Perth property market data, trends, forecasts

By Andy Webb · Data to September 2026 · Updated October 2026

Perth property market news - key takeaways

• Values extend their decline: Perth dwelling values fell -1.2 per cent in September 2026 and now sit -6.0 per cent below their April 2026 peak, although prices remain higher than a year ago.
• Stock levels build up: Total listings in the Perth property market are +64.7 per cent higher than a year ago, giving buyers far more choice as homes stay advertised for longer.
• Wider vendor discounts: The median vendor discount in Perth widened to -4.8 per cent from -2.7 per cent a year ago, meaning sales are settling further below asking price and buyers have more room to negotiate.
• Rents keep climbing: Perth rents rose +8.0 per cent over the year, and with a vacancy rate of just 0.6 per cent, tenants still face strong competition for available homes.
• Rates weigh on borrowing: With the cash rate at 4.60 per cent, two of the Big Four banks expect one more rise in November 2026, which would further reduce how much buyers can borrow.

Perth property price movements

The Perth property market lost ground again in September 2026, with values falling for houses and units alike. The strong growth recorded earlier in the cycle still leaves prices well ahead of where they sat a year ago.

Perth property prices - September 2026

Perth home values fell -1.2 per cent in September 2026, and the quarterly decline has deepened to -4.7 per cent. Over the year, values are still up +10.1 per cent, which shows how much growth the city built up before the recent turn.

^{Source: Cotality, data to September 2026}

In dollar terms, the median value of Perth homes dropped by around $11,800 over the month, to $975,022. Values now sit -6.0 per cent below their April 2026 peak. Even so, most of the past year's growth remains in place.

Tim Lawless, Research Director at Cotality, said in the September 2026 Home Value Index:

"With household debt at high levels, borrowers are far more sensitive to interest rates compared with almost fifteen years ago when interest rates were previously this high."

Mr Lawless's point is about borrowers nationally, but it offers useful context for Perth, where values have fallen -4.7 per cent over the quarter. Higher rates reduce how much buyers can borrow, and that affects what they are able to pay.

House prices in Perth

Perth house prices fell -1.2 per cent over the month to a median of $1,017,734. The quarterly change was -4.6 per cent, while the annual result remains strongly positive at +10.0 per cent.

^{Source: Cotality, data to September 2026}

That monthly fall equates to a drop of around $12,400 in the median house value. Houses and units moved broadly in line across the month, quarter and year, so the softer conditions are affecting both parts of the market rather than one in particular.

Unit prices in Perth

Perth unit prices slid -1.4 per cent in September 2026, taking the median unit value to $714,265. Units fell -5.1 per cent over the quarter but are still up +10.5 per cent over the year.

^{Source: Cotality, data to September 2026}

The monthly move works out to a decline of around $10,100 in the median unit value. Little separated units from houses on any measure, with the gap no wider than half a percentage point. Units remain the cheaper way into the market, with a median around $303,500 below the typical house.

Perth property market forecasts 2026-2027

Australia's Big Four banks, CBA, Westpac, NAB and ANZ, publish house price forecasts as part of their regular economic research. Their views for Perth over 2026-2027 vary, and the gap widens in the second year.

^{Source: each bank's published forecast (Last published column); change in dwelling values over the calendar year}

All four banks expect Perth values to finish 2026 higher, with CBA the most optimistic at +12.0 per cent and Westpac the most cautious at +3.0 per cent. The Perth house price forecast for 2027 is less settled, with ANZ alone expecting a fall, forecasting -3.1 per cent, while the other three banks expect further growth, led by Westpac. Three of the four banks expect a softer result in 2027 than in 2026, which suggests they see Perth's strongest gains of this cycle as largely behind it.

RBA cash rate forecast 2026-2027

The RBA lifted the cash rate in September, its fourth rise of 2026, as inflation stayed above its 2 to 3 per cent target range. The major banks are split on what comes next, with ANZ and Westpac each expecting one further rise in November, while CBA and NAB expect no further rises this year. The table below sets out each bank's expected path.

The cash rate is 4.60 per cent. The major banks' forecasts for the next move:

^{Source: ANZ, CBA, NAB and Westpac forecasts, as at 8 October 2026}

What this means for the Perth market

Each rate rise lifts mortgage repayments and trims how much a lender will allow a household to borrow. That is because lenders test whether a borrower could still meet repayments if rates climbed further. For Perth buyers, a smaller borrowing limit is working against the relief that falling values would otherwise bring.

Whether Perth tracks toward the stronger or weaker end of the bank forecasts is likely to depend on the rate path. If a further rise arrives, first-home buyers borrowing close to their limit will feel it most, particularly in the house market. Upgraders with equity in an existing home have more room to absorb higher repayments, and buyers looking at units face a lower entry price, which leaves more headroom under a tighter borrowing cap.

Helpful resource: Our simple guide to tracking market trends and data will walk you through everything you need to know to be able to read the market and make a smarter selling decision.

Perth house prices graphs and charts

Perth's house price growth over the last 5 years has lifted the median dwelling value to $975,022, according to Cotality's latest figures, and values remain +10.1 per cent higher than a year ago. Over the shorter term, values fell -1.2 per cent over the month and -4.7 per cent over the quarter, which shows part of the past year's strong gains has started to unwind.

Perth kept growing well into early 2026, after Sydney and Melbourne had already slowed, but values have declined since their April peak as four cash rate rises this year lifted the rate to 4.6 per cent and reduced how much buyers can borrow. With fewer buyers in the market, unsold homes have built up and are taking longer to sell, which means conditions now favour buyers.

Perth property 30 year property price graph

Recent gains sit on top of a long, cyclical history where booms and busts have tended to follow the state’s resource cycles, so Perth property prices growth over the last 10 years has been uneven — a long slump after the 2014 peak was followed by a powerful recovery and the current run to new highs around the $960,000 median range. 

Over three decades, the market has been driven by shifting mining fortunes, changing population flows and periods of under-building that later tightened supply. Today, those same forces — stronger population growth, very low vacancy rates and limited new listings — are supporting prices. Homeowners are generally feeling more confident after recent gains, while buyers report frustration and urgency because higher repayments and scarce stock make finding and affording a home harder right now.

Perth selling statistics

Selling conditions in Perth have shifted over the past year. Homes are taking longer to sell, fewer sales are going through, and buyers have much more stock to choose from. Together, these measures show buyers holding more bargaining power than they did 12 months ago.

Want to know what your own property is worth? Get a free value estimate for your address.

Perth sales volume and days on market

Perth sales volumes fell -18.8 per cent year on year. That compares with a -9.1 per cent decline across the combined capitals and -6.4 per cent nationally. The median home took 26 days to sell, up from 11 days a year earlier, but still faster than the combined capitals median of 39 days and the national median of 41 days.

^{Source: Cotality, data to September 2026}

The wider gap on sales volumes suggests buyer activity has cooled faster in Perth than across the country as a whole. Selling times tell a different story. Homes still change hands more quickly in Perth than in the combined capitals or nationally, which means realistically priced properties are still finding buyers within about a month.

Perth new and total listings

New listings rose +9.4 per cent year on year, while total listings climbed +64.7 per cent. New listings count homes freshly brought to market, and total listings include everything still advertised. A much bigger rise in total stock shows that properties are staying on the market for longer.

^{Source: Cotality, data to September 2026}

For buyers, more stock means more choice and less pressure to rush a decision. For sellers, it means more competing homes, which helps explain why Perth dwelling values fell -1.2 per cent over the month and -4.7 per cent over the quarter. Pricing and presentation matter more when buyers can compare several similar homes side by side.

Perth vendor discount

Vendor discount measures the percentage difference between a property's initial asking price and the price it finally sells for. A wider discount means sellers are accepting offers further below their asking price, while a narrower one means sales are landing closer to it. Weekly auction clearance rates are not included for Perth because auction volumes in the city are too low to be statistically meaningful.

^{Source: Cotality, data to September 2026}

The median vendor discount in Perth widened to -4.8 per cent, from -2.7 per cent a year ago. This means sales are typically settling further below the opening asking price than they were 12 months earlier, giving buyers more room to negotiate. An asking price set in line with current conditions can help shorten the time a home spends on the market.

Thinking of selling? Compare top-performing local agents in your suburb to find the right fit for your sale.

Perth property investing

Perth's rental market is moving on a different track to its sales market. Home values have fallen in recent months, but rents have kept climbing and spare rental stock remains scarce. For tenants that means continued competition, while for investors it means steady rental income as the buying side softens.

Helpful resource: Estimate the capital gains tax on a sale with our free calculator.

Perth rental market

The table below compares rental conditions across the capitals, the regional markets and the nation. It covers the annual change in rents, gross rental yields and the separate rent changes for houses and units.

^{Source: Cotality, data to September 2026}

Perth rents rose +8.0 per cent over the year, among the strongest gains of the capitals and well above the national figure of +5.5 per cent. House rents (+8.0 per cent) and unit rents (+7.5 per cent) moved broadly in line, which means demand is spread across both property types. Perth's gross rental yield, a year's rent as a share of the property's value, is 4.0 per cent, a little above the combined capitals figure of 3.7 per cent and close to the national 3.9 per cent.

Perth vacancy rates

The vacancy rate is the share of rental homes sitting empty and available to lease. A low figure means tenants have fewer options and landlords have more room to lift rents. Perth's vacancy rate was 0.6 per cent, little changed from 0.7 per cent a year ago.

^{Source: SQM Research, September 2026}

Perth's rate sits well below the national vacancy rate of 1.4 per cent, which has risen from 1.2 per cent over the year. The city had 1,189 vacant rental properties, compared with 1,362 a year earlier. That places Perth among the tighter rental markets in the country, with conditions for tenants essentially unchanged over the year.

Louis Christopher, Managing Director at SQM Research, said in SQM Research's latest weekly update:

"The smaller capitals are a different story. With vacancy rates still below 1% in Brisbane, Perth, Adelaide, Darwin and Hobart, there is little sign yet of relief for tenants in those cities."

Mr Christopher's view points to ongoing pressure on Perth tenants, with a vacancy rate of 0.6 per cent leaving little spare stock to absorb new demand. For investors, it suggests rental income may stay well supported even while sale prices fall. This is an expert assessment rather than a certainty, and the monthly vacancy figures will show whether conditions begin to shift.

Highest growth areas in Perth

Perth's strongest annual price gains to September 2026 sit mostly on the city's outer fringe, from the south-eastern growth corridor down to the Peel coast. The table below ranks the top 10 Statistical Area Level 3 (SA3) regions in Greater Perth by annual percentage change, using an ABS classification that typically covers several adjacent suburbs. These are 12-month figures, so they capture gains built up earlier in the year as well as the more recent declines across the city.

^{Source: Cotality, data to September 2026}

Highlights for Perth’s high growth areas

• Serpentine - Jarrahdale: Ranked #1 with annual growth of +15.3 per cent and a median value of $909,667, Serpentine - Jarrahdale sits on Perth's south-eastern fringe. Newer housing estates and larger blocks have drawn buyers looking for relative affordability. Suburbs such as Byford and Mundijong have been central to that demand, supported by transport investment that links the area to the wider city.
• Mandurah: Ranked #2 with +14.6 per cent annual growth and a median of $869,718, Mandurah combines coastal lifestyle appeal with prices below the Perth median. Its rail connection keeps the city within commuting reach, and waterside suburbs such as Halls Head and Dawesville have attracted both retirees and families.
• Rockingham: Ranked #3 with +13.9 per cent annual growth and a median of $881,719, Rockingham offers beachside living at a price point below the city-wide median. Newer family suburbs such as Baldivis have added to buyer interest in the area.
• Eastern hills and north-east: Mundaring (#4, +13.2 per cent, $966,643), Swan (#6, +12.7 per cent, $904,180) and Kalamunda (#9, +11.4 per cent, $1,010,461) stretch along Perth's eastern edge, from the Darling Range to the Swan Valley. Buyers here have weighed larger blocks and a semi-rural setting against longer travel times. Ellenbrook, in the Swan region, has been among the more active family markets.
• Outer north and south corridors: Wanneroo (#5, +12.8 per cent, $942,486), Cockburn (#7, +11.9 per cent, $1,066,824) and Armadale (#8, +11.7 per cent, $849,258) cover major growth corridors to the north, south and south-east of the city. Each offers a steady supply of family housing within reach of rail and freeway links. At the northern end of Wanneroo, coastal suburbs such as Yanchep have drawn buyers seeking newer homes.

Thinking of selling or investing in Perth? Compare local agents or get a free property report with OpenAgent.