A 1950s red brick walk-up in southwest Brisbane is a window into how the federal budget is reshaping the property market.

Marketed as "the ultimate set-up for multi-generational living", the three-unit apartment block in Oxley has bucked the trend of a falling market, says Ray White real estate agent Holly Bowden.

Despite three Reserve Bank rate hikes and federal governments curbs to investor tax breaks accelerating a housing downturn, Ms Bowden's phone has been running hot over the property.

"There's been 55 inquiries in two weeks. That's a lot," she told AAP. 

"And we've had 32 groups physically come to inspect over two Saturdays."

Ms Bowden says the building offers an opportunity for a buyer looking to occupy one of the units themselves, and move family members into the other two.

"In the last 12 months, as the market's moving, people are trying to help their kids out as well," she said.

"Out of the woodwork, I'm getting buyers that are coming because I'm feeding them this option.

"I'm getting people that are looking at properties for that reason, going maybe we can all live here in this one property and pool our money together."

Compared to renting out the property, it averts the need to pay capital gains tax, after the government replaced the 50 per cent discount with an indexation model and imposed a minimum rate of 30 per cent.

It also avoids strata levies, which investors will no longer be able to write off through negative gearing.

In established properties, investors were increasingly looking for low maintenance and low outgoings, Ms Bowden said.

The tax changes may also change which areas are more sought after and where prices will grow the fastest.

Between 2010 and 2026, suburbs with a higher share of owner-occupiers have tended to grow in value faster than suburbs with a higher share of investors, said Cotality economist Annabelle Mezieres.

Units in owner-occupier suburbs grew 99 per cent, while units in investor-heavy suburbs climbed 65 per cent, she found in a report.

The budget changes could put further pressure on areas favoured by investors and could push investors towards new builds, which will retain the favourable tax benefits, Ms Mezieres said.

While home prices are still growing in Brisbane, albeit at a much slower pace, Cotality data showed the preliminary clearance rate fell to 23.8 per cent over the weekend, indicating weak demand.

Across the combined capitals, clearance rates held below 50 per cent for a third consecutive week.

HSBC chief economist Paul Bloxham said the home price correction is likely to continue for some time, with the tax changes sapping investor demand and owner-occupiers unwilling to try catch a falling knife.

He predicts a nationwide decline of two to six per cent in 2027.