Brisbane's property market is showing signs of a sharp slowdown, with the city's auction clearance rate tumbling to just 21 per cent, down from 49 per cent a year earlier. Buyers' agents say this mirrors the pattern seen in Sydney and Melbourne before their own price corrections following the 2022 interest rate rises, suggesting Brisbane's long run of strong growth may be about to reverse. The shift matters because Brisbane has been Australia's standout capital city performer for growth in recent years, meaning any downturn there would be particularly significant for the national market.

Vendors are reportedly becoming more desperate, throwing in sweeteners such as furniture, whitegoods or even "steak knives" to secure sales, while buyers are increasingly able to negotiate conditions, such as making a purchase subject to selling their own home first, that would have been dismissed outright during the boom. This comes as economists warn Australia's $12.7 trillion housing market faces broader pressure following Labor's property tax changes, with new modelling suggesting a forecast 10.6 per cent national price fall over two years could wipe up to $1.3 trillion from household wealth, given that almost 57 per cent of Australians' wealth is tied up in residential property.