Home prices in Brisbane have dropped for the first time in three and a half years, with global uncertainty, interest rate hikes and controversial tax changes officially putting the brakes on the property market.
The latest PropTrack Home Price Index for June 2026 revealed Brisbane’s median price is $1.073m, down 0.2 per cent from May.
Brisbane’s median home price has dropped for the first time in three and a half years, according to PropTrack’s latest Home Price Index.
PropTrack senior economist Anne Flaherty said the changes signalled a shift in Brisbane’s property market in favour of buyers.
“I think that it’s absolutely been a seller’s market for quite a long time in Brisbane,” she said. “We’re starting to see the tables turn. It looks like we’re starting to transition to more of a buyer’s market.”
PropTrack senior economist Anne Flaherty said the change could mark the return of a buyer’s market in Brisbane.
The change has come after the Reserve Bank of Australia rose the national interest rate three times this year, now sitting at 4.35 per cent.
Meanwhile, the federal government announced changes to negative gearing and the Capital Gains Tax in April, designed to steer investors away from buying existing homes.
Ms Flaherty said these factors, along with continued cost of living pressures, had likely scared buyers out of the market.
“There are still a healthy amount of homes going on the market,” she said. “We’re seeing vendors have to adjust their price expectations downwards, so I think there’s a lot of opportunity out there.”
A unit in Spring Hill with ‘price reduced’ in the listing. Vendors are beginning to adjust their price expectations after a drop in auction clearance rates.
The last time the median home price went down was in November, 2022, when it fell by just 0.04 per cent to $721,000.
Brisbane’s median home price has jumped 48.8 per cent since then, up $352,000 in just three and a half years.
The capital’s annual growth is $141,300 (13.9 per cent), with a five-year growth of a staggering 84.6 per cent.
While the Gold Coast also recorded a decrease of 0.3 per cent in June, Queensland’s regional markets continued to rise.
The Gold Coast also recorded one of its first descreases since 2022, dropping by 0.3 per cent. Meanwhile, regional markets like Townsville and Cairns continued to rise. Picture: iStock
The median home price in Cairns managed to rise 0.01 per cent, while Townsville performed the best at a jump of 0.12 per cent.
Ms Flaherty said the full impact of the federal budget remained to be seen, as investors and owner-occupiers could start to look outside of Brisbane for new properties.
“Regional markets outperformed capitals over both the month and the year,” she said.
“Similarly, units have recorded smaller declines over the month compared to houses, and have seen stronger growth over the year.
While units such as this one in Fortitude Valley have dropped their price, Brisbane unit prices have seen a smaller decline and a stronger year-on-year growth.
“Looking ahead, affordability is likely to remain a key driver of market performance, with the share of buyers looking to purchase in more affordable areas, such as regional markets, expected to increase.”
CEO of buyers agency Happy Buyers Club Sam Hunter said the news marked a positive change for the housing market.
“The latest data suggests we’re heading back towards something that resembles a normal market,” he said.
Happy Buyers Club CEO Sam Hunter said the change in the market was a healthy sign for Australia, considering the speed in which prices had been rising.
“Prices are finally stabilising. That’s not bad news – 0.2 per cent down in a month doesn’t concern me at least. In fact, it’s healthy.
“Eight weeks ago people were happy to pay a five per cent premium just because there was competition, and now they’re cautious to buy something for what it’s worth because they’re the only offer. That’s just human nature, and this market feels more like 2022 than 2009.”
Prices fell for the third month in a row nationally, dipping by 0.3 per cent in June.
Nationally, the home median price fell by 0.9 per cent to $903,000. Darwin was the only capital city to see a rise in median house price.
The nation’s median price is now $903,000 – 0.9 per cent lower than its peak in March, when the year’s second interest rate hike was announced.
Prices across all capital cities have dropped by 0.4 per cent, with Sydney and Perth seeing the largest dip at 0.5 per cent.
Darwin was the only capital city to see its median rise, going up 0.2 per cent.
English (US) · 