Hero Background Image

Perth property market data, trends, forecasts

Perth property market news

The Perth property market has demonstrated remarkable resilience in the face of Australia's housing downturn. Property values soared +25.9 per cent from the Covid trough to July 2022 peak, and while most other markets have since seen significant price corrections, Perth's declines ended up being very minimal according to the latest CoreLogic data. In fact, prices have in fact been climbing once again to reach new all-time highs and place Perth as the country's standout market. 

Perth property prices - April 2024

Property typeMonth change (Apr 24)Quarter change (Apr 24)Annual change (Apr 24)Current median price (Apr 24)
All Perth dwellings2.0%6.0%21.1%$721,278

Boasting both relative affordability and a uniquely insulated economy, rising interest rates had less of an impact on the Perth housing market than many of the country's other capital cities. As a result, the Western Australian capital weathered the property downturn better than anywhere else and is now dominating in terms of monthly growth. 

Nationally there has been a shortage of stock on the market, and nowhere is that trend stronger than in Perth. Compared to 12 months ago, new listings for April were up +7.7 per cent but total stock was a full -24.9 per cent lower. That lack of stock is being met with an uptick in sales. Home sales were up +6.9 per cent year-on-year for April, so the balance looks to be weighted heavily in the corner of sellers. 

Perth homes are selling fast, too. Days on Market (DOM) is the lowest of any capital, sitting at a lightning-fast 10 days, down from 15 days 12 months ago. By comparison, the national average is closer to 30 days.

OA Inline OE CTA Image

Get a free property value estimate

Please select your address from the drop down

    Find out how much your property is worth in today’s market.

    Perth house prices

    Australia's housing boom of 2021 was very much house-led, so it stands to reason that houses would be hit harder than units in the downturn that followed. Surprisingly, that wasn't the dynamic in Perth, where houses continued to outperform. Now in 2024, houses remain out in front, but only just. 

    Perth house prices - April 2024

    Property typeMonth change (Apr 24)Quarter change (Apr 24)Annual change (Apr 24)Current median price (Apr 24)
    Perth houses2.0%6.0%21.3%$753,947

    The Perth median house price surged by another +2.0 per cent in April, bringing quarterly change right up to +6.0 per cent. Annual growth has also soared, currently sitting at a remarkable +21.3 per cent for the year. These figures exemplify one of the most robust housing markets in Australia.

    Perth unit prices

    While the Perth unit market hasn't quite matched the level of growth seen with houses, it's still delivered incredibly strong returns throughout 2023 and into 2024. 

    Perth unit prices - April 2024

    Property typeMonth change (Apr 24)Quarter change (Apr 24)Annual change (Apr 24)Current median price (Apr 24)
    Perth units1.9%6.5%19.6%$508,988

    Perth's median unit price increased by +1.9 per cent in April, bringing the quarterly change to +6.5 per cent. On an annual basis, unit price growth sits just under +20 per cent, lifting the median price just above $509,000.

    Perth property market forecast 2024-25

    After such historic growth over the past two years, economists say a market correction was inevitable. Perth enjoyed relative insulation from the downturn, though, and growth returned with strength in 2023. The question is, can it continue in 2024 and beyond? 

    NAB's latest Perth house price forecast suggests values could increase by another +9.9 per cent in 2024 with a further +6.2 per cent to come in 2025. 

    Westpac's Perth real estate forecast also predicts another +10.0 per cent upswing in 2024 and +8.0 per cent due in 2025. 

    Big four banks' Perth home price forecasts 2024-25

    BankPerth property prices 2024Perth property prices 2025

    Whether or not this growth can be achieved still largely depends on the supply and demand dynamic over the rest of the year. Interest rates had extensive impacts on the market and, while there is now a period of stability, the high rate environment is still causing stress for buyers and homeowners alike. 

    Currently, the RBA sits at 4.35 per cent, a long way up from the emergency-level 0.1 per cent rate borrowers were enjoying until May 2022. The banks mostly expect there will be no further hikes, with rate cuts to begin in the later stages of 2024 or early in 2025.

    Big four banks' cash rate forecast 2024-25

    BankPeak rate forecastMonth of peak rateRate cut forecastMonth of trough
    Westpac4.35%November 20233.10%December 2025
    NAB4.35%November 20233.10%November 2025
    CBA4.35%November 20233.10%December 2025
    ANZ4.35%November 20233.60%June 2025

    Now aligning with the banks' forecasts, SQM Research made predictions in late 2023 of another positive year ahead for growth in Perth. Across four possible scenarios, SQM predicted anywhere between +5 per cent to +9 per cent growth for the WA capital.

    What are industry experts saying about the Perth property market?

    Michael Yardney - Director of Metropole Property Strategists

    "Perth is the only capital city where housing values are at a record high. Following a paltry 0.9% reduction in values, Perth home values have risen over six of the past eight months.

    Although the market has recovered to new record highs, median values remain well below most other capital cities, reflecting relatively affordable price points; a reflection of the long-running downturn where Perth's housing values dropped by 20% between 2014 and 2019.

    This affordability, along with strong migration from both interstate and overseas alongside persistently low advertised stock levels and tight rental conditions are all factors supporting the local market.

    Across the sub-regions of Perth, the quarterly pace of growth ranged from a 5.6% gain at Armadale to flat conditions in Cottesloe-Claremont."

    Cameron Kusher - Director of Economic Research at REA

    "New houses are experiencing the strongest bounce back in views per listing.

    New unit listings have seen a more modest recovery, which is a reflection of the continued desire from WA buyers for a house over a medium or higher density option.

    We may see housing preference evolve over time if more medium and higher density options emerge in and around Perth."

    Perth house price graphs and charts

    The latest Perth property price graph from CoreLogic's monthly chart pack clearly shows the rapid acceleration and sustained highs of the Perth property market before steadying over 2022 and ramping back up over 2023 and 2024.

    Copy Block Image
    Annual growth is on a meteoric again in Perth. Source: CoreLogic, April 2024

    The massive upward surge from mid-way through 2020 follows a rocky period of stagnation Perth, becoming one of the most explosive times of growth in Australian history. Since that point prices have been relatively unaffected when compared to other markets.

    Looking at the wider context of the housing market over time, we can see in this 30-year house price growth chart that Perth's recent gains have shot prices back up to record levels.

    Copy Block Image
    The recent Perth boom was one of the biggest in the city's history. Source: CoreLogic, Domain

    The minor declines over 2022 pale in comparison to the surge in growth seen across Perth since the pandemic began.

    Perth property info for sellers

    Selling data for Perth property looks particularly strong as listings remain persistently low, home sales hold steady and Days on Market (DOM) continues to be well below the other capital cities.

    Perth new listings+7.7%12 months to April 2024

    Perth total listings-24.9%12 months to April 2024

    Perth home sales+6.9%12 months to April 2024

    Perth DOM10 days12 months to April 2024

    Property investing in Perth

    The Perth property market has always presented a unique set of pros and cons for investors as such an isolated city. Currently, Perth is looking promising for investors as rental vacancies are around the lowest in Australia, rents continue to increase rapidly, and unit prices are on the more affordable side.

    Perth house rents+13.3%12 months to April 2024

    Perth unit rents+15.5%12 months to April 2024

    Perth rental yields4.5%April 2024

    Perth vacancy rate0.6%April 2024

    Top 5 suburbs for Perth investors

    Canstar recently detailed some of the top suburbs where Perth property investors could find strong potential. 

    The report noted that "As the cheapest capital city for houses, Perth offers some attractive options for people to buy affordably in locations with future growth drivers."

    Top suburbs for investors to buy in Perth

    SuburbMedian house price ($)12-month price growth (%)

    "The Perth market has broad strength but the cheaper areas have the greatest momentum – and most of our Top 10 selections have median house prices well below $500,000, as well as identifiable growth drivers.

    The other common feature is exceptionally low vacancy rates – all 10 locations are between 0.2% and 0.5%."

    Looking to invest in Perth property? 

    Find out the Perth suburbs with the highest rental yield

    Perth property FAQs

    • Will the Perth property market crash?

      Considering there is significant uncertainty about inflation and interest rates, Adelaide property market forecasts are wide-ranging. Get the full picture and more well-rounded understanding of what's to come in our article, will the Australian property market crash?

      Down Pointer
    • Should I sell my Perth house now or wait?

      Selling your property is a huge decision that deserves all your careful consideration weighing up the advantages and disadvantages of either scenario. 

      Even if the market feels uncertain, it’s important to remember that it’s all relative and the market doesn’t stop. There will always be properties being listed and buyers out there wanting to purchase a home. 

      For a clearer picture of what the market is looking like and whether it's a good time to be listing your Perth property, check out our article: should I sell my house now or wait?

      Down Pointer
    • Where are the top growth suburbs in Perth?

      According to CoreLogic data, there were plenty of Perth suburbs where property prices grew more than +10% in 2022. Some of the top movers included units in Dudley Park (+19.7%) as well as houses in Mandurah (+15.3%), Waikiki (+14.3%), Coodanup (+14.2%) and Calista (+14.0%).

      Find out all of the top growth suburbs in Perth for 2022

      Down Pointer