Queensland’s apartment construction pipeline has surged to its highest level in nearly a decade, but new research from RPM Group reveals a critical disconnect: stock is accumulating in the pipeline far faster than it is reaching the market. And what does reach buyers is overwhelmingly unattainable for those who need it most.  

Our SEQ Apartments & Townhomes Market Report – May 2026 finds that apartment approvals across Queensland rose 86% to 12,682 in the year to February 2026; the highest level since 2016. Yet the volume of units under construction, currently 31,530, is approaching the 2016 peak while delivery timelines have blown out by 50%, averaging 30 months from approval to handover compared to 20 months a decade ago.  

“The demand is real. Supply is moving. But they’re operating on different timelines, and the gap between what’s being built and what buyers can afford is the defining tension in the market right now,” says Peter Neale, Managing Director of QLD & NSW, RPM Group.  

The surge in approvals reflects genuine market momentum. Unit commencements rose 48% year on year in Q4 2025 to 5,453, the highest level since 2018. 

However, the construction pipeline is accumulating considerably faster than it is converting to completions. With 31,530 units under construction, the average project now taking 30 months from approval to handover, stock is sitting locked in the pipeline for significantly longer.  

Major Olympic infrastructure work across SEQ is compounding the pressure on labour and materials, with construction output costs rising a further 1.5% in Q4 2025. 

Average construction costs in Greater Brisbane reached $630,000 per unit in 2025, which is higher than both Greater Sydney ($618,832) and Greater Melbourne ($575,756), while investor and owner occupier loan values remain below the cost of constructing new apartments.  

Want the Full Picture?

This article draws on findings from RPM Group’s SEQ Apartments & Townhomes Market Report – May 2026. Access the complete data and market forecasts in the full report.