While Australia’s broader property market has begun to moderate in early 2026, conditions in Perth remain notably strong.
Nationally, rising interest rates, inflation, and softer consumer sentiment are starting to weigh on activity. However, Perth continues to outperform, supported by tight supply and sustained demand.
According to Cotality, Perth’s median dwelling value increased by 24.3% over the 12 months to 31 March 2026, reaching $1,017,698, including quarterly growth of 7.3%.
Data from Real Estate Institute of Western Australia shows:
- Median house price: $880,000 (+6.1% since December 2025)
- Median unit price: $625,000 (+7.6%)
- Median rent (houses): $720/week (+5.9% YoY)
- Median rent (units): $690/week (+6.2% YoY)
A Record Growth Cycle for Perth Property
Perth is now experiencing its strongest growth cycle on record.
Since March 2021, dwelling values have risen by over 91%, with the majority of that growth occurring after interest rate increases began in 2022.
By comparison:
- Sydney: +25.4%
- Melbourne: +8.5%
- Adelaide: +79.0%
- Brisbane: +85.3%
Perth now holds the third-highest median property value in Australia, highlighting how far the market has progressed in recent years.
Why Perth Remains Competitive
Despite strong growth, Perth remains relatively accessible compared to other capitals.
According to the Australian Bureau of Statistics, Western Australia has some of the highest average full-time earnings in the country. This helps balance affordability, with Perth property sitting at a lower price-to-income ratio than many eastern states.
This relative value is one of the reasons we continue to see strong demand across established family suburbs such as Willetton, Riverton and Leeming, where buyers are drawn to lifestyle, schooling options and long-term growth potential.
Supply Constraints Continue to Drive the Market
A key factor underpinning Perth’s performance is the ongoing shortage of housing.
REIWA reports that listings are down more than 30% year-on-year, reflecting a significant tightening in available stock.
This is being felt directly across suburbs like Parkwood, Riverton and Willetton, where limited listings are contributing to strong competition and shorter selling times.
Several factors are contributing:
- Construction delays and rising costs limiting new supply
- Low land availability, with significantly fewer lots on the market than historical averages
- Longer holding periods, with owners staying in properties for extended periods
- Limited medium-density housing, particularly near key lifestyle and transport areas
Government initiatives, including expanded stamp duty concessions for off-the-plan purchases, aim to improve supply — but these measures will take time to impact the market.
Perth Rental Market – Still Tight in 2026
Perth’s rental market remains one of the most competitive in Australia.
Vacancy rates are sitting around 2.2%, according to REIWA, which is below the level typically considered balanced.
Across suburbs such as Leeming and Parkwood, strong tenant demand continues to place upward pressure on rents, particularly for well-presented family homes.
For investors, conditions remain favourable:
- Strong tenant demand
- Consistent rental growth
- Yields often exceeding those in eastern states
Sales Market Snapshot – Early 2026
Properties in Perth are continuing to sell quickly.
REIWA data shows:
- Median time on market: around 9 days
- Low levels of discounting, with most properties achieving close to asking price
In addition to strong inner-city performance, established southern suburbs such as Willetton, Riverton and Leeming are continuing to see consistent buyer demand, particularly from families and upgraders.
What This Means for Buyers and Sellers
Looking ahead, economic conditions are becoming more complex. However, Perth’s underlying supply-demand imbalance is expected to continue supporting the market.
For buyers:
Preparation is key. With properties selling quickly, having finance in place and clear criteria is essential — particularly in tightly held suburbs like Willetton and Riverton.
For sellers:
Conditions remain highly favourable, especially in areas with limited stock such as Parkwood and Leeming, where strong competition is supporting price outcomes.
Looking Ahead
While growth may begin to moderate beyond 2026, Perth’s fundamentals remain strong.
Limited supply, population growth, and relative affordability continue to underpin the market — positioning Perth as one of Australia’s most resilient property markets.
Want to Know More?
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Get in touch with our experienced property specialists today.
Sources
Please note the data provided in this article has been sourced from the below articles and all statistical information is based on the First Qtr of the year,
