Perth property market data, trends, forecasts

Perth property market news - key takeaways

• Values at record highs: Perth dwelling values rose +1.5 per cent in May 2026 and +25.8 per cent annually, with the Perth property market now sitting at a record median of $1,050,354.
• Stock tight but rising: New listings are up +13.7 per cent year on year, yet total listings have grown only +1.3 per cent, as buyers continue absorbing fresh supply almost as fast as it arrives.
• Properties selling fast: Perth homes are selling in just 12 days on average, less than half the national average of 28 days, with vendor discounts holding steady at -3.1 per cent.
• Rental conditions severely constrained: Perth's vacancy rate remains at 0.7 per cent and annual rent growth is running at +7.5 per cent, well ahead of the national average of +5.9 per cent.
• Rate outlook divides the banks: Three of the Big Four forecast rate cuts ahead while Westpac predicts further rises, leaving borrowing costs an open question for Perth buyers at a time when the cash rate sits at 4.35 per cent.

Perth property price movements

Perth's property market continues to stand apart from the rest of the country, with values climbing across every measure in May 2026. While Sydney and Melbourne have slipped into negative quarterly territory, Perth is moving in the opposite direction entirely.

Perth property prices - May 2026

Perth properties posted another solid month in May 2026, rising +1.5 per cent over the month and +4.8 per cent over the quarter. The annual figure tells the bigger story: values are up +25.8 per cent year on year, placing Perth among the strongest-performing capital cities in the country.

^{Source: Cotality}

The median dwelling value in Perth reached $1,050,354 in May 2026. Working back from the monthly gain, the prior month median sat at approximately $1,034,859, meaning the typical Perth home added around $15,495 in value over the month alone. Perth dwelling values are at a record high, reaching a milestone that would have seemed distant just a few years ago.

House prices in Perth

Perth house prices rose +1.4 per cent in May 2026 and +4.7 per cent over the quarter, sustaining the run that has defined the Perth housing market through much of the past two years. The annual gain of +25.6 per cent means a typical Perth house has increased in value by more than a quarter since May 2025.

^{Source: Cotality}

The median house value reached $1,097,164 in May 2026. The prior month median works out to approximately $1,081,955, putting the monthly dollar gain at around $15,209.

Unit prices in Perth

Perth unit prices outpaced houses in May 2026, rising +1.7 per cent over the month and +5.6 per cent over the quarter. Annual growth of +27.8 per cent means Perth unit prices have grown faster than any other dwelling type in the city over the past year.

^{Source: Cotality}

The median unit value of $768,808 in May 2026 compares to a prior month median of approximately $755,955, a gain of around $12,853 over the month. Units outpacing houses is a pattern showing up across several growth markets, and in Perth it reflects buyers seeking more accessible price points in a city where detached house values have already risen sharply. 

The lower 25 per cent of Perth's market has been recording the strongest quarterly gains of any price segment, pointing to entry-level demand as a key driver of growth.

Perth property market forecasts 2026

Australia's Big Four banks publish annual dwelling price forecasts as part of their economic research divisions, and views on Perth for 2026 span a notably wide range. Each bank takes a different methodology and forecast horizon, so direct comparisons come with caveats.

• CBA predicts Perth property prices to rise +15.0 per cent over 2026.
• Westpac predicts Perth property prices to rise +13.0 per cent over 2026.
• NAB's published forecast is at the Western Australia state level; it predicts dwelling prices to rise +5.5 per cent over the next 12 months across Western Australia.
• ANZ predicts Perth property prices to rise +12.3 per cent over 2026.

The spread across the Big Four Perth house price forecasts is substantial, running from NAB's state-level +5.5 per cent to CBA's city-specific +15.0 per cent. Even excluding NAB's broader Western Australia figure, the gap between CBA at the top and ANZ at +12.3 per cent reflects genuine uncertainty about how quickly Perth's momentum will ease through the back half of the year. The banks agree on direction but disagree meaningfully on pace, which is a useful signal for anyone trying to time a purchase or sale.

RBA cash rate forecast 2026

The RBA's cash rate currently sits at 4.35 per cent, up from 4.10 per cent at the previous meeting, and the central bank's forward guidance points to any cuts being unlikely until well into 2027. The decision date for the most recent move is not available in current published data. With the rate at its current level, the Big Four are split on what comes next, ranging from further rises to a gradual cutting cycle.

• ANZ predicts a hold at the RBA's next meeting, with two further cuts in September and December 2027, bringing the cash rate to 3.85 per cent.
• CBA predicts a hold at the RBA's next meeting, with two further cuts in May and September 2027, bringing the cash rate to 3.85 per cent.
• NAB predicts a hold at the RBA's next meeting, with three further cuts in June, September and December 2027, bringing the cash rate to 3.60 per cent.
• Westpac predicts a 25 basis point rise at the RBA's August meeting, with another 25 basis point rise in September, bringing the cash rate to 4.85 per cent.

What this means for the Perth market

At 4.35 per cent, the cash rate is placing real pressure on borrowing capacity for Perth buyers, at a time when the median dwelling value has crossed $1,050,354. Every 25 basis point move in either direction shifts what a typical Perth buyer can borrow, and in a market where prices have risen +25.8 per cent over the past year, that sensitivity is acute.

The divergence between Westpac's hawkish view and the three cutting forecasts from ANZ, CBA and NAB creates a genuine fork in the road for Perth's near-term outlook. If rates rise further as Westpac predicts, borrowing costs will tighten further, likely cooling demand and weighing on the upper end of price forecasts. If the cutting cycle ANZ, CBA and NAB anticipate arrives sooner, it would support buyer capacity and could keep Perth's price growth closer to the more optimistic end of the forecast range.

Several of the Big Four forecasts were finalised before the most recent RBA decision, meaning the full impact of the current rate level may not yet be reflected in their numbers. Bank views may be revised in coming months as the rate outlook becomes clearer.

Perth house prices graphs and charts

Perth's house price growth over the last 5 years has pushed the city's dwelling median to $1,050,354 as of May 2026, with Cotality's latest figures showing a +1.5 per cent gain in the past month, +4.8 per cent over the quarter, and a striking +25.8 per cent over the past year. That annual figure places Perth well ahead of every other capital city and means the typical Perth dwelling has added roughly $215,000 in value over 12 months alone.

The five-year run has been fuelled by a tight combination of persistently low stock, strong interstate and overseas migration into Western Australia, and a resources sector that kept local employment and incomes firm while the cash rate was rising. New listings are now trending up, and the monthly pace of growth has begun to ease from the near-3 per cent monthly rates seen in late 2025, pointing to a market that is still rising but gradually shifting into a lower gear.

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 remain among the tightest in the country. Properties are moving quickly, buyer demand continues to absorb available stock, and sellers are holding firm on price, even as new supply begins to build.

Perth sales volume and days on market

Sales volumes in Perth fell -7.2 per cent year on year, a contrast to the combined capitals, which recorded +1.8 per cent, and the national figure of +4.1 per cent. At the same time, the typical Perth property is selling in just 12 days, down from 14 days a year ago.

^{Source: Cotality}

Twelve days on market is extraordinarily fast by any measure. The combined capitals average sits at 27 days, and the national average at 28 days, meaning Perth properties are selling more than twice as quickly as the typical home elsewhere in Australia. The dip in sales volumes is not a sign of weak demand, it reflects a market where there is simply not much to buy.

Perth new and total listings

New listings rose +13.7 per cent year on year, a meaningful increase that signals more sellers are choosing to come to market. Total listings, though, are up just +1.3 per cent over the same period, which tells you that the new stock arriving is being absorbed almost as fast as it appears.

^{Source: Cotality}

The gap between new listings growth and total listings growth is the key story here. Buyers are still clearing stock quickly enough to keep overall inventory near last year's levels, despite the fresh supply coming through.

Cameron Kusher, Property Economist at Oz Property Insights, said "Stock for sale in Brisbane, Adelaide, Perth and Darwin remains low but is in a clear upward trend which I expect will continue. Assuming that it does, I would expect this will result in an ongoing slowdown in value growth in these markets too." That upward trend is worth watching, but for now, buyers in Perth still face a constrained pool of available homes.

Perth vendor discount

Vendor discount measures the percentage difference between a property's initial asking price and its final sale price. A narrower discount means sellers are conceding less ground; a wider one means they are having to negotiate more to secure a buyer. Auction clearance rates are not included for Perth because auction volumes are too low to be statistically meaningful.

^{Source: Cotality}

Perth's vendor discount sits at -3.1 per cent, unchanged from -3.1 per cent a year ago. Sellers are holding exactly as firm as they were twelve months back, and there is no sign of the widening trend visible in some other capitals. In a market where homes are selling in 12 days and total listings have barely moved year on year, that stability in vendor discount is consistent with sellers still holding the upper hand in negotiations.

Perth property investing

Perth's rental market remains one of the tightest in the country, keeping conditions firmly in favour of landlords while presenting real challenges for tenants searching for available properties. For investors, the combination of strong rent growth and reasonable yields makes Perth one of the more attractive income stories among the capital cities right now.

Perth rental market

The table below shows how Perth's rental market compares across the key measures: annual rent growth, gross yield, and the split between houses and units. These figures are drawn from Cotality's May 2026 data.

^{Source: Cotality}

Perth recorded annual rent growth of +7.5 per cent in the year to May 2026, well ahead of the national average of +5.9 per cent and the combined capitals figure of +5.8 per cent. Units led the way at +7.8 per cent, outpacing houses at +7.4 per cent, which reflects buyers priced out of the detached market pushing into attached dwellings and driving up competition for rental units too.

At 3.6 per cent, Perth's gross yield sits level with the national average and ahead of Sydney, Brisbane and Adelaide. That yield is being sustained despite rapid price growth, which tells investors that rents are rising fast enough to keep pace with capital values rather than being left behind.

Perth vacancy rates

The vacancy rate is the share of rental properties sitting empty at any given time. A lower rate means fewer properties are available, placing upward pressure on rents. SQM Research data shows Perth's vacancy rate has held at 0.7 per cent in May 2026, unchanged from 0.7 per cent a year ago.

^{Source: SQM Research}

Perth's 0.7 per cent vacancy rate sits well below the national figure of 1.2 per cent, placing it among the tightest rental markets in the country alongside Adelaide and Hobart. While the headline rate is unchanged year on year, the actual number of vacant properties fell from 1,416 to 1,265, meaning the market has tightened in absolute terms even as the city's rental stock has grown.

Louis Christopher, Managing Director at SQM Research said in the latest SQM rental market report:

"The national vacancy rate held steady at 1.2% in May. Where vacancies did rise across a number of cities, that largely reflects normal seasonal patterns — May and June are typically among the higher-vacancy months of the year, outside the December peak, as leasing slows over the cooler months. On a year-on-year basis the market is unchanged, sitting at the same 1.2% as it did in May last year."

For Perth, the seasonal context matters. The fact that vacancy held at 0.7 per cent through the typically slower winter leasing period, rather than ticking upward, points to demand that is absorbing available properties faster than they come to market.

"That said, vacancy rates remain exceptionally low by historical standards. Brisbane, Perth, Adelaide, Darwin, and Hobart are all still recording vacancy rates below one per cent, indicating that rental supply remains severely constrained."

For investors, a sub-1 per cent vacancy rate in a market with +7.5 per cent annual rent growth suggests rental income pressure is unlikely to ease in the near term.

Highest growth areas in Perth

Perth's strongest 12-month price gains in May 2026 were concentrated in the city's outer southern and south-eastern corridors, with the north also featuring strongly. The table below shows the top 10 Statistical Area Level 3 (SA3) regions for Greater Perth by annual percentage change, an SA3 is an ABS geographic classification that typically groups several adjacent suburbs into a single statistical unit.

^{Source: Cotality}

Highlights for Perth’s high growth areas

• Serpentine - Jarrahdale: Ranked #1 across Greater Perth with annual growth of +33.6 per cent and a median value of $957,130, this semi-rural corridor on the city's south-eastern fringe has drawn buyers seeking larger land parcels at prices still well below the broader Perth median. Relatively accessible pricing compared to established middle-ring suburbs, combined with improving road connections to the Armadale employment hub, continue to support demand in this area.
• Armadale: Ranked #2 with +31.0 per cent annual growth and a median of $929,619, Armadale sits in Perth's outer south-east and has long appealed to buyers seeking an affordable entry into the market. Ongoing infrastructure investment in the broader south-east corridor and the area's relatively lower price base appear to be sustaining strong buyer interest.
• Gosnells: Ranked #3 with +28.9 per cent annual growth and a median value of $950,051, Gosnells rounds out a clean sweep of the top three for Perth's South East SA4 region. The suburb cluster offers established amenity, rail access to the CBD, and a price point that continues to attract both first home buyers and investors priced out of closer-in markets.
• Outer-south and coastal swing: Ranks #4 through #7, Rockingham (+28.9 per cent, $939,820), Swan (+28.6 per cent, $965,649), Wanneroo (+28.6 per cent, $1,012,858) and Mandurah (+28.4 per cent, $918,016), span Perth's outer south-west, outer north and coastal south, showing that the growth story is not confined to a single corridor. Each of these SA3s sits below the city-wide dwelling median, pointing to affordability-driven demand as a common thread across all four areas.
• Middle-ring and established south-east: Ranks #8 through #10, Belmont - Victoria Park (+28.0 per cent, $1,034,988), Kwinana (+27.1 per cent, $834,172) and Canning (+27.0 per cent, $1,126,253), add geographic diversity to the growth table, stretching from well-connected inner suburbs to the outer industrial south. Kwinana records the lowest median value in the top 10 at $834,172, making it Perth's most affordable entry point among the city's fastest-growing SA3s.