Perth property market data, trends, forecasts

Perth property market news - key takeaways

• Price momentum remains strong: Perth is leading the major capitals in home value growth. September saw a +1.6 per cent rise, pushing the quarterly increase to +4 per cent, the strongest in a year. Cotality’s data shows only Darwin had a faster appreciation rate.
• Supply remains tight: Listings in the Perth property market are 45 per cent below their five-year average, according to Cotality. This limited supply is supporting continued price growth.
• Property selling quickly: Homes in Perth are moving fast, with a median time on the market of just 12 days, as reported by Cotality.
• Stable rental conditions: Weekly rents in Perth are steady at about $685. SQM reports a low 1.3 per cent vacancy rate, indicating balanced rental dynamics.
• Rate cut on the horizon: The RBA is expected to cut rates by 25 basis points in November 2025. This anticipated move is boosting sentiment by promising cheaper borrowing, which should enhance affordability and spur more market activity.

Perth property price movements

The Perth property market is leading the nation in growth, fuelled by strong demand and limited supply. Despite challenges with affordability, the market remains lively, showing significant gains in both house and unit values.

Perth property prices - September 2025

Perth's property prices have seen solid growth, with a +1.6 per cent increase in September 2025. This brings the quarterly rise to +4.0 per cent. Over the past year, property values have climbed by +7.5 per cent, with the median value now at $855,267.

^{Source: Cotality}

The steady rise in Perth's property values is particularly noteworthy given the historical context of limited supply. The market's performance is driven by strong buyer demand and a shortage of listings, which are 45 per cent below the five-year average.

House prices in Perth

The Perth housing market saw a +1.6 per cent increase in September 2025, with a quarterly rise of +3.9 per cent. Over the past year, Perth house prices have grown by +7.1 per cent, with the median house price now at $895,089.

^{Source: Cotality}

The Perth housing market continues to benefit from its relative affordability compared to other capitals, despite recent price gains. The limited supply and strong demand have kept Perth house prices on an upward path, making it a standout performer among Australian capitals.

Unit prices in Perth

Perth unit prices have also experienced significant growth, with a +1.5 per cent increase in September 2025. The quarterly rise is at +4.2 per cent, and over the past year, unit values have surged by +10.2 per cent, with the median unit price now at $638,868.

^{Source: Cotality}

The strong performance in Perth unit prices is driven by high demand and limited supply, similar to the housing market. Perth unit prices have been particularly attractive to investors, given the higher rental yields compared to other capitals.

Perth property market forecasts 2025-2026

Australia’s big four banks regularly release house price forecasts as part of their economic research. This helps them support mortgage-lending decisions, manage risk, and demonstrate their market expertise. Here's what they expect for 2025 and 2026.

<sup>Source: Westpac Housing Pulse, NAB Residential Property Survey, CBA Economic Update, ANZ Housing Outlook. No prediction data for Canberra or Darwin.
* ANZ estimate for Capital Cities, not national</sup>

Perth is expected to lead the nation in property price growth, driven by strong demand and limited supply. These Perth property market predictions suggest significant growth compared to other capital cities, highlighting its unique market dynamics.

Perth home price forecasts 2026

Westpac forecasts a +4.0 per cent increase in Perth property prices for 2026, while NAB predicts a +3.7 per cent rise. ANZ is slightly more optimistic with a +4.3 per cent forecast while CBA is the most bullish at 6.0%. 

These forecasts are influenced by Perth's affordability, population growth, and tight rental market conditions, which continue to drive demand. The city's relative affordability compared to other capitals and its strong economic fundamentals are likely contributing to these positive forecasts.

RBA cash rate forecast 2025-2026

With the RBA holding the cash rate at 3.60 per cent at its late-September meeting, attention has turned to whether the Board will move again before the year ends or wait until early 2026. The current focus is on the next CPI print and signs that services inflation and wage growth are easing, against a still-tight rental market and resilient jobs. The four major banks have updated their views, mostly agreeing on "no further 2025 cuts," with one notable exception.

• CBA: No further move in 2025; a -0.25 percentage point cut in February 2026 (cash rate to 3.35 per cent by early 2026).
• Westpac: Expects a -0.25 percentage point cut in November 2025, then two more in February and May 2026 (cash rate to 2.85 per cent by mid-2026).
• NAB: No further move in 2025; a -0.25 percentage point cut in May 2026 (cash rate to 3.35 per cent by mid-2026).
• ANZ: No further move in 2025; a -0.25 percentage point cut in February 2026 (cash rate to 3.35 per cent by early 2026).

What this means for the Perth market

Perth remains the nation’s leader: relative affordability, population inflows, and extremely tight rental vacancies keep demand ahead of supply. Whether the RBA adjusts rates in November or waits until 2026 matters less here than elsewhere—Perth has shown it can overcome macroeconomic challenges when supply is this limited. 

Expect double-digit annualised growth to slow only if listings increase; otherwise, detached housing in growth corridors should continue to sell quickly. Cotality shows Perth leading monthly value growth across capitals, consistent with this outlook.

Perth house prices graphs and charts

Perth's house price growth over the last 5 years has been impressive, with a steady upward trend. As of October 2025, dwelling values rose by +1.6 per cent over the month, +4.0 per cent over the quarter, and +7.5 per cent over the past year, hitting a record high.

The five-year chart shows Perth moving from a stagnant phase before 2020 to becoming one of Australia's top-performing markets from 2021 onwards. Cotality's analysis indicates that the 2022 rate hikes only briefly slowed this momentum. Since then, the city has experienced several quarters of strong growth, driven by population increases and a tight rental market.

Perth property prices graph over 30 years

Perth property growth last over the 10 years has been shaped by various economic factors, including the end of the mining boom and its subsequent recovery. The city has experienced both rapid growth and downturns, but recent years have seen a resurgence due to tight housing supply and strong migration.

Over the past three decades, Perth's property market has been influenced by cycles of boom and bust, largely due to the mining sector. Today, homeowners are benefiting from a market that continues to appreciate, driven by migration and limited supply. However, buyer sentiment remains cautious due to higher interest rates and borrowing constraints, which could slow future growth.

Perth selling statistics

In October 2025, the Perth property market is showing a trend of decreasing sales volume compared to last year. This comes alongside a drop in both new and total listings, indicating a tighter market with fewer properties changing hands and a limited supply of new listings.

Perth sales volume and days on market

In October 2025, Perth saw a -3.1 per cent drop in sales volume compared to the same month last year. However, the median days on market for properties in Perth held steady at 12 days over the past three months. This is a relatively quick turnover compared to other capital cities.

^{Source: Cotality}

With properties selling in just 12 days, Perth is moving faster than the national median of 30 days. This suggests that despite the decrease in sales volume, demand remains strong for available properties. Compared to other capitals, Perth's market is moving swiftly, possibly due to competitive pricing or limited supply driving urgency among buyers.

Perth new and total listings

The number of new listings in Perth fell by -19.9 per cent from September 2024 to September 2025, while total listings dropped by -16.9 per cent over the same period.

^{Source: Cotality}

This significant drop in both new and total listings points to a constrained supply, which could be contributing to the rapid sales pace observed. The decrease in listings is more pronounced than the national average, suggesting that Perth is experiencing a tighter market than many other regions. This could lead to increased competition among buyers and potentially push prices up if demand remains strong.

Perth vendor discount

Vendor discount refers to the percentage difference between the initial asking price and the actual sale price. It offers insight into the bargaining power buyers have. Tighter discounts imply sellers are firm on price, while wider discounts suggest a softer market and more aggressive bargaining.

^{Source: Cotality}

For the three months to September 2025, the vendor discount in Perth was -2.8 per cent, slightly tighter than the national median of -3.2 per cent. This indicates that sellers in Perth are conceding less on price compared to the national average, reflecting a market where sellers have relatively more power. The tighter discount aligns with the quick sales pace, suggesting that buyers are willing to meet seller expectations in a competitive environment.

Perth property investing

Perth's rental market is holding strong, with demand for properties remaining high despite limited supply. Let's dive into the details, including rental rates, yields, and vacancy trends that are shaping Perth's current market conditions.

Perth rental market

Rental rates in Perth have seen significant growth, driven by strong demand and a shortage of available properties. The city's rental yields are competitive, making it an attractive option for investors. Below, you'll find a table with detailed data on rental rates, yields, and annual changes in rents for both houses and units across the nation and all capital cities.

^{Source: Cotality}

Perth's rental market is marked by a notable annual rise in rental rates for both houses and units. This trend is fuelled by a strong local economy and a persistent shortage of rental properties. The city's impressive rental yields further enhance its appeal to investors, offering some of the highest returns in the country.

Perth vacancy rates

Vacancy rates are key to understanding the supply-demand balance in the rental market. They show how easily tenants can find properties and negotiate rents. Nationally, vacancy rates have varied slightly, but cities like Perth remain historically tight. This tightness is expected to continue, keeping pressure on rental prices.

^{Source: SQM Research}

In Perth, the vacancy rate is exceptionally low, underscoring the ongoing demand for rental properties. Compared to other cities, Perth's vacancy rate is among the lowest, indicating a highly competitive market for tenants. This low vacancy rate aligns with the broader national trend of tight rental markets, driven by limited new supply and strong demand.

Louis Christopher, Managing Director of SQM Research said in his latest rental market report

“The rise in national vacancy rates to 1.3% reflects a shift toward a slightly eased rental market, particularly in Melbourne and Sydney, where increased supply is providing tenants with more options. However, tight markets in Hobart, Darwin, and Perth continue to favour landlords, potentially triggering further rental price growth in those regions. It is typical that over the winter period, the rental market goes into somewhat of a lull with rental vacancy rates rising a notch. This winter might prove to be a good time for tenants looking for rental properties, keeping in mind we don’t expect this lull to last any more than a few months.”

Perth's vacancy rate rose to 0.7 per cent in May 2025, with vacancies increasing to 1,416 properties. This reflects the tight market conditions Louis highlights, where landlords benefit from limited supply. Despite this seasonal increase, Perth remains below the balanced 2–3 per cent range, suggesting a continued tight market that could see further rental price growth once the winter lull ends.

Highest growth areas in Perth

^{Source: Cotality}

Highlights for Perth’s high growth areas

• Belmont - Victoria Park leads the pack in September 2025 with a median value of $837,491, marking an impressive annual growth of +10.4 per cent. The area is drawing in young professionals and families, thanks to infrastructure upgrades and its closeness to educational hubs. (Suburbs to watch: Belmont and Victoria Park)
• Kwinana secures the second spot with a median price of $739,441 and a robust annual growth of +9.8 per cent. The area is thriving due to ongoing industrial projects under the Westport plan, which are creating new job opportunities.
• Armadale takes third place with a median price of $736,133 and annual growth of +9.7 per cent. The recent reopening of the Armadale Line has improved connectivity and spurred urban development around the stations.
• South Perth boasts a median price of $1,164,821 and growth of +9.4 per cent. There is strong demand for upscale apartments and townhouses, bolstered by significant public infrastructure investments.
• Wanneroo rounds out the top five with a median value of $817,895 and steady growth at +9 per cent. New housing developments and its appeal to young families seeking more space are key drivers. (Suburbs to watch: Wanneroo and Alkimos)