One in five Brisbane suburbs are seeing values fall.
Home values in one in five Greater Brisbane suburbs have plunged into the red, with more than $100,000 wiped from high-end markets in just three months as latest data confirms Queensland’s property boom has officially hit the brakes.
Exclusive PropTrack valuation data for the June quarter reveals a sharp reality check for sellers, marking the first significant cooling of the market after years of explosive growth.
The granular breakdown sheds new light on an emerging slowdown, coming as Brisbane’s median home price dipped 0.2 per cent in June to $1.073m, down for the first time in three and a half years amid global uncertainty, interest rate hikes and controversial tax changes.
98 Porteus Dr, Seven Hills sold for $2.521m
PropTrack’s latest report shows 22.3 per cent of suburbs across the city recorded negative growth over the past three months.
Falls were concentrated in the detached housing market, as cash-strapped buyers pivot towards units and townhouses for their more affordable price point.
Units outperformed houses across the state, posting median quarterly growth of 3.08 per cent overall, compared to 2.25 per cent for houses, and jumping 22.8 per cent annually versus 19.1 per cent for detached homes.
18 Harriet St, West End sold for $2.2m
Blue-chip inner-city and lifestyle markets led the downturn in sheer dollar terms, with Greater Brisbane’s top five cash wipeouts all hitting the house market.
West End houses took the heaviest hit in the capital, shedding 5.49 per cent or $109,084 and bringing the median price down to $1.88m.
Seven Hills followed, where prices fell 3.94 per cent, wiping $76,735 off the median to land at $1.87m.
On the coastal fringe, Woorim houses dropped 5.15 per cent ($58,994), while inner-north Gordon Park and southside Greenslopes shed $55,683 and $49,548 respectively.
State-wide, the biggest monetary hit was in Noosa Heads, where the median unit value plummeted by 6.37 per cent or $123,183, landing at $1.81m.
2185/9 Ferny Ave, Surfers Paradise sold for $1.103m
The property slowdown remained staggered. While the capital cooled, regional Queensland held ground, with just 7.31 per cent of suburbs outside Greater Brisbane going backwards this quarter.
On the Gold Coast, the market remained remarkably resilient, with just eight of its 106 suburbs recording drops.
The Glitter Strip’s biggest correction was in Bundall, where houses shed $56,646 or 2.42 per cent to a median of $2.28m. Nearby, Surfers Paradise units dipped by $12,712.
Further north, Townsville also bucked the downwards trend. Only two of the region’s 66 suburbs posted negative growth, while units in Cranbrook surged an astonishing 17.58 per cent over the three months, adding $56,878 to the median value and claiming the title for the nation’s fastest-growing market.
48/199-201 Lake St, Cairns North sold for $460,000
In the Far North, Cairns showed slight signs of moderation, with seven of its 71 suburbs in the red. Craiglie houses recorded the region’s largest quarterly drop, losing $22,787, followed by a $17,549 dip for units in Cairns City, though Edmonton units defied the local trend, surging 8.7 per cent.
But Queensland copped a relatively soft landing compared to the southern states.
Nationally, half of all Australian suburbs fell into negative territory this quarter.
The real estate freeze was starkest in New South Wales and Victoria, as 70.58 per cent and 68.96 per cent of suburbs respectively notched price drops.
Real Estate Institute of Queensland (REIQ) CEO Antonia Mercorella said strong interstate migration acted as a cushion for the Sunshine State.
Real Estate Institute of Queensland CEO Antonia Mercorella. Picture: Richard Walker
REIQ’s analysis showed NSW was still the largest source of interstate migrants to Queensland, contributing around 60 per cent of the state’s net gain. In 2025 alone, Queensland gained 16,528 people from interstate while NSW lost 21,465.
While PropTrack’s report shows the balance of power finally shifting away from Queensland vendors, Ms Mercorella suggested a market plateauing rather than plummeting.
“There is an expectation that Brisbane will buck the predicted national downturn in property values, because of Queensland’s unique set of circumstances including a significant supply shortfall, sustained demand pressures and strong long-term growth drivers,” she said.
1 Wildsoet St, Wongaling Beach sold for $640,000
“It’s hard to see how that wouldn’t be the case, with all that’s on the horizon for the city and the state – namely, just a little thing called the Olympics.
“Queensland’s growth story should be celebrated, but it also reinforces the need to tackle our housing shortage with urgency.”
Streamline Property Buyers director Melinda Jennison said quarterly price movements should be treated with caution in areas where sales volumes were low.
“Median values may show greater volatility in the months ahead as consumer confidence keeps buyers on the sidelines,” Ms Jennison said.
Buyers Agent Melinda Jennison. Photo: Supplied
“Motivated vendors who need to sell are more likely to meet the market, and we are seeing some good buying opportunities across the city.
“However, quality properties with sellers who have no urgency to transact may remain unsold or be withdrawn if buyer offers do not meet expectations.”
She said the current market was “more balanced than Brisbane has experienced for much of the past five years”.
Discover Buyers Agency principal Kane Drury tipped the state’s regions would continue to outperform, highlighting Townsville, Toowoomba and Mackay as standout markets.
“Higher interest rates and the new investor tax settings have knocked confidence in the big cities, but they haven’t changed the fundamentals in the regions with too many people chasing too few homes,” Mr Drury said.
63 Broseley Rd, Toowong sold for $2.55m
“Townsville has been one of the fastest-growing markets in the country over the past year, underpinned by defence, the port, health, education and major energy projects.
“Its median house price is still around the mid-$700,000s, delivering extraordinary value for northern Australia’s capital.”
Meanwhile, property valuers Herron Todd White (HTW) expected prices to fall further, as big policy shifts scared away investors.
The firm’s research revealed widespread industry panic over the Federal Government’s newly passed property tax reforms stripping negative gearing benefits from established property purchases.
Herron Todd White CEO Peter Maloney
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HTW CEO Peter Maloney said three in four property professionals expected residential investors to either sell off their portfolios or stop investing entirely.
Instead of turning investors toward new builds to lift supply, Mr Maloney said the rules created a “perverse equation” where first-home buyers were forced to battle cashed-up investors for new dwellings.
Less than one in ten surveyed professionals believed the tax changes would improve housing supply, while 43.5 per cent said they will worsen current shortages.
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