M:
Research
Spring/26 Brisbane New Apartments
Headlines Brisbane new apartment pipeline to 2029 is 6% higher than the 5-year average. There are 2,948 new apartments due for completion in 2026.
The number of residential rental homes in Brisbane is currently undersupplied. Brisbane rental vacancy was recorded at 0.9% at the end of Q2/26.
New apartment prices were 14.0% higher in Brisbane over the past year to Q2/26, at an indicative $17,900/sqm, with 0.6% growth in the last quarter.
Residential rents across Brisbane trended 6.3% above last year's weekly rate, with rents forecast to rise 5% at the end of 2026.
Brisbane residential property prices have trended higher than a year ago with 19.2% growth, with 5% price growth forecast for 2026.
The construction delivery of new homes in Queensland was 1.9% below a year ago, whilst the cost to build in Brisbane escalated 6.5%.
Quartet Milton By Goldfields
Economy Key drivers
Interest rate
Spring/26
4.60%
Interest rates were last set at 4.60% after the Reserve Bank of Australia (RBA) lifted the cash rate target by 25 bps in September 2026. At this time, most lenders adjusted their mortgage lending rates for homeowners and investors accordingly. By setting borrowing costs, interest rates strongly influence both housing affordability and demand for home loans. Westpac forecasts the cash rate target to be 4.60% at the end of 2026 whilst 4.10% in 2027, with inflation, energy costs and the global economy being closely monitored as a leading indicators for any possible adjustments during this time.
Population growth
4.7%
Unemployment
Brisbane's unemployment rate of 4.7% at the end of Q2/26, was tracking higher than the Australia average at 4.3%. Looking back, the five year average unemployment rate has been 3.9% across Australia. Employment conditions shape the ability for a household to enter the housing market and service mortgages over time, with a healthy labour market typically below 5%. With economic headwinds and technological disruption to a growing number of industries on the horizon, the RBA forecasts unemployment to soften to 4.7% by the end of 2027.
+2.1%
+6.5%
New build costs
Population growth has ramped up housing demand, placing pressure on existing housing supply and infrastructure. Brisbane's total population growth was 2.1% in 2025. This came after the population rebounded 2.7% in 2024, after growth had slowed to 2.1% in 2022, as a consequence of slower migration throughout the pandemic. The Australian Bureau of Statistics (ABS) have projected the long-term population growth for Brisbane at 1.7% per annum.
The construction delivery of new homes in Queensland was 1.9% below the last reported year, whilst residential building approvals trended 26.5% higher. Over this time, Brisbane house approvals were up 15.7% and apartment approvals were 37.4% higher. The cost to build in Brisbane escalated 6.5% in 2025 according to WT, which was below the 6.9% five year average. Considering the economic outlook, WT forecasts building escalation to lift by 6.0% in 2026 and rise 7.0% in 2027.
Economic outlook, Q2/26
2021
2022
2023
2024
2025
2026F
2027F
Interest rate target
0.10%
3.10%
4.35%
4.35%
3.60%
4.60%
4.10%
Economic growth in Australia
4.9%
3.3%
1.3%
1.2%
2.6%
1.5%
1.7%
Unemployment rate in Australia
4.0%
3.3%
3.8%
3.8%
3.9%
4.7%
4.7%
Population growth in Brisbane
2.1%
3.1%
2.7%
2.1%
1.7%
1.7%
1.7%
Building cost escalation in Brisbane
3.8%
8.5%
8.0%
7.5%
6.5%
6.0%
7.0%
Source: McGrath Research, RBA, WT, ABS, Westpac
2
New apartment pipeline Update
Active pipeline
Spring/26
+6%
Total number of new apartments Brisbane, built or due to be completed
The Brisbane annual average pipeline for new build-to-sell apartments due for completion between 2026 and 2029 is trending 6% higher than the 5-year average, according to McGrath Research. The pipeline has been based on the average time taken for the marketing and construction of development approved projects with 6+ apartments and 3+ storeys in height. Brisbane is projected to deliver 13,777 new apartments by the end of 2029, averaging 3,444 apartment completions per year. In 2026, there are 2,948 apartments expected to be completed. Between 2021 and 2025, a total of 13,052 apartments were built, with an average 2,610 per year.
Source: McGrath Research
Apartment configurations
42%
New apartments bedroom mix Brisbane, built or due to be completed
When exploring the configurations of the Brisbane active new build apartment pipeline due for completion between 2026 and 2029, 42% are proposed to be 2-bedroom apartments, 18% having 1-bedroom, 2.5% being studios, whilst 33% are allocated as 3-bedrooms and 4.9% with 4-bedrooms or more, according to McGrath Research. By comparison over the past five years, the split of apartments built were reported to be 39% as 2-bedrooms, 21% had 1-bedroom, 1.9% were a studio, whilst 32% had 3-bedrooms and 6.2% recorded 4-bedrooms or more.
Source: McGrath Research
Brisbane, Q2/26
Inner suburbs
Middle suburbs
Outer suburbs
Brisbane
New apartments built 2021-2025, annual average
1,713
718
180
2,610
New apartments built 2026-2029, annual average
2,335
842
268
3,444
Share of 2-bedroom apartments, due 2026-2029
43%
42%
35%
42% Source: McGrath Research
3
New apartment prices Update
New apartment prices
Spring/26
+14.0%
Tracking new apartment average prices Brisbane, per square metre
Apartment prices in new projects within Brisbane were 14.0% higher over the past year to Q2/26, with 0.6% growth taking place in the last quarter, according to McGrath Research. New apartment prices were at an indicative $17,900/sqm, ranging between an average of $10,000/sqm and $33,000/sqm for a project with 6+ apartments and 3+ storeys. Over the past five years, total price growth for new apartments was 115.7% higher, with an annual average change of 16.9%.
Source: McGrath Research
Average Price per square metre
$17,900
Range of new apartment average prices Brisbane, per square metre, Q2/26
The outer suburbs of Brisbane saw the strongest growth in new apartment prices in the year ending Q2/26, according to McGrath Research. Prices in the outer suburbs increased 17.3% to an indicative $12,900 per square metre during this time, to range between an average of $10,000 and $20,000/sqm. Inner suburbs recorded a rise in prices of 13.8% with $19,800/sqm ($13,000 to $33,000/sqm) and the middle suburbs rose 12.5% to $13,500/sqm, ranging from an average of $12,000 to $16,000/sqm.
Source: McGrath Research
Brisbane, Q2/26
Inner suburbs
Middle suburbs
Outer suburbs
Brisbane
New build apartment average price/sqm
$19,800
$13,500
$12,900
$17,900
Change from a quarter ago
0.5%
0.0%
0.8%
0.6%
Change from a year ago
13.8%
12.5%
17.3%
14.0% Source: McGrath Research
4
Established residential prices Update
Median price
Spring/26
$1,130,700
Tracking median prices Brisbane
Brisbane residential property prices have trended higher than a year ago. Prices across Brisbane rose by 19.2% in the year ending Q2/26, with a 0.3% increase recorded in the most recent quarter. As a result, the median residential value reached $1,130,700. Residential values shift with changes in interest rates, supply and demand, economic conditions, population trends and local infrastructure which influences market appeal and buyer capacity. Annual residential price growth has averaged 14.2% over the past five years.
Source: McGrath Research, Cotality
Price outlook
+5%
Forecast for median prices Brisbane
Looking ahead, Brisbane residential prices are likely to rise over the coming year. McGrath Research forecast Brisbane residential property prices to increase by 5% at the end of 2026, followed by a further 3% rise in 2027. Residential price forecasts consider borrowing capacity, the balance of supply and demand, economic conditions, population trends and local infrastructure which shapes affordability, demand and market direction.
Source: McGrath Research
Brisbane, Q2/26
Houses
Apartments
Residential
$1,220,900
$876,300
$1,130,700
Change from a quarter ago
0.0%
1.5%
0.3%
Change from a year ago
18.5%
21.6%
19.2%
Median price
Source: McGrath Research, Cotality
5
Residential rents Update
Vacancy
Spring/26
0.9%
Residential rental vacancy Brisbane
The number of residential rental homes in Brisbane is currently undersupplied. Brisbane rental vacancy was recorded at 0.9% at the end of Q2/26, rising 20 bps in the quarter whilst falling 10 bps over the past year according to REIA. Generally, around 3% vacancy is considered a balanced market between rental supply and demand. Below this equilibrium is considered to be an undersupplied pool of rental homes, which places upward pressure on weekly rents. For the past five years, Brisbane residential rental vacancy has averaged 1.1%.
Source: McGrath Research, REIA
Yield
-47 bps
Gross rental yield Brisbane
Brisbane gross rental yields have trended lower over the past year. Residential yields fell 20 bps in the Q2/26 quarter to be 3.41% across Brisbane, whilst 47 bps lower compared to a year ago. A yield pushing beyond 4% is more desirable for investment properties located in capital cities, while below this, tends to show higher property values relative to rental income. Brisbane gross rental yields have averaged 3.97% over the past five years.
Source: McGrath Research, Cotality
Brisbane, Q2/26
Houses
Apartments
Residential
Gross rental yield
3.17%
4.07%
3.41%
Change from a quarter ago
-17 bps
-28 bps
-20 bps
Change from a year ago
-43 bps
-59 bps
-47 bps Source: McGrath Research, Cotality
6
Residential rents Update
Median weekly rent
Spring/26
$670
Tracking median weekly rents Brisbane
Residential rents across Brisbane trended above the weekly rate recorded a year ago. Brisbane rents rose 0.8% in Q2/26, whilst increasing 6.3% over the past year, to stand at a median $670 per week. Rent changes are driven by rental supply, tenant demand, migration trends, economic conditions and investor activity which together impact the vacancy rate. For the past five years, Brisbane rents grew an average 9.6% per annum.
Source: McGrath Research, Cotality
Rental outlook
+5%
Forecast for median rents Brisbane
The Brisbane residential market is continuing to experience upward pressure on weekly rents. McGrath Research forecast Brisbane rents to rise 5% at the end of 2026, with a further 6% rise likely in 2027. The rental forecast takes into consideration new and existing supply levels, population changes, economic conditions and upgraded local infrastructure which can influence future tenant demand, vacancy rates and rental growth.
Source: McGrath Research
Brisbane, Q2/26
Houses
Apartments
Residential
Median weekly rent
$680
$650
$670
Change from a quarter ago
0.7%
1.6%
0.8%
Change from a year ago
6.3%
8.3%
6.3% Source: McGrath Research, Cotality
7
Definitions
New apartments New apartments are defined as being within a 3+ storey building and with 6+ apartments as defined by McGrath Research. Brisbane Brisbane refers to the Greater Capital City Statistical Area or ‘Greater Brisbane’ as defined by the Australian Bureau of Statistics. Inner suburbs The inner suburbs are considered to be within the 0-5km ring from the Brisbane CBD as defined by McGrath Research. Middle suburbs The middle suburbs are considered to be within the 5-20km ring from the Brisbane CBD as defined by McGrath Research. Outer suburbs The outer suburbs are considered to be outside the 20km ring from the Brisbane CBD as defined by McGrath Research.
Guiding you home
Michelle Ciesielski National Head of Research, McGrath Research www.mcgrath.com.au/research
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