Brisbane Property Market Update April 2025

Melinda Jennison

Introduction

April was a subdued month for the Brisbane property market, as activity took a backseat to a series of lifestyle and political events. Queenslanders enjoyed an unprecedented run of three consecutive long weekends – including Easter, ANZAC Day and Labour Day – which, combined with a two-week school holiday period and the federal election campaign, saw many buyers and sellers place their property decisions on hold. With more pressing personal and national matters to attend to, market momentum eased.

Despite the distractions, the Brisbane market demonstrated its continued upward price growth. Dwelling values rose 0.4% in April, a consistent result with March’s performance. This upward trend reflects the city’s strong underlying fundamentals, where both owner-occupiers and investors continue to seek value in a tightening property landscape.

Compared with other capitals, Brisbane outperformed Sydney and Melbourne, which each saw only 0.2% growth in April. Adelaide and Perth also delivered solid results at 0.3% and 0.4% respectively, while Darwin led the month with a 1.1% increase. Over the past 12 months, Brisbane values are up 7.8%, second only to Perth (10.0%) and Adelaide (9.8%), and far outpacing Melbourne (-2.2%) and Canberra (-0.6%).

Interestingly, while house values across Australia’s capitals generally outpaced unit values, Brisbane bucked the trend. Here, units recorded stronger growth than houses both over the month (0.5% vs 0.4%) and the quarter (1.6% vs 0.9%). This divergence highlights the unique dynamic within Brisbane’s market, where affordability pressures and limited supply are fuelling renewed demand for well-located attached dwellings.

On the taxation front, new data from the ABS revealed that property continues to shoulder a growing share of government revenue. Across Australia, state and local governments collected $45.2 billion in property-related taxes during the 2023–24 financial year. This is up 12.5% year-on-year.

Stamp duty alone generated $30.8 billion, an 8% rise. For buyers, these figures translate into increased transaction costs, and in Brisbane, the cost burden is particularly stark. According to a recent Sydney Morning Herald analysis, Brisbane ranks as the sixth most expensive city for stamp duty on an average home, with Hobart and Darwin the only two cities with lower stamp duty rates based on a typical house. This is perhaps one reason why more investors are seeking their positions in Brisbane as entry costs are comparatively lower compared to many other cities across the country.

External forces are also shaping buyer sentiment. The introduction of 10% tariffs by the US, alongside a more aggressive tariff regime targeting China, has introduced renewed uncertainty into the global economic outlook. Although Australia’s direct exposure to US tariffs is minimal, with just 4% of exports destined for America, the indirect impacts could be substantial. Trade tensions and slowing Chinese growth could weigh on business confidence and hiring. A weaker labour market would likely dampen consumer sentiment and delay property-related decisions.

However, the flip side is that such uncertainty could drive further rate cuts. With the Reserve Bank of Australia already trimming rates in February and another cut expected in May, borrowing costs are likely to fall again, a move that could further stimulate buyer demand and bolster home prices. Investors may also turn to property as a stable store of value amidst volatile global markets, particularly if listing volumes remain tight.

Brisbane Dwelling Values

April saw Brisbane’s median dwelling value rise to $907,864, reflecting a 0.4% increase for the month and 1.0% for the quarter. This steady performance matches March’s result and continues the city’s long-term growth trend, with dwelling values now 71.1% higher than five years ago and 91.2% over the past decade.