Queensland's property market has recorded its first broad-based quarterly softening in years, according to the Real Estate Institute of Queensland's (REIQ) latest median sales data for the June 2026 quarter.
The statewide median house price slipped 0.91% to $983,000, while the median unit price fell 1.22% to $810,000. Annual growth remains strong regardless, sitting at 16.57% for houses and 17.29% for units.
That adjustment follows the Reserve Bank's decision to hold the cash rate at 4.35% at its August meeting — the second consecutive hold after three rises earlier this year — leaving borrowing costs elevated but stable for now.
Of the state's nine major house markets recording soft quarterly growth (out of 16 total), two held stable and five slipped backwards, with REIQ describing the shift as a broad moderation rather than a downturn. Brisbane and Townsville held firm over the quarter, while Toowoomba continued climbing, up 3.03% to $850,000.
REIQ CEO Antonia Mercorella (pictured) said the results needed context given the scale of growth Queensland has posted in recent years.
"Queensland's property market has spent several years operating at full throttle, so any return to more regular pace will take a bit of adjustment — especially when it comes to buyers and sellers' expectations," Mercorella said.
For brokers, the more significant signal may be in lending volumes rather than prices.
Queensland's new housing loan commitments fell 5.9% to 29,543 in the June quarter, a steeper drop than the 5.4% national decline. First home buyer commitments eased only slightly, down 1.2%, while investor lending led the retreat, falling 10.1% over the same period.
Mercorella said the caution wasn't limited to any one buyer segment.
"Some households are delaying major financial decisions because they want greater certainty around the economy, tax policy, interest rates, and their personal finances," she said.
Mercorella pointed to the September 2022 quarter as the last comparable pullback, noting that softness proved short-lived once conditions stabilised. She said the coming two quarters, including the spring selling season, would help clarify whether the current slowdown is a temporary adjustment or the start of a longer trend.
"If we do settle into a quieter, slower rhythm, we know real estate has always been a long-term investment," Mercorella said.
Buyers are gaining some negotiating room, Mercorella added, though affordability and finance uncertainty continue to weigh on sentiment, while sellers are adjusting to a smaller, more hesitant pool of purchasers.
That view is echoed in Cotality's latest analysis, which found Brisbane's recent growth cycle has been strong enough that even a 20% correction from its peak would only return values to around August 2024 levels.
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