Brisbane’s post-pandemic housing boom has trashed affordability for first home buyers and tenants alike.
Turning to prices first, Proptrack reports that Brisbane dwelling values have soared by 104% since the beginning of the Covid-19 pandemic in March 2020:
The impact on affordability was illustrated in all of its hideous glory in Cotality’s latest housing affordability report.
The next chart illustrates that Brisbane’s dwelling price-to-income ratio has increased from a relatively affordable 5.5 in Q3 2020 to 8.8 in Q3 2025.
The percentage of household income needed to service the median new mortgage surged from a low of 22.1% in Q4 2020 to 48.0% as of Q3 2025.
Moreover, the ongoing rise in Brisbane dwelling values has almost fully offset the three interest rate cuts delivered by the RBA:
The affordability situation is certain to worsen in the year ahead given that SQM Research’s latest Boom and Bust Report forecasts that Brisbane dwelling values will grow by 10% to 15% in 2026, which will more than offset any small cut in interest rates from the RBA:
Source: SQM Boom & Bust Report
The situation is equally dire for Brisbane tenants.
Brisbane advertised rents have surged by 47% over the past five years, adding $223 per week to the typical tenancy ($11,645 annually).
As a result, the percentage of household income required to meet the median rent has soared from a low of 24.6% in Q2 2020 to a record high of 32.7% as of Q3 2025:
Brisbane rents are likely to continue to rise given that the city’s rental vacancy rate was tracking at only 1.7% in Q3 2025.
Queensland’s population growth is also running at triple new dwelling construction (not accounting for demolitions):
No matter how you cut it, Brisbane’s housing affordability is appalling, which is harming both buyers and tenants alike.
