October’s property data is in, and it confirms what we are seeing every day on the ground: Perth’s market continues to defy expectations, driven by relentless demand and a severe shortage of available homes.

Prices have once again set a new benchmark, and properties are selling at a pace we haven’t seen in decades. Here’s the complete breakdown of the Perth market for October 2025.

📈 Sales Market: Houses Hit New Median of $820,000

The median house price in Greater Perth officially hit $820,000 in October. This is a significant milestone, representing:

  • A 1.2% increase from September ($810,000)
  • A powerful 12.3% annual growth compared to October last year

Top House Price Growth Suburbs for October:

  • Jindalee: up 2.1% (to $960,000)
  • Southern River: up 1.6% (to $935,000)
  • Doubleview: up 1.6% (to $1,275,000)
  • Bayswater: up 1.5% (to $1,047,544)
  • Swan View: up 1.4% (to $700,000)

📉 The Big Story: Why Are Prices Rising? A Critical Stock Shortage

The primary driver for this price growth is no surprise: a critical lack of properties for sale.

At the end of October, there were only 2,793 properties listed for sale in all of Perth. While this is a tiny 1.8% bump from September, it’s the year-on-year figure that tells the real story.

Total listings for sale remain 44.5 per cent lower than the same time last year.

As REIWA President Suzanne Brown noted, this is a simple “supply vs. demand” equation. We have:

  1. Continuing population growth.
  2. New first-home buyers entering the market (via the Home Guarantee Scheme).
  3. Not enough new homes being built to meet demand.
  4. Existing homeowners reluctant to sell, fearing they won’t find a new place to live.

This shortage means that despite high demand, the total number of sales was actually down 26.5% compared to last year—not for lack of buyers, but for lack of homes to sell.

⚡ Need for Speed: Homes Selling in Record Time

When a quality property does come to market, it’s selling almost instantly.

In October, homes in Yokine were snapped up in a median of just 2 days.

Fastest Selling Suburbs in October:

  • Yokine (2 days)
  • Kinross (4 days)
  • Waikiki, Spearwood, Orelia, Kardinya, Golden Bay & Beechboro (5 days)
  • Woodvale & Wellard (6 days)

🏢 Units in the Spotlight: Affordability Drives Record Growth

With house prices rising, buyers are increasingly turning to units, villas, and townhouses, and this segment is on fire.

The median unit price rose 2.0% in October to $571,000. That’s a massive 17.7% higher than just one year ago.

Most impressively, units sold in a median of just 8 days—the fastest sales time recorded in at least 25 years. This is a clear sign that buyers are moving quickly to secure these more affordable properties, especially first-home buyers taking advantage of stamp duty exemptions.

🏘️ The Rental Market: Rents Climb to New $700/week Median

The rental market remains just as tight, with the median dwelling rent rising 2.9% last month to a new high of $700 per week.

  • Median House Rent: $700/week (up 7.7% year-on-year)
  • Median Unit Rent: $670/week (up 7.2% year-on-year)

There was a slight bright spot for tenants, with total rental listings ending the month 9.3% higher than a year ago. However, at just 2,137 properties, the market is still firmly undersupplied. Properties leased in a median of just 16 days.

What This Means For You

  • For Sellers: This is an unprecedented seller’s market. With 44.5% less competition than last year, you are in a commanding position to achieve a premium price. The key is to have a strategic plan for your next move, which is where our team’s expertise becomes invaluable.
  • For Buyers: The market is fast, and competition is fierce. Getting your finances pre-approved is non-negotiable. Be prepared to act decisively. We highly recommend exploring units and townhouses, which are seeing incredible growth and still offer great value.
  • For Landlords: Your investment is performing exceptionally well. With record-high rents and strong tenant demand, vacancy rates are minimal. It remains an excellent time to be a property investor in Perth.

In a market this fast and complex, you need an expert on your side. If you’re curious about what your property could achieve in these record-breaking conditions, contact us today for a confidential, obligation-free appraisal.