Brisbane apartment supply remains constrained as prices and rents climb

Only 458 units were completed in Q1.

Brisbane's apartment market remained undersupplied in the first quarter of 2026, with labour shortages and financing constraints continuing to slow new construction activity, according to JLL.

Only 458 apartments were completed during the quarter, while 2,706 units remain under construction and are scheduled for completion this year. JLL said construction activity has stalled in recent periods as developers grapple with workforce shortages and funding challenges.

Despite a moderation in growth rates, apartment values continued to rise strongly. Brisbane's median apartment sale price reached AUD735,000, up 16.8% year-on-year, outperforming house price growth of 14.3%.

Rental market conditions also remained tight. Median apartment rents increased 6.7% year-on-year to AUD640 per week, while vacancy held at just 0.9%, remaining below both five-year and 10-year averages. JLL attributed the strong performance to sustained interstate and overseas migration, which continues to support housing demand.

The consultancy noted that transaction volumes for both sales and leasing remain below long-term averages, as homeowners hold properties to maximise capital gains and tenants remain in place to avoid rising rents.

Looking ahead, JLL expects supply constraints to persist as labour resources are increasingly directed towards infrastructure projects linked to the 2032 Olympic Games. With only around 7,000 apartments currently under construction for delivery through the end of the decade and new project starts facing challenges, the imbalance between supply and demand is expected to continue supporting capital and rental growth over the medium term.