Perth property market data, trends, forecasts

Perth property market news - key takeaways

• Price momentum: Perth values were still rising in early 2026, recording a monthly gain of +2.0 per cent in January and driving strong annual growth in units (+20.1 per cent) and houses (+18.4 per cent). 
• Supply tightness: The Perth property market is being propped up by very low advertised stock, with listings around -45 per cent below the five‑year average and above‑average recent sales activity keeping upward pressure on prices. 
• Homes selling quickly: Properties are moving fast in Perth, with a median time on market of about 9 days reported in recent months, signalling strong buyer competition and limited vendor discounting. 
• Rental tightness: Rental supply in Perth is extremely tight, with vacancy rates sitting below 1 per cent in January 2026 and ongoing upward pressure on rents. 
• Interest rate and lending: A +0.25 percentage point RBA cash rate rise in early February 2026 (to 3.85 per cent) and new limits on high debt‑to‑income lending from 1 February 2026 are likely to tighten borrowing conditions and weigh on buyer affordability.

Perth property price movements

Perth’s housing cycle has remained one of the strongest among the capitals, with prices continuing to rise despite tighter credit and higher living costs. The Perth property market is being driven by low advertised supply and strong buyer demand, especially at the lower end of the market, which is supporting ongoing gains.

Perth property prices - February 2026

Across all properties, Perth recorded a solid lift in January 2026, with monthly growth of +2.0 per cent, quarterly growth of +7.0 per cent and annual growth of +18.5 per cent; the median value in January was $961,898. Perth posted the strongest monthly gain across the capitals in January, although that pace has eased back from the cyclical high seen late last year.

^{Source: Cotality}

Looking at the longer view, January’s result continued a run of outsized annual gains for Perth after a period of renewed momentum through 2025. Tight listings and heightened competition for more affordable stock have pushed growth higher, which means any sustained lift in advertised supply or further credit tightening could slow the pace of gains.

House prices in Perth

House values in January 2026 rose by +1.9 per cent for the month, were up +7.0 per cent over the quarter and recorded an annual increase of +18.4 per cent, with the median house value at $1,003,804 in January. Growth has been broad-based but is strongest at the lower end of the market, where competition for affordable houses remains fierce.

^{Source: Cotality}

The Perth housing market has outperformed many larger capitals over the past year because advertised stock remains well below average, and buyer demand has stayed elevated; this has pushed Perth house prices higher but also concentrated gains in more affordable suburbs. In January, the median house value rose by approximately $18,717 compared with the prior month, by about $65,687 over the quarter and by roughly $156,085 compared with a year earlier, illustrating how rapid the recent rise has been.

Unit prices in Perth

Perth unit values lifted by +2.3 per cent in January 2026, rose +7.2 per cent over the quarter and were up +20.1 per cent over the year, with the median unit value at $699,814 in January. Units have been the strongest performing sector over the past year, helped by demand for more attainable options and strong rental fundamentals.

^{Source: Cotality}

Perth unit prices have been boosted by strong demand at the lower end of the market and tight rental conditions, which has added investor and first‑home buyer interest. In dollar terms, the median unit value increased by about $15,731 over the month, approximately $46,998 over the quarter and around $117,119 compared with the same time last year, underscoring the outsized annual gains in the unit sector.

Perth property market forecasts 2026

Australia’s big four banks regularly release house price forecasts to guide mortgage-lending decisions, manage risk, and demonstrate their market expertise. Here's what's expected across the country for 2026.

^{Source: Westpac Housing Pulse, NAB Residential Property Survey, CBA Economic Update, ANZ Housing Outlook.} 

Perth’s forecasts look stronger than some other capital cities, but not uniformly the highest across every bank; expectations are for continued price growth, but with differing views on its strength. These Perth property market predictions reflect that banks disagree on how quickly demand will translate into higher values, given local supply constraints and changing lending conditions. 

Perth home price forecasts 2026

CBA expects Perth prices to rise by +6 per cent, NAB expects +3.7 per cent, ANZ expects +10.9 per cent, and Westpac expects +8 per cent in 2026, according to the banks’ latest published views. At a national level, CBA sees +4 per cent, NAB +4.1 per cent and ANZ +4.8 per cent for the combined capital cities, while Westpac did not publish a nationwide capital‑cities number in its update. 

These forecasts reflect a mix of factors: tight local listings and strong rental conditions in Perth supporting demand, but also the risk that higher borrowing costs and tighter lending rules will limit how fast prices can rise. Use these bank predictions as a guide to different scenarios rather than a single outcome.  

RBA cash rate forecast 2026

On 3 February 2026, the Reserve Bank of Australia (RBA) raised the cash rate by 0.25 percentage points to 3.85 per cent, noting that inflationary pressures had resurged (CPI was around +3.8 per cent) and demand was running strong. Most analysts had anticipated a hike given the recent uptick in inflation, although some saw it as a cautious first step pending further data. Below are the major banks’ updated forecasts (based on their latest published views heading into 2026): 

• CBA: Forecasts no further hikes for 2026, holding at 3.85 per cent.
• Westpac: Forecasts no further hikes for 2026, holding at 3.85 per cent.
• NAB: Forecasts one more hike in May, taking the cash rate to 4.10 per cent.
• ANZ: Forecasts no further hikes for 2026, holding at 3.85 per cent.

What this means for the Perth market

Perth has been on a sustained charge buoyed by a recovering resources sector and inbound migration. Its market typically runs on its own cycle. A small rate rise is unlikely to halt its momentum. Perth households have been used to higher rates for longer, and the local economy is strengthening. In past hikes, Perth has shown resilience because affordability was still relatively good (prices were lower than on the East Coast). We’d expect Perth to keep growing strongly. The 25 basis point rise may slightly raise borrowing costs, but given current tight rental markets and improving job market, Perth’s property values should continue upward at a solid pace.

Perth house prices graphs and charts

Perth house price growth over the last 5 years has moved from modest gains in the early part of the window to a strong “catch-up” surge from 2023 onwards. According to Cotality’s latest figures, in January, dwelling values were up by +2.0 per cent for the month, +7.0 per cent over the quarter, and +18.5 per cent over the year, taking Perth to a record high.

The five-year chart shows quarterly growth lifting consistently from 2023 and accelerating through 2024–25, with very few meaningful down quarters. Per Cotality’s analysis, that late lift reflects a tight listings pool and strong renter demand, which has kept Perth in a sellers’ market rather than letting prices fall back.

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

Perth’s selling stats point to a market where properties are still turning over quickly, but sales volumes have softened compared with a year earlier. Overall, the data suggest strong buyer activity for available stock, while the flow of fresh listings remains weak, which keeps competition for homes relatively high.

Perth sales volume and days on market

Perth recorded a fall in sales volumes on an annual basis in the most recent monthly data, while homes have been selling notably faster than the national average. The three‑month median selling time in Perth was very short, reflecting quick turnover when properties are listed. 

^{Source: Cotality}

Perth’s annual sales volume was down in the latest monthly estimate, while the median days on market over the three months to January 2026 sat at just 9 days — well below the national three‑month median of 29 days — indicating that demand for listed homes is still strong and buyers are moving quickly when opportunity appears. The drop in sales alongside very short selling times can happen when there simply isn’t much for sale: fewer listings mean each property attracts more interest and often sells fast. 

Perth new and total listings

Fresh stock coming to market in Perth has been weak year‑on‑year, and total advertised supply has fallen sharply in the latest monthly data. That combination — fewer new homes and lower overall listings — is a key reason transactions can still clear quickly despite a dip in volumes.

^{Source: Cotality}

Looking at the numbers, new listings in Perth fell substantially year‑on‑year and total listings were down by a larger margin than the national average, which tells us supply is tighter in Perth than across the country. In plain terms, there are fewer homes for buyers to choose from, so when suitable stock appears, it moves quickly and can create pockets of stronger price competition between buyers.

Perth vendor discount

Vendor discount refers to the percentage difference between the initial asking price and the actual sale price, offering insight into the bargaining power buyers enjoy. It’s a key indicator because tighter discounts imply that sellers are standing firm on price, whereas wider discounts suggest a softer market and potentially more aggressive bargaining.

^{Source: Cotality}

Recent readings show Perth among the capitals offering smaller vendor discounts relative to some other cities, consistent with low listings and quick selling times. That tighter vendor discounting means sellers are conceding less on price on average, which aligns with the fast turnaround for listed homes and the competitive conditions when decent stock appears.

Perth property investing

Perth’s rental market remains very tight, with demand outpacing the available homes for rent. Below, we look at the latest rental rates, yields and vacancy trends to explain what’s driving conditions in Perth and how they compare to other capitals.

Perth rental market

This section summarises rental rates and gross yields for Perth and the other capital cities, plus how rents have been changing for houses and units over the past year. The table below brings together the headline figures so you can compare Perth directly with the national and capital city results.

^{Source: Cotality}

Perth has seen some of the stronger annual rent growth among the capitals, which has kept gross yields higher than the larger eastern capitals. Cotality’s monthly chart pack shows Perth’s annual rent growth and yields running above the combined capitals' average, reflecting the faster pace of rental growth in WA compared with the big eastern markets. These rental pressures are being supported by recent strength in Perth home values, which also tightens the supply of more affordable homes for tenants.

Perth vacancy rates

Vacancy rates show how many rental properties are available and are one of the clearest signals of whether tenants or landlords have more negotiating power. Low vacancy rates usually mean it is harder to find a rental and put upward pressure on asking rents, while higher vacancy rates give tenants more choice and can ease rent growth. Nationally, vacancies remain well below long-run averages, with many capitals still sitting under 2 per cent.

^{Source: SQM Research}

Perth’s vacancy rate is very low, and is currently well below the 2–3 per cent range commonly seen as a balanced market. SQM data shows Perth’s vacancy rate tightened to 0.6 per cent in January 2026, with available listings falling month on month. That level is tighter than most capitals, underlining how little spare rental supply exists in the market right now. The tight vacancy picture aligns with Cotality’s view that rising home values and low advertised supply are keeping upward pressure on rents in Perth.

Sam Tate, Head of Property at SQM Research said in the latest SQM rental market report

“The decline in the national vacancy rate to 1.2% in January highlights how quickly seasonal increases in rental supply can be absorbed in Australia’s current market. Most capital cities recorded tightening conditions, particularly Brisbane, Perth and Darwin, where vacancy rates are again sitting below 1%. With advertised rents rising in many markets early in the year, it suggests tenant demand remains strong. Unless we see a meaningful increase in new rental supply, upward pressure on rents is likely to persist through the first half of 2026.” 

Perth matches Sam’s “again sitting below 1%” tightening story, with vacancy falling from 0.7% in December 2025 to 0.6% in January 2026 and vacancies dropping from 1,384 to 1,153. That’s still well above January 2025’s 0.4%, but the latest month shows supply remains too thin to sustain even mild seasonal relief.

Combined asking rents are $786.81 per week and up 4.7% over the year, pointing to ongoing rent pressure despite some earlier easing in vacancy over the past year. A 1.9% rolling monthly rise suggests the market is re-accelerating into early 2026, consistent with Sam’s warning about first-half pressure.

Highest growth areas in Perth

^{Source: Cotality}

Highlights for Perth’s high growth areas

• Serpentine - Jarrahdale ranked #1 in January 2026 with a median value of $894,908 and annual growth of 24.3 per cent. Major transport upgrades and new estate supply around Byford are cited as key demand drivers. Suburbs to watch in Serpentine - Jarrahdale: Byford 
• Armadale ranked #2 in January 2026 with a median value of $853,006 and annual growth of 23.7 per cent, reflecting its role as a growing south‑east services and employment centre. It has also featured in recent top‑10 lists (for example, #3 in August 2025), showing persistent strength. Suburbs to watch in Armadale: Kelmscott, Camillo, Roleystone, Harrisdale, Piara Waters, Seville Grove, Armadale 
• Belmont - Victoria Park and Canning (ranked #3 and #5) recorded strong annual growth of 22.2 per cent and 20.9 per cent with medians of $956,963 and $1,068,508 respectively, highlighting inner‑to‑middle ring demand near the CBD and airport employment nodes. Proximity to major job hubs and airport‑led investment underpin this uplift. Suburbs to watch in Belmont - Victoria Park and Canning: Victoria Park, Canning Vale 
• Kwinana, Gosnells and Swan (ranked #4, #6 and #7) posted annual growth of 21.7 per cent, 20.0 per cent and 19.5 per cent with medians of $771,683, $860,467 and $888,475, showing a corridor‑style rise tied to industrial jobs, rail and freight‑related infrastructure. Several of these areas were already appearing in mid‑2025 top‑10 lists, indicating sustained momentum rather than one‑month spikes. Suburbs to watch in Kwinana, Gosnells and Swan: Parmelia, Wellard, Beckenham, Thornlie, Maddington, Gosnells, Southern River, Huntingdale, Dayton, Brabham, Ballajura, Ellenbrook, Aveley
• Wanneroo, Cockburn and Joondalup (ranked #8–#10) recorded annual growth between 19.2 per cent and 18.7 per cent, with medians of $913,509, $1,038,086 and $1,208,333 respectively, underlining that both growth‑area suburbs and higher‑value coastal/service centres are rising together across Perth. Joondalup’s larger median value, paired with the same growth rate as Cockburn, highlights different market tiers delivering similar returns. Suburbs to watch in Wanneroo, Cockburn and Joondalup: Butler, Clarkson, Quinns Rocks, Banksia Grove, Yanchep, Alkimos, Marangaroo, Girrawheen, Tapping, Wanneroo, Spearwood, Hamilton Hill, Duncraig, Kingsley, Joondalup, Ocean Reef