Still strong. Still growing. Just not at the pace it was moving before, and that's probably a good thing even if it doesn't feel like one if you were hoping to flip something fast.
A few forces at play.
Demand keeps outrunning supply, which is really the whole story in one sentence if you want the short version. People keep arriving, interstate and from overseas, students coming back, and there simply aren't enough homes built to absorb them.
Election year tends to make everyone a little cautious. Buyers wait to see what changes. Sellers wait to see what buyers do. Nobody moves first, and the market gets quieter than the fundamentals would suggest on their own.
Construction is its own drag. Labour's tight, materials cost more than they did two years ago, projects slip. Fewer new homes means more competition for the ones already standing.
Rates are the wildcard, same as always. A cut and buyers come back with confidence. Nothing happens and the pace stays where it is now, which honestly isn't bad, just less exciting.
For anyone actually buying: anything under one and a half million is going to see real competition once the market wakes back up in the new year. The one percent vacancy rate isn't moving anytime soon, so landlords stay in a strong position regardless of what happens to prices. Boutique, higher-yield developments are where I'd be looking over the big generic builds. Construction costs are pushing developers that direction anyway.
Brisbane still has the fundamentals. Infrastructure, lifestyle, population growth that isn't slowing down even if prices are.
Don't mistake a slower year for a bad one.