Perth Property Market – Prices, Trends, Forecast [November 2026]

Perth’s long upswing still dominates the five-year picture, with dwelling values 68.3% higher than in October 2021. Yet that accumulated strength now sits beside a sharp correction, making timing crucial to understanding the market.

Recent weakness matters less as a reversal of the entire cycle than as a rapid reset from April’s peak. The contrast frames a market with substantial past gains but clearly softer present momentum.

Key Takeaways

• Long-term gains remain substantial, with Perth dwelling values 68.3% higher over five years despite the recent correction.
• Recent weakness pushed dwelling values 5.7% lower over the latest quarter and 8.9% below their April 2026 peak.
• Property types both declined over the quarter, with units falling 6.0% and houses 5.6%.
• Rental performance favoured houses for annual rent growth but units for gross rental yield.
• Near-term direction remains tilted lower as financing constraints weigh on demand, while restricted new housing supply provides support.

Watch Cotality’s August 2026 Housing Market Update for expert commentary on national and capital city housing trends, price movements, and key market drivers across Perth.

Perth Property Price Growth

Measured from Perth’s April 2026 peak, dwelling values were 8.9% lower by October’s end. The quarter accounted for much of that retreat, with values down 5.7%, while October alone brought a 1.7% fall. Even so, the annual dwelling measure remained 3.9% higher, showing recent conditions differ sharply from earlier in the year.

Both property types participated in the correction. House values fell 5.6% over the quarter and units 6.0%, while each remained 3.9% higher annually. Median values stood at $982,146 for houses and $692,036 for units, compared with $942,018 across all dwellings.

Longer horizons remain striking: dwelling values were 68.3% higher over five years and 93.2% higher over ten. Within Greater Perth’s published SA3 results, Mandurah led annual growth at 9.1%, followed by Mundaring at 8.0%, while Perth City recorded 4.4%.

Perth Property Market Trends

Selling conditions point to less urgency than during the upswing. Virtually every suburb across Brisbane, Perth and Adelaide recorded falling values over the past three months. Across the broader capital-city market, advertised listings were at their highest level for this time of year since 2019 despite fresh listings running almost 18% below average, while combined-capital auction clearance rates stayed below 50%, signalling clearly softer buyer-seller dynamics.

Rental performance tells a different story. Perth house rents rose 7.6% over the year to October, ahead of the 6.9% increase for units, yet gross yields favoured units at 5.3% versus 4.0% for houses. Vacancy rates were higher than a year earlier, consistent with every capital except Darwin. Nationally, investor mortgage rates were close to 7%, adding financing pressure even where rents remained firm.

Here’s a quick look at how housing values are moving across different markets.

Perth Property Market Forecast

Perth’s earlier surge leaves room for further correction without erasing most of the previous upswing. As an illustration rather than a forecast, a 20% fall from the record high would return home values to around mid-2025 levels. Near term, the direction remains tilted lower as high servicing costs and reduced borrowing capacity restrain housing demand nationally.

A shortage of newly built housing provides the main counterweight. Elevated construction costs, capacity limits and long development timelines restrict completions across Australia, while positive population growth supports underlying demand. Those forces should help contain the downturn, but Perth’s recent pace of decline argues against assuming an imminent rebound.

The Reserve Bank of Australia’s ongoing adjustments to interest rates will likely play a crucial role in shaping market dynamics, as higher borrowing costs limit purchasing power for many buyers.

Here are some of the most recent forecasts by the big-4 banks in Australia (Reviewed September 2026):

• ANZ expects capital-city prices to decline in both 2026 and 2027. ANZ forecast coverage
• CBA expects further national price declines before a modest recovery during 2027. CBA housing outlook
• NAB forecasts lower prices across the eight capital cities in 2026. NAB Housing Monitor
• Westpac’s June forecast anticipates flat prices in 2026 and growth in 2027, although its September update warns of further downside. June Housing Pulse, September housing update

For the remainder of 2026 and into 2027, this means:

• A softer near-term outlook: The bank updates point to continued pressure on property prices, replacing the earlier expectation of broadly rising values. NAB.
• Different conditions between cities: Sydney and Melbourne face the largest forecast declines in CBA’s outlook, although weakness has also spread to Brisbane, Perth and Adelaide. CBA.
• Borrowing costs remain important: The timing and strength of any recovery depend partly on interest rates. CBA’s forecast for modest growth in 2027 assumes rate cuts during that year. CBA.
• More negotiating room for buyers: Westpac reports rising listings and expects buyers to have greater bargaining power in many markets heading into spring. This is an interpretation of market conditions, not a guarantee for individual properties. Westpac.

Explore More Western Australia Property Insights

• North Perth Property Market
• South Perth Property Market

Conclusion

Perth combines an unusually strong longer-term record with a forceful recent correction. Annual dwelling growth remains positive, but October’s decline and quarterly weakness show that momentum has shifted.

Firm rents and constrained new supply provide support, yet financing pressure keeps the near-term balance cautious. The city enters its next phase repricing earlier gains rather than simply extending them.

Next steps