What does Brisbane's turning market mean for an agency?

In May, Brisbane was one of the strongest housing markets in the country. By the end of September it had recorded the sharpest monthly fall of any capital, and the Reserve Bank had raised the cash rate again. The spring outlook described the first signs in July's data. The September figures show how far the turn has gone.

This post sets out what the data published by early October says about Brisbane, and what a slower market does to the working day of the people who sell and lease homes there. It describes conditions. It does not forecast prices.

How far have Brisbane values fallen?

Brisbane dwelling values fell 1.5% in September, just ahead of Sydney's 1.4% for the sharpest fall of the capitals, according to Cotality's Home Value Index released on 1 October (Cotality, Home Value Index, October 2026). Values fell 4.7% over the three months to September and were 5.4% below their May 2026 peak. The median dwelling value was $1,048,880.

September

−1.5%

Three months to September

−4.7%

Since the May 2026 peak

−5.4%

Over twelve months, Brisbane is still ahead, with values 5.9% higher than in September 2025. Regional Queensland fell 0.9% in September and was 6.3% higher over the year.

Nationally, values fell 1.1%, the sixth monthly fall in a row, leaving them 5.2% below their March peak and unchanged over the year. Cotality found that 97% of capital city suburbs lost value over the three months to September.

Many Brisbane vendors formed their price expectations from sales earlier in the year. A fall of 5.4% from the peak is the context they need from their agent early, in a conversation rather than an email.

What did the 29 September rate rise change?

The Reserve Bank raised the cash rate by 0.25 percentage points to 4.60% on 29 September, in a unanimous decision. Its statement noted that housing prices had fallen in most capital cities and that new housing loans had declined noticeably (RBA, 29 September 2026). Cotality described the new rate as the highest in fifteen years.

Higher rates reduce what buyers can borrow, and Cotality noted that the pool of buyers able to qualify for a mortgage is narrowing. For an agent, that shows up in the conversations after an open home. Buyers who were pre-approved before 29 September may need to check their borrowing capacity again, and some will pause until they have.

How much stock is on the market?

A lot more than a year ago, mostly because homes are selling more slowly. SQM Research counted 21,153 Brisbane listings in September, 43.5% more than a year earlier and the largest annual rise of any capital (SQM Research, total listings). In Brisbane, stock listed for between one and six months almost doubled over the year. Nationally, SQM counted 276,839 listings, up 21.6%.

Cotality measures listings with its own method and reports them for the combined capitals rather than for Brisbane, so its figures are not directly comparable with SQM's. They point the same way. Across the combined capitals, Cotality found total inventory 23.1% higher than a year earlier, even though the flow of new listings was 9.2% lower. Homes are selling more slowly than new ones arrive. Capital city homes took a median of 39 days to sell, up from 23 days a year earlier, a figure for the capitals combined.

Sales have slowed most in Brisbane. Cotality estimated that home sales over the three months to September were 27.2% lower than a year earlier in Brisbane, the sharpest drop of any capital, against 19.1% lower nationally.

SQM also counted 1,655 distressed listings in Queensland, 47.5% more than a year earlier. SQM noted that the national rise does not by itself indicate widespread mortgage distress, but vendors selling under pressure need particular care.

What does a slower market do to an agency's day?

It adds work to every sale. Each one now takes more weeks, more calls and more reporting.

• More stock per agent. When stock grows faster than sales, each agent carries more campaigns at once. SQM's count of Brisbane listings rose 43.5% in a year while Cotality's estimate of Brisbane sales fell 27.2%.
• Longer campaigns. A campaign that runs 39 days instead of 23 adds about two more weekends of open homes, each with its own enquiries, inspection sign-ins and follow-up calls.
• More buyer calls per sale. Cotality says buyers have more choice, less urgency and more room to negotiate. A buyer with choice enquires on more homes and takes longer to decide, so an agent hears from more buyers, more often, before one signs.
• More vendor updates. Cotality noted vendors are having to become more realistic about price. That happens through weekly reports with enquiry and inspection numbers, honest buyer feedback and, when needed, a price conversation. A vendor who hears nothing for a week in this market assumes the worst.
• Appraisals from owners testing the market. Some owners ring to find out where their home sits after the May peak, without a plan to sell yet. Each is a seller worth booking properly, and the guide to questions to ask a seller on the first call covers how.
• Investor questions. Cotality reported a sharp reduction in investor demand after the Federal Budget's negative gearing and capital gains tax changes. Investors weighing a sale ring with tax questions that belong with their accountant.

Most of this extra work arrives by phone, and much of it arrives while the agent is already busy: at an open home, in an appraisal, or driving between them.

Are rentals still tight in Brisbane?

Yes, although the two main measures differ on how tight. SQM Research put Brisbane's vacancy rate at 0.9% in August, with 3,090 vacant rentals, 10% fewer than a year earlier (SQM Research, August vacancy rates). Brisbane asking rents averaged $756.15 a week, 7.7% higher than a year earlier. The national rate was 1.3%.

Cotality reports a higher rate: 2.1% for Brisbane in September, and 2.0% nationally, the highest national rate since January 2025. The two are not comparable. SQM counts rentals advertised for three weeks or more against all established rental homes, and Cotality calculates vacancy its own way. On Cotality's figures, Brisbane house rents rose 6.7% over the year and unit rents 5.9%, while national rents rose 5.5%.

On either measure, vacancy in Brisbane is low, so a new rental listing still brings a steady run of enquiries, and replies need to be quick and accurate. The guide to how to reply to a rental enquiry sets out what to include. When a landlord sells, the property manager is also the one arranging tenant access for every open home, so a longer sales campaign adds to their week too.

How can an agency keep up?

By making sure the extra calls are answered, and the vendor and seller conversations happen on time.

• Cover the phones when agents are busy: open-home Saturdays, appraisal appointments and evenings.
• Offer a firm appraisal time while the owner is still on the phone, rather than promising a call back.
• Agree a weekly update day with every vendor, and keep to it.
• Reply to rental enquiries the same day, with the listing's facts in the first lines.

When calls are going unanswered, AgentFront's Phone Assistant takes forwarded calls an agent cannot answer, answers buyers' questions from the public realestate.com.au listing, and agrees appraisal times with sellers from the agent's own calendar.