Brisbane after the peak: the capital that fell most in September
Brisbane dwelling values fell 1.5% in September 2026, the sharpest monthly fall of any capital city. Values are 5.4% below the May peak, but still 5.9% higher than a year ago. Sales are down 27.2% on last year and only 23.7% of auctions sold in the week to 3 October.
For five years Brisbane could do no wrong. Values rose 55.4% in that time and more than doubled over ten.
Then, in May, it stopped. Cotality's October report singles the city out: the September result "highlights how sharply conditions have shifted in what had previously been one of the strongest performing housing markets".
Key facts, as at 30 September 2026
- Month: down 1.5%. Quarter: down 4.7%. Year: up 5.9%
- Below the May 2026 peak by 5.4%
- Median dwelling value: $1,048,880. Houses $1,146,078, units $834,627
- Home sales: down 27.2% on a year ago, the largest fall of any capital
- Gross rental yield: 3.5%. Vacancy rate: 2.1%
Source: Cotality Home Value Index, 1 October 2026
How fast it turned
| Change | |
|---|---|
| Past month | -1.5% |
| Past 3 months | -4.7% |
| Since May peak | -5.4% |
| Year to date | 0.1% |
| Past 12 months | 5.9% |
Source: Cotality Home Value Index, results to 30 September 2026
Look at the two bars at the bottom. Over twelve months Brisbane is still up 5.9%. Over the calendar year so far it is up 0.1%. Everything it gained early in 2026 has now been handed back.
At the median, a 5.4% fall from the peak is about $60,000.
Houses and units are not the same story
| Houses | Units | |
|---|---|---|
| Median value | $1,146,078 | $834,627 |
| Past month | down 1.5% | down 1.4% |
| Past 3 months | down 4.9% | down 4.2% |
| Past 12 months | up 5.3% | up 8.5% |
| Rents, past 12 months | up 6.7% | up 5.9% |
| Gross rental yield | 3.4% | 4.2% |
Units have held up better over the year and pay a better yield. That is typical when borrowing power falls: buyers move down to what they can still afford.
The auction rooms
In the week to 3 October, Brisbane held 145 auctions and 23.7% of them sold, on preliminary figures. A year earlier it was 49.5%.
Brisbane has never been an auction city in the way Sydney and Melbourne are, so the sample is small. Still, when three in four auctions do not sell, sellers are getting the message that their price is last autumn's price.
More on how to buy in those conditions in spring 2026 auctions.
Why Brisbane, and why now
Nothing special to Brisbane caused this. The same four rate rises and the same tax changes hit every city.
What differs is where Brisbane started. After doubling in a decade, its median sits above $1 million, not far behind Sydney's. So when rates rose a full point this year, buyers there ran into their borrowing limit quickly.
Investors mattered here too. Queensland made up 37.1% of all investor sales in the latest PIPA survey, more than any other state.
What we would do as a buyer
Take your time. With sales down more than a quarter and stock building, there is little risk of missing out this spring.
Price off today, not off May. A seller who tells you the home was worth more five months ago is right, and it does not matter.
Count the duty. On an established home at the Brisbane median, an investor pays $40,837 in transfer duty by our calculator. First home buyers of a new home pay none. See state changes buyers missed.
Check the yield against your loan. At 3.5% gross, a Brisbane property will not cover its interest at current rates.
In March we wrote about Brisbane suburbs with strong growth. That post is still up, unchanged, as a record of how the city looked two months before its peak.
For every other capital, see six months of falling prices.
Frequently asked questions
Are Brisbane house prices falling?
Yes. Brisbane dwelling values fell 1.5% in September 2026 and 4.7% over the quarter. They are 5.4% below their May 2026 peak, though still 5.9% higher than a year ago.
What is the median house price in Brisbane?
At the end of September 2026 the median house value was $1,146,078 and the median unit value was $834,627, according to Cotality. The median for all dwellings was $1,048,880.
Is now a good time to buy in Brisbane?
Buyers have more choice and more room to negotiate, with sales down 27.2% and under a quarter of auctions clearing. Whether it suits you depends on what you can borrow at today's rates and how long you plan to hold.
How much is stamp duty on a median Brisbane property?
For an investor buying an established home at the Brisbane median of $1,048,880, the Presm Stamp Duty Calculator gives $40,837.
Sources
- Cotality, Australian housing values down for sixth straight month in September, Home Value Index, 1 October 2026
- Property Update, National Weekly Auction Report, week to 3 October 2026, data from My Housing Market
- Real Estate Business, PIPA Investor Sentiment Survey, 15 September 2026
This is general information, not financial advice.