Brisbane property market update, April 2026

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.

Source: Cotality

Brisbane’s annual unit market growth significantly outperformed the combined capital cities’ average of 6.4 per cent. This places Brisbane well ahead of Adelaide at 13.4 per cent, Sydney at 3.4 per cent and Melbourne at 0.9 per cent, and behind only Perth at 27.9 per cent, while also exceeding Darwin at 20.6 per cent.

Brisbane’s rental market

Brisbane’s rental market remains exceptionally tight. The vacancy rate for Greater Brisbane held at 0.8 per cent in March 2026, unchanged from February and only marginally below the 0.9 per cent recorded a year prior, making it one of the most constrained rental markets in Australia. Nationally, the vacancy rate sits at 1.0 per cent, well below the decade average of 2.5 per cent, and every capital city recorded a rate of 1.8 per cent or lower.

Annual house rent growth in Brisbane came in at 6.5 per cent in April, easing slightly from 6.7 per cent in March, whilst unit rents grew 6.4 per cent annually, also softening from 6.7 per cent the prior month. Whilst both measures have moderated marginally, rental price growth remains well above the rate of general inflation, reflecting the persistent supply-demand imbalance that continues to characterise this market.

Source: Cotality

For comparative context, Darwin recorded the highest annual house rental appreciation nationally at 8.8 per cent, with Brisbane’s 6.5 per cent placing it in the upper tier of capital city markets, well ahead of Melbourne (4.3 per cent), Adelaide (4.2 per cent) and Canberra (3.3 per cent).

Gross yields for Brisbane investors held steady in April, with houses returning 3.1 per cent and units 3.9 per cent, both unchanged from March, reflecting a stable income environment for property investors at present.

Summary

Brisbane’s property market remains one of the strongest performers nationally as 2026 progresses, though the data increasingly points to a controlled moderation in pace rather than any sharp correction. Three key headwinds continue to shape the outlook: rising interest rates, international geopolitical uncertainty, and domestic political uncertainty surrounding proposed tax changes.

Ongoing unrest in the Gulf region continues to weigh on global economic sentiment, placing inflationary pressure on energy prices and supply chains with direct flow-on effects for the Australian economy. Despite periodic ceasefires and the reopening of some airspaces throughout the month, the situation remains volatile and is contributing meaningfully to the sharp deterioration in consumer confidence observed in April.

Adding to investor unease, proposed changes to negative gearing and capital gains tax ahead of the May 2026 Federal Budget have created uncertainty for property investors, who understandably seek clarity on the tax implications of their decisions before committing capital to the market.

Rising interest rates remain perhaps the most immediate concern, with financial markets pricing in at least two further rate increases through 2026. Higher borrowing costs are eroding purchasing power quickly, and this is being felt on the ground. Open home attendances across Brisbane have decreased, and the volume of offers being placed on available properties has softened.

That said, supply-demand imbalances persist, particularly around the median value level and at more affordable price points, where active buyers continue to outnumber sellers. At the prestige end, buyers enjoy greater choice and more time to deliberate, though quality homes continue to attract strong prices with very little discounting observed across the city.

Brisbane’s structural fundamentals, constrained housing supply, sustained population growth, and a decade of exceptional capital appreciation remain firmly intact. For buyers and investors with a clear long-term outlook, the city continues to present a compelling case even as near-term conditions moderate and the broader economic environment demands a more considered approach.