Brisbane home prices have experienced an incredible rise since the beginning of the COVID-19 pandemic.
According to PropTrack, Brisbane dwelling values increased by 122% between March 2020 and April 2026, well above the 56% growth recorded over the combined capital cities:
Cotality recorded a rise in Brisbane’s median home price from $503,265 in February 2020 to $1,116,180 in April 2026, an increase of $612,915 or 122%.
The surge in Brisbane home values has elevated it to a near-record high compared to the other capital cities, according to Domain, as illustrated below:
As of 30 March, Brisbane home values were 88% of the average across the other capital cities (heavily distorted by Sydney), up from a 53-year average of 78%.
The above chart also suggests that there isn’t much further upside for Brisbane home values, given its extreme relative overvaluation.
Indeed, CBA last week released data showing that Brisbane is the second most expensive capital city market in the nation behind Sydney, with affordability that is far worse than Melbourne, Adelaide, and Perth:
Adding to the overvaluation, Brisbane now has the second-lowest gross rental yield in the nation, behind Sydney, according to Cotality.
Source: Cotality
With the Reserve Bank of Australia (RBA) forecast to hike interest rates at least two more times this year, this leaves Brisbane home values in a precarious position.
Will Brisbane be the next house price domino to fall, following Sydney and Melbourne into a correction?
Certainly, the macro data for Brisbane suggest it is experiencing bubble-like conditions, with values detached from fundamentals.
