REA Group senior economist Eleanor Creagh.
Brisbane home prices have hit a new record high, defying cost of living pressures, higher interest rates, and escalating tensions in the Middle East.
PropTrack’s Home Price Index for March, released today, reveals Brisbane’s median home price rose another 0.7 per cent to $1.07m last month — the largest monthly increase of all the capital cities.
That equates to an annual increase of 17 per cent, or $172,000 — the biggest yearly dollar value gain in the city’s history.
Home prices in Brisbane have grown by a staggering $172,000 in the past year.
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Both houses and units recorded unusually strong annual growth during the month — up 16 per cent and 22 per cent, respectively.
Regional Queensland was the top performing market across regional areas nationally, as home prices also peaked — up 0.6 per cent in March to sit 14 per cent higher year-on-year.
REA Group senior economist Eleanor Creagh said despite the growth, the Queensland market was shifting into a slower-growth phase, with the likelihood of flat or declining prices in some markets in the months ahead — although supply shortages could cushion the falls.
“Looking ahead, conditions are going to continue to slow,” Ms Creagh said.
“We know stock on market is still very constrained in Brisbane, so conditions remain competitive, but, certainly when we look at sub-markets, we can see there’s a pretty clear slowdown occurring.”
Brisbane home prices rose another 0.7 per cent in March, according to the latest PropTrack Home Price Index.
Ms Creagh said there was a slowing in price growth occurring in Brisbane’s inner east and west, as well as in the more affordable regions that had outperformed.
“Recent rate rises will weigh on buyer sentiment, borrowing capacity, and erode already poor affordability, though a resilient labour market, population growth and first-home buyer support continue to underpin demand against limited supply,” she said.
“But, there are factors that could mitigate falls, such as the flow of new listings hitting the market. In 2022, when prices were falling and rates were rising, a lot of sellers held back from listing and the tight supply environment was one of the factors that cushioned price falls.”
Ms Creagh said many home owners were also sitting on strong equity gains, which could also soften any price declines.
“We’re unlikely to see widespread forced selling,” she said. “If prices do fall, it’s likely to be a moderate downturn.”
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Global turmoil and higher interest rates aren’t deterring Brisbane couple Carl and Roxanne Hilton from selling their five-bedroom home of 11 years in Coorparoo.
The couple is heartened by the news prices are continuing to rise in the Queensland capital and are confident now is a good time to sell their renovated Queenslander, with buyer demand still high.
“The way I see it with supply and demand the way it is, I think (prices are) always going to continue to rise,” Mr Hilton said. “I can’t see it going backwards.
“We’re in a situation where it’s kind of exciting actually, if you think about our purchase price and what it’s valued at today.”
Carl and Roxanne Hilton with their four boys, Beau, 1, Theodore, 7, Richard, 9, and Hugh, 13, are selling their renovated Queenslander at 10 Derby Street, Coorparoo, with Joanna Gianniotis of Place Camp Hill. Picture: Liam Kidston.
The median house price in Coorparoo has grown 13 per cent in the past 12 months to $1.8m, according to PropTrack.
The Hiltons are listing their home with Joanna Gianniotis from Place Camp Hill, who said there had been a steady decline in the number of properties for sale in the area for the past six years, which was keeping a floor under prices.
“Brisbane is in demand and people are still very much in the “upsize mode”, Ms Gianniotis said.
“They want to get their families in to a home they can grow into and they want to do that before prices keep going up, because the (price) gap required to upgrade is increasing dramatically.”
Among the capital cities, Brisbane recorded the biggest monthly rise of 0.7 per cent, followed by Perth (0.5 per cent), while the other capitals recorded softer growth.
Both Sydney and Melbourne recorded a modest 0.2 per cent increase.
Annually, Perth continued to lead the gains, recording a 21 per cent increase in its median home price to just over $1m for the first time ever.
| PropTrack Home Price Index March 2026 | ||||
| Region | Monthly growth | Annual growth (%) | Annual growth ($) | Median value ($) |
| Sydney | 0.2 | 5.6 | $91,800 | $1,251,000 |
| Melbourne | 0.2 | 3.2 | $44,400 | $859,000 |
| Brisbane | 0.7 | 17.7 | $172,200 | $1,071,000 |
| Adelaide | 0.4 | 14.6 | $120,600 | $937,000 |
| Perth | 0.5 | 20.9 | $187,900 | $1,012,000 |
| Hobart | 0.1 | 8.9 | $64,200 | $722,000 |
| Darwin | 0.4 | 16.8 | $95,500 | $609,000 |
| ACT | 0.2 | 4.5 | $56,500 | $880,000 |
| Capital Cities | 0.3 | 8.8 | $105,400 | $1,016,000 |
| Rest of NSW | 0.4 | 8.8 | $63,500 | $787,000 |
| Rest of Vic. | 0.1 | 7.3 | $48,600 | $600,000 |
| Rest of Qld | 0.6 | 14.1 | $109,900 | $822,000 |
| Rest of SA | 0.6 | 12.2 | $54,500 | $504,000 |
| Rest of WA | 0.2 | 15.9 | $87,400 | $636,000 |
| Rest of Tas. | 0.2 | 11.6 | $60,900 | $572,000 |
| Rest of NT | 0.2 | 2.5 | $15,300 | $350,000 |
| Regional Areas | 0.4 | 11 | $71,700 | $715,000 |
| National | 0.3 | 9.4 | $94,800 | $908,000 |
| Source: PropTrack | ||||
Real Estate Institute of Queensland (REIQ) CEO Antonia Mercorella said the state’s significant housing supply shortfall was “incredibly concerning” as home prices continued to rise.
“We’re still not building at the scale and speed we need to relieve the supply squeeze, and with every quarterly target not met, we’re falling further behind,” Ms Mercorella said.
“Under the National Housing Accord set from mid-2024, Queensland needs to build just over 49,000 new dwellings each year over five year, however, over each of the last four quarters (data to September 2025), only about 34,000 new dwellings were completed.
“Further, the pipeline is far from full. In January this year, there were only 3,600 building approvals, compared with approximately 4,100 required each month. Approvals are currently running at 42,700 per annum, which is approximately 13 per cent below the target.”
REIQ CEO Antonia Mercorella. Picture: Liam Kidston.
Mr Mercorella said the projects that were in the pipeline were heavily skewed towards high-end product, such as luxury apartments, due to high construction costs influencing feasibility.
“The established housing market is still drip-feeding properties for sale but remains restricted as property owners hold on tight to their homes,” she said.
“Total listings during December 2025, show the Brisbane market had a 25 per cent fall in listings relative to the equivalent period last year, while regional Queensland fell 15 per cent. This was not just a seasonal phenomenon, with recent February data suggesting similar shortfalls.
“These persistent supply pressures are what’s underpinning property price growth, along with ongoing demand-side factors such as high interstate migration, expected strong population growth, and rental market strain seeing tenants transition to home ownership.”
Ms Mercorella said the flow on impact of rising interest rates and recent global conflict could add further fuel to the fire.
“While we’re all feeling the impact of global conflict at the petrol pump, the flow on inflationary impact to manufacturing and construction, through higher transport and logistics costs, couldn’t come at a worse time,” she said.
“Counting the cranes on the horizon has traditionally been a promising sign of what’s in the immediate pipeline, but with high-cost risks and exposure for builders and developers comes uncertainty.
While supply is particularly low in Brisbane, experts expect home price growth to slow in coming months.
“We’re already up against low productivity, rising material costs, and dire labour shortages in the context of Olympics-related infrastructure projects, so unfortunately this does not bode well for new housing supply.”
Happy Buyers Club buyers agent Sam Hunter said buyers were more cautious in Brisbane and lending capacity was tighter.
“While there won’t be a rate rise in April (only because there’s no RBA meeting), expect one in May and another again before the year is out,” Mr Hunter said.
“Higher rates will do what they’re designed to do: slow momentum, but I can’t see them reversing it here in Brisbane.
“The most likely outcome for Brisbane in 2026 from here remains unchanged. Slower growth. More negotiation. Fewer emotional outlier prices. A more stable real estate market.”
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