After five years of exceptional growth, Perth’s property market is beginning to return to a more balanced pace. While recent headlines have focused on a slight monthly price decline, the bigger picture tells a different story. Demand remains strong, supply is still limited, and Perth continues to outperform most Australian capital cities.
Perth’s Market at a Glance
Rather than signaling a downturn, the latest figures suggest the market is transitioning from an overheated environment to more sustainable conditions.
| Key Market Statistics (June 2026) | |
|---|---|
| Median house price | $1.01 million |
| Annual price growth | +17.1% |
| Five year price growth | +96.2% |
| Monthly price change | -0.5% |
| New listings (vs June 2025) | +25% |
| Total listings | +2.5% |
Local agents compare the current market to a hot desert cooling from 47°C to 35°C. While conditions feel calmer than before, 35°C is still considered a very hot day. Likewise, Perth’s market remains active even though buyer competition has eased.
Why Has the Market Slowed?
Several factors are contributing to the more balanced conditions:
- Interest rate increases have reduced buyer urgency.
- Federal tax changes have caused some investors to step back.
- Affordability pressures have made buyers more cautious.
- More homeowners are listing properties to capitalise on recent price growth.
Despite these changes, housing supply remains well below long term demand, helping support property values.
Buyers Now Have More Opportunities
The frantic competition seen over the past few years has eased.
Today’s buyers are benefiting from:
- More properties to choose from.
- Greater ability to negotiate.
- Less pressure to make immediate decisions.
- More time to complete inspections and due diligence.
Well presented and correctly priced homes are still attracting strong interest, while overpriced properties are taking longer to sell.
Perth’s Fastest Growing House Suburbs
| Suburb | Median House Price | Annual Growth |
|---|---|---|
| Bicton | $2.24M | 47.6% |
| Parkerville | $1.47M | 36.3% |
| City Beach | $4.15M | 35.6% |
| Osborne Park | $1.02M | 33.8% |
| Kallaroo | $1.53M | 32.6% |
| Mosman Park | $2.91M | 32.3% |
| Wilson | $1.14M | 32.1% |
| Hilton | $1.25M | 32.1% |
| North Beach | $2.10M | 31.3% |
| Jandakot | $1.49M | 30.3% |
Perth’s Fastest Growing Unit Suburbs
| Suburb | Median Unit Price | Annual Growth |
|---|---|---|
| Floreat | $1.45M | 61.4% |
| East Fremantle | $905K | 55.3% |
| Applecross | $1.38M | 48.6% |
| Nedlands | $1.20M | 46.3% |
| Shoalwater | $574K | 45.1% |
| Highgate | $692K | 41.3% |
| Bayswater | $625K | 38.9% |
| Yokine | $712K | 34.8% |
| Crawley | $868K | 34.5% |
| Balcatta | $790K | 33.9% |
What Does This Mean for Sellers?
Sellers can still achieve excellent prices, but realistic expectations are becoming increasingly important. Buyers are taking more time, comparing properties carefully and negotiating more confidently.
High quality homes that are well presented and priced correctly continue to perform strongly.
Outlook for Perth
Most industry experts expect Perth to remain one of Australia’s strongest property markets. Population growth, limited housing supply and relative affordability continue to underpin long term demand.
Rather than the extraordinary pace seen over the past few years, the market is entering a healthier phase where buyers have more confidence, sellers can still achieve strong results, and transactions occur in a more sustainable environment.
For anyone considering buying or selling, understanding local market conditions and pricing accurately will be more important than ever.
