Brisbane property market stabilises at record levels as interstate migration sustains demand

Brisbane's residential property market has stabilised at levels significantly above pre-pandemic baselines, with the median house price holding at approximately $890,000 — 40 per cent above the 2019 median — despite two years of above-average interest rates that have tempered growth without reversing the fundamental price gains driven by Queensland's exceptional net interstate migration intake.

CoreLogic's Brisbane data shows annual price growth moderating to 6.8 per cent from the 20-plus per cent annual gains recorded at the height of the pandemic migration surge, but maintaining a positive trajectory that reflects the sustained imbalance between new housing supply and ongoing demand from interstate arrivals, local first-home buyers, and investors attracted by Brisbane's relative yield advantage over Sydney and Melbourne.

Queensland's net interstate migration peaked at 44,000 in the 2022 financial year and has moderated to approximately 28,000 annually but remains at historically elevated levels. The majority of interstate arrivals settle in South East Queensland — principally Brisbane, the Gold Coast, and the Sunshine Coast — and their housing demand is a structural support for the market that real estate analysts expect to persist through the 2032 Olympics cycle.

The apartment market has recovered more slowly from the pandemic period, with unit values still below their 2018 peak in some inner Brisbane suburbs, but conditions are tightening as rental vacancy rates remain near record lows. New apartment construction activity has lifted significantly in the past year, with the Brisbane Development Committee reporting 12,000 apartments either under construction or with construction commencement expected within 12 months.

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