The Perth property market has hit a milestone we haven’t seen in over three years — and it’s a sign that the balance of power between buyers and sellers is shifting. Here’s what’s happening, and what it means whether you’re buying, selling, or renting.
More Choice Than We’ve Seen Since 2023
At the end of June, the number of properties for sale in Perth passed 6,000 for the first time since April 2023. That’s a 14.8% jump from May alone, and a massive 58.3% increase compared to this time last year.
REIWA President Suzanne Brown attributes the rise to a steady increase in new listings over recent months, combined with softening buyer demand. New listings in June were in line with the five-year average — a welcome change after the tight supply we saw earlier this year.
At the same time, sales activity actually slowed in June, more than usual for this time of year. A few factors are at play:
| Factor | Impact |
|---|---|
| Federal tax legislation uncertainty | Created hesitation among buyers, particularly investors and first home buyers, before finally passing Federal Parliament |
| Interest rate rises | Three rate increases have reduced how much buyers can borrow, prompting more cautious spending |
| Broader consumer sentiment | Global uncertainty, including the conflict involving Iran, has added to general caution — similar to what’s typically seen around elections or major policy shifts |
With the tax legislation now settled, it will be worth watching whether buyer activity picks back up over the coming months.
Prices Are Still Rising — Just Not as Fast
The good news for sellers: prices are still moving upward. The pace of growth, however, is clearly cooling.
| Property Type | Median Price | Monthly Change | Yearly Change |
|---|---|---|---|
| Houses | $930,000 | +1.1% | +16.3% |
| Units | $670,000 | +1.5% | +21.8% |
Ms Brown expects this slower rate of growth to continue in the months ahead, which means sellers need to be realistic. The number of sellers discounting their asking price has tripled since March, rising from one in ten to three in ten. Buyers now have more options and are being more selective — properties that need work are proving harder to shift, and presentation matters more than it did during the frenzied conditions of earlier this year.
Suburbs with the strongest price growth in June:
| Houses | Units |
|---|---|
| Beeliar +4.5% ($1,050,000) | Scarborough +2.4% ($845,000) |
| Greenwood +3.3% ($1,085,000) | Fremantle +2.0% ($747,500) |
| Palmyra +2.8% ($1,280,000) | East Perth +1.1% ($660,000) |
| Melville +2.4% ($1,575,000) | Perth +1.0% ($631,250) |
| Kingsley +2.4% ($1,200,500) | Como +0.9% ($840,000) |
Homes Are Taking Longer to Sell
The days of selling at the first home open are behind us, at least for now. Houses sold in a median of 18 days in June — four days slower than May and five days slower than a year ago. Units also sold in a median of 18 days, five days slower than May.
As one REIWA member put it: “the days of one-and-done are gone.” Most sellers should now expect their property to take several weeks or longer to sell, depending on location and buyer interest.
Fastest-selling suburbs:
| Houses | Units |
|---|---|
| Hilbert & East Victoria Park — 5 days | Cockburn Central — 9 days |
| Woodvale — 6 days | Maylands — 11 days |
| Eglinton — 7 days | South Perth — 12 days |
| Maddington & Gwelup — 9 days | Mandurah — 13 days |
| — | West Leederville — 14 days |
Rental Market Holding Steady — But Watch This Space
Rents were stable across the board in June:
| Property Type | Median Weekly Rent | Monthly Change | Yearly Change |
|---|---|---|---|
| Houses | $750 | Unchanged | +10.3% |
| Units | $700 | Unchanged | +5.3% |
While stability is welcome, there’s a warning sign underneath the numbers. Investor confidence has taken a hit following the Federal Budget’s tax changes, with many potential investors now hesitant to purchase a rental property — even though most existing investors are choosing to stay in the market for now.
This matters because WA’s population grew by 2.2% in the year to December 2025, the strongest growth of any state or territory, driven largely by overseas migration. That growth fuels rental demand. If rental supply doesn’t keep pace, we could see renewed upward pressure on rents and affordability — and any relief from investors shifting toward new builds is still 12 to 18 months away.
Suburbs with the most rent growth:
| Houses | Units |
|---|---|
| East Victoria Park +7.8% ($797) | Como +6.4% ($745) |
| Morley +4.0% ($780) | Rivervale +3.6% ($725) |
| Thornlie +3.4% ($750) | Wembley +3.3% ($620) |
There were 2,211 properties available for rent on reiwa.com at the end of June, down 4.7% from May and 8.2% lower than the same time last year. Homes leased in a median of 16 days, one day slower than May.
What This Means for You
If you’re selling, conditions have shifted from the seller’s market we saw earlier this year. Pricing your property realistically for today’s market — not for what a similar home might have fetched a few months ago — is more important than ever. Good presentation can make a real difference in a market where buyers have more to choose from.
If you’re buying, you now have more listings to consider and more room to negotiate than you’ve had in a while. It’s worth acting on the information rather than waiting, since conditions can vary significantly from suburb to suburb.
If you’re renting or investing, keep an eye on supply. With population growth continuing to outpace new rental stock, this space could tighten again.
As always, local conditions vary street by street, so if you’re weighing up your next move, get in touch with the team at Holdsworth Real Estate for tailored advice.
Source: REIWA, July 2026
