City Beat May 2025: Brisbane units break through $700k median as values spike in May

Brisbane’s supercharged unit market continues to run at breakneck speed.

After consistent growth in March and April (+0.6 per cent and +0.7 per cent respectively), values surged by 1.1 per cent in May—comparable to the boomtime growth seen last year, according to the latest Home Value Index by Cotality (formerly CoreLogic).

The May spike, the highest monthly increase across all capital city unit markets, pushed the median unit value beyond the $700,000 mark to a new record high of $709,000.

Unit values are now up nearly 12 per cent over the past 12 months.

Property markets nationwide continue to grow in value, largely driven by the two interest rate cuts implemented so far in 2025, with expectations of further cuts later this year.

Cotality Research Director Tim Lawless said the recent May rate cut is likely to further accelerate momentum in the coming months.

What happened in Brisbane’s off the plan apartment market in May?

May was a busier month in Brisbane’s off the plan apartment market, with major players reaffirming their commitment to the city’s inner ring, particularly West End and Newstead.

It was revealed national developer Traders in Purple secured a second development site in West End, hot on the heels of securing approval for Rivara, on their other West End site that was recently acquired from Crown Group.

The new site, at 281-297 Montague Road, spans 10,628 sqm and already has approval for two towers up to 20 levels. Traders will revise the design to introduce a broader housing mix.

Traders In Purple Director George Geagea said the acquisition underlined the firm’s confidence in West End as a vibrant, high-growth precinct.

“We see an opportunity for long-term placemaking,” Geagea said, highlighting plans to improve public access and walkability, including a handover of 600 sqm to Brisbane City Council for upgrades to the West End Football Club’s home ground.

Read more: Traders in Purple secures second West End site as Rivara approaches launch phase

Another developer growing their portfolio in South East Queensland is Pyco, who lodged plans for a new 11-level tower in South Brisbane at 37-39 Browning Street.

Designed by Gatehouse Architects, the proposal includes 65 apartments, the majority of which are three-bedrooms tailored for the owner-occupier market.

A rooftop wellness retreat will offer residents a pool, spa, sauna, steam room, and BBQ area, while penthouse buyers will enjoy private rooftop terraces with their pools.

Pyco is already active in Brisbane with ongoing projects in Albion (Nouveau) and West End (Atelier). They recently launched Onde Kirra on the Gold Coast.

Read more: First look: Pyco to take on South Brisbane's apartment market

Also making waves across South East Queensland is builder-developer BPG Developments, who in May unveiled plans for an 18-level tower in Newstead at 16-22 Maud Street. 

Designed by Plus Architecture, the 131-apartment building will feature two and three-bedroom homes and an amenity-rich rooftop with cold and hot plunge pools, yoga lawn, and saunas.

The building’s design pays tribute to its neighbouring heritage-listed boot factory through the use of brickwork and arched forms, adding a layer of historic texture to the contemporary precinct.

BPG also recently filed for 71 apartments in Palm Beach.

On the decision to double down in two of South East Queensland's most sought-after suburbs, Williams said the reasons are straightforward.

"None of the key drivers have changed," Williams told Urban.

"There's still a shortage of stock. Very few new apartments are getting built. Unless you're a builder-developer right now, making the numbers work for a new development is extremely difficult due to high construction costs and the availability, and cost, of builders."

Read more: First look: BPG eyes Newstead apartments on Maud Street