Only 458 apartments completed in Q1 2026, with labour shortages and financing constraints continue to slow activity

• Brisbane only saw 458 new apartments complete in the first quarter of 2026, and there are currently 2,706 under construction set to complete this year. Brisbane has seen a stall in new completions recently as labour shortages and financing continue to slow activity.
• Apartment sale prices are starting to see a slowdown in the rate of growth however this is still at very high levels. Median apartment sale prices increased 16.9% year-on-year. Apartment prices continue to outpace house prices, with median house prices increasing 14.3% year-on-year.

The median apartment sales price in Brisbane now sits at $735,000, seeing 16.8% year-on-year growth

• Brisbane’s apartment rental market has seen consistent growth since mid 2025. Median apartment rents grew 6.7% year-on-year, with rents now sitting at $640 per week.
• The sustained capital and rental growth has been driven by persistently high net interstate and overseas migration numbers. Rental vacancy in Brisbane remained at 0.9%, sitting below its 5-year and 10-year averages.

Median rents grew 6.7% year-on-year to $640 per week, with vacancy remaining at 0.9%, below long-term averages

• Brisbane continues to be one of the tightest residential markets across the capital cities, evident in the low vacancy and price growth.
• Transactional activity in sales volumes and new leases remains below long-term averages, due to owners remaining steady to maximise capital growth and tenants staying put to minimise rental increases.

Outlook

• As Brisbane prepares to host the 2032 Olympics, labour resources have been redirected toward major infrastructure projects, constraining apartment construction activity. The pipeline of new supply is strong, however there are only around 7,000 units currently under construction scheduled for completion through the end of the decade, and new starts for projects in planning are challenged.
• This supply-demand imbalance is expected to persist, underpinned by sustained population growth from interstate and overseas migration. With minimal new stock entering the market and demographic pressures continuing, both capital and rental growth are likely to remain elevated in the near to medium term.