Abstract: Drawing on the South East Busway (SEB) in Brisbane, Queensland, a full-featured bus rapid transit (BRT) network in Australia as a case study, this paper explores the impact of BRT on residential property values and how this varies spatially. Using Hedonic Price Models (HPM), we detected a negative impact of proximity to SEB stations on housing price within a 2.4-kilometre buffer of SEB corridor. On average, housing price decreases by AUD$1,133 with every 100-metre increase closer to a station. Consequently, properties located within 1200-metre radius of SEB stations could get up to AUD$30,180 lower in price compared to other properties. Furthermore, a segmented regression method was used to assess the combined effects of improved accessibility to SEB stations and proximity-related effects to the SEB corridor on property values. The model results reveal a more complex picture describing the spatial change of the impact of SEB on housing prices: a positive effect of access to SEB stations but a more substantial negative effect of immediate proximity to SEB corridor. The strong association between the distance to the SEB corridor and housing prices may suggest the proximity-related negative externalities of BRT, perceived as a main disadvantage of tyrebased transit. We argue that location characteristics of SEB as well as adjacency to a highway might have contributed to the negative proximity-effects and limit its ability to uplift property values.