The Australian capital setting a new record for property value falls
Property values have fallen hard and fast in this popular city, but it’s done little to dent pandemic rises
2 min
Highest property values, biggest dip the next. That’s the outcome for Australia’s northernmost capital on the east coast, with Brisbane property values recording their largest and fastest decline, data from Corelogic reveals.
The fall comes just seven months after values hit their peak after a population surge driven by the pandemic saw an increase of 43 percent. Home values hit a record high on June 19, 2022 but have since declined 10.9 percent, in parallel with eight consecutive interest rate rises since April last year.
Historically, peak-to-trough declines in Brisbane have lasted 14 months and have ranged from value drops of -2.9 percent to -10.8 percent. While the new record is just -0.1 percent compared with previous figures, that fall came over 21 months between April 2010 and January 2012. The latest decline was a much swifter seven month drop.
CoreLogic head of research Eliza Owen said it is worth putting the Brisbane figures into context with the rest of Australia’s capital cities, as well as considering the significant rise in property values in the Queensland capital over the pandemic.
“Brisbane now stands out as one of two capital city markets with record declines, the other being Hobart,” Ms Owen said. “Sydney continues to have the largest peak-to-trough falls of the capital city markets (currently at -13.8 percent), while peak-to-tough falls remain mild in some cities (such as Perth, where values are down just -1.0 percent from a recent peak in August 2022).”
“The record fall in Brisbane home values has not made much of a dent in the gains made during the upswing. The fall in the Brisbane daily HVI follows an upswing of 43.5 percent between August 2020 and 19 June 2022, which was the fastest trajectory of rising values on record. This leaves home values across Brisbane 27.9 percent higher than at the previous trough in August 2020.”
The median dwelling value in Brisbane jumped from $506,553 at the start of the pandemic in March 2020 to $707,658 by the end of last year, Ms Owen said.
“Despite the large decline from peak, Brisbane maintains the third highest gain in value of the capital cities since the start of the pandemic,” she said.
“Only Adelaide and Darwin, which are 42.8 percent and 29.6 percent higher respectively than at the onset of the pandemic, have performed stronger.
“For this reason, there is marginal risk of negative equity for Brisbane homeowners, with the exception of very recent buyers, who purchased around the peak in June 2022 with less than a 20 percent deposit.”
However, there are signs of resilience in the market. Brisbane remains a more affordable option compared with the other east coast capitals, Ms Owen said.
Although housing values remain higher than pre-COVID levels, Brisbane retains a lower price point than Sydney, with a $435,170 difference in median house values and $280,749 difference in median unit values,” she said.
“The gap between Brisbane and Melbourne housing values is also significant, with a $119,697 gap between median house values and $97,692 difference in median unit values.
“This could encourage ongoing housing demand from those willing to migrate to the state, or own an interstate investment.”
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Byron Bay’s most compelling homes have always taken their cues from the climate. They open to the breeze, dissolve the boundary between inside and out and use tropical landscaping to create privacy without shutting out the natural world.
At 17 Kendall Street, those familiar coastal ideas have been elevated into something more architectural.
The five-bedroom residence is designed around a spectacular open-air courtyard, creating a private internal landscape where glass, stone, timber and water meet. Floor-to-ceiling glazing draws natural light into the interiors while framing the heated swimming pool and established tropical gardens from multiple points within the home.
The home was originally built in 2016, but underwent a major renovation last year following its $5.3 million sale in 2023. Sotheby’s Byron Bay agent Will Phillips has a $15 million price guide.
The transformation focused on both the home’s scale and its level of detail. Soaring voids and bold architectural forms create drama, but the material palette keeps the atmosphere warm. Rich timber, natural stone and handcrafted finishes temper the contemporary lines, allowing the residence to feel calm rather than imposing.
A sculptural spiral staircase forms the architectural centrepiece, connecting the home’s different spaces while providing a strong visual counterpoint to the horizontal lines of the courtyard and pool.
The planning is centred on connection. Multiple living and entertaining areas open to covered terraces, enabling the house to expand and contract according to the occasion. Smaller spaces support quiet family life, while the principal living zones and alfresco areas can accommodate considerably larger gatherings.
At the centre, the courtyard operates as more than an impressive arrival feature. It brings light and garden views deep into the plan, provides separation between the home’s different wings and creates a protected outdoor environment for year-round living.
Accommodation comprises five generously proportioned bedroom suites supported by five designer bathrooms. Their distribution through the residence gives family members and guests a greater sense of privacy, while the tropical outlook maintains a consistent connection between rooms.
Wellness Wing
The home’s most distinctive inclusion may be its dedicated wellness wing.
A private sauna, gym, Zen room and traditional Japanese soaking bath combine to create a retreat within the retreat. Rather than treating wellness as a single-purpose gym placed in a leftover room, the design gives it a dedicated sequence of spaces intended to support exercise, recovery and quiet.
The Japanese soaking bath is especially appropriate to the home’s broader architecture. Compact, deep and designed for immersion rather than conventional bathing, it complements the restraint of the Zen room and the calming views into the garden.
Outside, the heated pool and covered dining terraces provide the more social side of resort living. Tropical landscaping creates privacy around the residence, while the courtyard design allows greenery to remain visible throughout much of the interior.
Belongil Boom
The location adds another dimension to the property. Kendall Street sits near the Belongil side of Byron Bay, within walking distance of Belongil Beach and local dining including Belongil Bistro, Treehouse, Féu and the town centre’s broader collection of cafés, restaurants and boutiques.
That northern pocket is increasingly emerging as a prestige counterweight to Wategos and the tightly held Marine Parade strip at the opposite end of Byron Bay.
Much of the most visible investment has centred on nearby Border Street and the Belongil beachfront. Hospitality billionaire Justin Hemmes has assembled four residential holdings in the neighbourhood at a reported combined cost of about $45 million. His acquisitions include a beachfront holding bought for $16 million in 2023 and a subsequent creek-front purchase.
The Block judge and interior designer Darren Palmer and his husband, Olivier Duvillard, have also moved into the precinct, paying $4.2 million for an original home with creek views.
Luxury developer and builder GRAYA has made an even larger commitment. The Brisbane group acquired a substantial Border Street beachfront site for about $20.65 million in 2024, with plans for a major trophy-home project. Part of that holding was subsequently sold in a transaction that underlined how dramatically land values have moved.
The strongest evidence came from Chemist Warehouse director Damien Gance and his wife, Sasha Robertson. The couple paid $33.5 million in cash for the beachfront residence Malia, setting a Byron Bay house-price record and surpassing the $30 million sale of Watermark at Wategos in 2023. They then reportedly spent another $20 million securing the neighbouring vacant parcel, taking their combined Belongil investment to $53.5 million.
Those transactions do not make Kendall Street directly comparable with absolute beachfront property. They do, however, illustrate the growing weight of capital and attention shifting towards Byron Bay’s northern edge.
For decades, Marine Parade at Wategos has been the region’s clearest shorthand for trophy property. Border Street and the wider Belongil precinct are now building a comparable identity, supported by larger holdings, beachfront scarcity and an expanding concentration of prominent owners.
Property details
- Address: 17 Kendall Street, Byron Bay, NSW
- Location: Near Belongil Beach and Byron Bay town centre
- Original construction: 2016
- Last sale: $5.3 million in 2023
- Renovation: Major renovation completed in 2025
- Current price guide: $15 million
- Bedrooms: Five
- Bathrooms: Five
- Key features: Central open-air courtyard, heated swimming pool, tropical landscaping and multiple indoor-outdoor living areas
- Wellness facilities: Sauna, Zen room, gym and traditional Japanese soaking bath
- Nearby: Belongil Beach, Belongil Bistro, Féu and Treehouse
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