average residential build costs escalated significantly in 2024–25. New house build costs rose 7.1 per cent over the year nationally, townhouse costs increased 18.8 per cent, and new apartment build costs rose 18.2 per cent. In Queensland specifically, house construction costs rose 1.8 per cent, townhouse costs climbed 12.3 per cent, and apartment construction costs surged 18.5 per cent. Most strikingly, the average cost to build a new apartment in Queensland now stands at $708,680, materially higher than in NSW ($555,995) or Victoria ($529,380), placing enormous strain on project viability and posing a direct challenge to the Federal Housing Accord’s targets of 1.2 million new homes over five years.
Source: ABS
Brisbane dwelling values
Brisbane’s median dwelling value reached $1,116,180 as at 30 April 2026, according to Cotality. Monthly growth of 1.2 per cent represents a moderation from 1.8 per cent in March, and quarterly growth of 4.7 per cent has eased from 5.1 per cent in the prior rolling period. On an annual basis, however, Brisbane’s 19.7 per cent gain represents an acceleration from the 19.0 per cent recorded to the end of March, reflecting the strong trajectory established throughout 2025 and into 2026.
Source: Cotality
Over 10 years, Brisbane dwelling values have risen 119.5 per cent – the highest rate of appreciation across all Australian capital city markets. PropTrack data corroborates the positive direction, recording monthly price growth of 0.2 per cent through April.
Analysis by market segment reveals a nuanced and encouraging picture. The Cotality stratified hedonic index for the three months to April shows Brisbane’s lower quartile recording quarterly growth of 6.4 per cent, the middle 50 per cent growing 5.7 per cent, and the upper quartile advancing 3.9 per cent. Comparing this with the March data, where the lower quartile recorded 6.4 per cent, the middle 50 per cent grew 5.5 per cent, and the upper quartile grew 3.4 per cent, growth across the middle and upper segments has actually firmed modestly month-on-month, even as the headline monthly rate has softened. This suggests that whilst affordability-driven demand continues to support the entry-level market strongly, the middle and upper segments are showing signs of more growth momentum. This is a reassuring signal given the broader headwinds at play.
Source: Cotality
Brisbane house values
Brisbane’s median house value reached $1,222,906 in April 2026, rising from $1,207,718 in March. Monthly growth of 1.2 per cent represents a deceleration of 0.5 percentage points from March’s 1.7 per cent, and quarterly growth of 4.5 per cent has eased from 4.9 per cent in the prior rolling period. On an annual basis, however, house value growth of 19.1 per cent has accelerated from 18.5 per cent recorded at the end of March, which is a positive trend for owners and investors alike.
Source: Cotality
Brisbane’s house value performance continues to significantly outpace the combined capitals’ annual average of 9.9 per cent, and stands well ahead of Adelaide (12.1 per cent), Sydney (4.4 per cent) and Melbourne (2.5 per cent).
PropTrack data similarly records 0.2 per cent house price growth across Brisbane in April, consistent in direction with Cotality’s findings.
Brisbane unit values
Brisbane’s median unit value rose to $876,474 in April, up from $865,548 in March, reflecting monthly growth of 1.4 per cent. This represents a deceleration from the 2.0 per cent recorded in the prior month. Despite this easing, the quarterly figure of 5.5 per cent remains strong, and annual growth of 22.6 per cent has accelerated from 21.5 per cent recorded in March, highlighting the continued strength of underlying demand in Brisbane’s unit sector. PropTrack data records 0.2 per cent unit price growth in Brisbane, consistent with the positive growth trend reported by Cotality and reflecting some deceleration from the prior month.