Brisbane New Apartment Market Report | Spring 2026

The Brisbane new apartment market enters Spring 2026 with strong momentum, supported by rising apartment prices, population growth and ongoing housing undersupply. New apartment supply is increasing, while demand continues to be driven by migration, affordability relative to other capital cities and tight rental market conditions. Strong price growth and a growing development pipeline position Brisbane as one of Australia's strongest-performing apartment markets.

Market snapshot

Brisbane's new apartment pipeline is forecast to deliver 13,777 apartments between 2026 and 2029, averaging 3,444 completions per year, which is 6% above the previous five-year average. In 2026, approximately 2,948 new apartments are expected to be completed. Two-bedroom apartments account for 42% of future supply, while three-bedroom apartments represent 33%, reflecting strong demand for larger apartment living.

New apartment prices

New apartment prices across Brisbane increased 14.0% over the year to Q2 2026 and 0.6% during the quarter, reaching an indicative average of $17,900 per square metre. Over the past five years, new apartment prices have increased by 115.7%, with annual growth averaging 16.9%. The strongest growth was recorded in Brisbane's outer suburbs, where apartment prices increased 17.3% over the year.

Residential property market

Brisbane residential property values continue to outperform most major markets, with median residential prices increasing 19.2% over the year to Q2 2026 to reach $1.13 million. Apartment values rose 21.6% annually, while house prices increased 18.5%. Looking ahead, McGrath Research forecasts Brisbane residential property prices will increase by a further 5% by the end of 2026 and 3% in 2027.

Rental market performance

Brisbane's rental market remains exceptionally tight, with vacancy rates recorded at just 0.9% in Q2 2026. Median rents increased 6.3% over the year to $670 per week, supported by strong tenant demand and limited rental supply. McGrath Research forecasts rents will rise by a further 5% by the end of 2026, with continued growth expected in 2027.

Economic drivers

Several factors continue to support Brisbane's apartment market. Population growth remained strong at 2.1% in 2025, while apartment approvals increased 37.4% over the year. Construction costs rose 6.5%, and the delivery of new homes remained below year-ago levels, reinforcing supply-side pressures. These conditions continue to underpin demand for both new and established residential property across Brisbane.

Outlook for Brisbane new apartments

Brisbane's new apartment market is expected to remain well supported through the remainder of 2026 and beyond. Strong population growth, increasing apartment values, low vacancy rates and an expanding development pipeline are expected to sustain demand. With residential prices and rents forecast to continue rising, Brisbane's apartment market remains supported by favourable long-term fundamentals. Explore the full Spring report for detailed insights into apartment supply, pricing, rental performance and the economic drivers shaping Brisbane's new apartment market.