Perth market update

Homes for Sale Across Perth Reach Record Lows

The number of homes for sale in Perth has fallen to a record low, making it one of the tightest property markets in recent years. By the end of December, fewer than 1,900 properties were available for sale, a sharp drop compared to both the previous month and the same time last year.

While listings usually slow over the festive season, this decline has been made worse by several months of low new listings. At the same time, buyer demand has remained very strong, keeping pressure on the market.

Strong Competition and Fast Sales

With limited homes available, competition among buyers remains high. Many properties are selling in around nine days, much faster than a year ago. In some suburbs, homes are selling in less than a week, showing just how tight conditions are.

Even though it’s a strong market for sellers, many homeowners are holding back. The main concern is finding another place to live, as properties are selling quickly and short-term rental options are still limited, especially in high-demand areas.

Sale Prices Continue to Climb

Perth’s median house price reached a new record of $840,000 in December, continuing its steady upward trend. Unit prices have seen even stronger growth, with the median unit price rising to $590,000.

As houses become less affordable, more buyers are choosing units, villas, and apartments as a more accessible option. This shift has increased competition in the unit market and supported faster price growth.

Rental Market Conditions Across Perth

Perth’s rental market has remained relatively stable, with the median rent sitting at $700 per week. While rent growth has eased compared to previous years, prices are still higher than this time last year.

Conditions vary across the city. Some suburbs have more rental options due to new housing supply, while inner-city and popular areas continue to see strong demand, busy home opens, and multiple applications.

Rental Supply and Leasing Times

Rental availability fell in December, with fewer properties available for rent compared to November. Homes were leased in a median of 16 days, slightly slower than the previous month but still reflecting a tight rental market.

Some suburbs continue to lease much faster than average, particularly well-located areas close to employment hubs and transport.

What This Means for 2026

Listings usually increase in January, but ongoing supply constraints may limit how much the market opens up. Overall, Perth remains undersupplied across both sales and rentals, keeping pressure on prices and competition high for buyers and tenants.