Brisbane Property Market Update: What's Behind the March Quarter Shift?
Brisbane’s property market is showing signs of subtle adjustment after years of strong momentum. The March quarter recorded Brisbane’s first quarterly house price decline in over two years, with a modest drop of $3,300 (-0.3%), bringing the median house price to $1.022 million. This marks the end of the longest continuous stretch of quarterly growth the city has seen in 17 years.
Annual house price growth has also softened, easing to 8.7%—an 18-month low—signalling a shift in pace rather than a shift in direction. While these numbers suggest a cooling, they come off the back of extraordinary gains during the past few years, and Brisbane remains resilient in the broader context of the national market.
Units Continue to Outperform
In contrast, Brisbane’s unit market continues to outperform. Prices rose again in the March quarter by $13,300 (2.1%), marking the 16th consecutive quarter of growth—a record for the city. Although the pace of growth has slowed to its lowest in two years, annual gains remain strong at 16.2% (or $91,500), positioning Brisbane as the second-best-performing unit market nationally, just behind Perth.
The consistent strength in unit performance has steadily narrowed the price gap between houses and units, reaching a four-year low. For sellers and investors, this highlights an important shift in buyer demand and affordability preferences, particularly in Brisbane’s inner suburbs.
What Happened in April?
April was always expected to be quieter, given two successive long weekends and the Federal Election, both of which disrupted the usual rhythm of the market. That said, buyer enquiry levels remained strong, up 10% year-on-year, which underscores the underlying confidence and demand still driving the market.
Importantly, early April saw fewer listings as many sellers chose to wait out the political uncertainty, resulting in a leaner pipeline. With motivated buyers still actively searching, well-presented properties continued to move quickly, particularly in tightly held inner-western suburbs.
Looking Ahead: A Market That Still Favours Sellers
Despite the seasonal and political pause, the Brisbane market remains in favour of sellers. Stock levels are still higher than this time last year, but the rate of new listings is slowing as buyer activity begins to absorb available homes faster.
The Reserve Bank’s rate cut of 0.25% is also boosting buyer confidence. If this continues, it may bring forward more decision-making from both buyers and sellers ahead of spring.
What This Means for You
If you’re a property owner considering selling in the next 6 months, now is an ideal time to start preparing. With buyer demand still outpacing new supply in many Brisbane pockets, particularly across the inner-west, sellers are well-positioned to take advantage of current conditions before the spring market brings increased competition.
For tailored advice or an up-to-date appraisal of your home, we’d be happy to help. Understanding your home’s current value—and how to best present it to the market—can make all the difference in maximising your result.
Get in touch today for a complimentary, no-obligation appraisal.