Perth Property Market – Prices, Trends, Forecast [April 2025]

Perth continues to stand out in Australia’s housing market, showing strong long-term growth despite recent moderation. Home values are down just -0.05% from their October 2024 peak, but still up 75.4% over the past five years, leading all capital cities in that timeframe. The median dwelling value now sits at $806,205.

Perth Property Price Growth

On a monthly and quarterly basis, growth in Perth has slowed to +0.2%, but the annual increase remains robust at +11.9%. Units in particular have surged, with a +16.4% annual growth rate, outpacing houses at +11.3%. Despite this, Perth’s gross rental yields remain among the highest in the country at 6.0% overall, and even higher for units at 5.7%.

CoreLogic Home Value Index

CoreLogic Home Value Index, Released on 1st April 2025

Perth Property Market Trends

While Perth’s momentum has cooled slightly, the market remains resilient, underpinned by tight supply, strong rental demand, and high yields. Lower-tier housing had previously driven much of the growth, but recent data shows a narrowing gap between value tiers. Investor interest is likely sustained by low vacancy rates and continued rental pressure.

Change in dwelling values over key time periods

Perth Property Market Forecast

Though the pace of growth may stay moderate, Perth’s fundamentals remain supportive. Factors such as limited new housing supply, improving consumer sentiment, and a gradual easing of monetary policy suggest the city is well-placed for continued steady gains, especially if interest rate cuts unfold as anticipated in 2025.

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:

• ANZ predicts a 5-6% increase in capital city property prices in 2024, with Brisbane expected to see the highest rise at 9-10%, Perth property values could go up by 1-11%, Sydney by 4-5%, and Melbourne prices by 2-3%.
• CBA forecasts a 5% rise in capital city prices, with some variations: Brisbane is anticipated to grow by 6%, Melbourne and Perth by 5%, Sydney by 4%, and Adelaide by 1%.
• NAB projects a 5.4% average increase across the capitals, with Brisbane expected to see a 6.5% rise, Perth and Adelaide by 6.2%, Melbourne by 5.5%, Sydney by 5%, and Hobart remaining flat.
• Westpac expects a 6% growth across the combined capitals, with Perth leading at 10%, followed by Brisbane at 8%, Sydney at 6%, Adelaide at 4%, and Melbourne at 3%

Oxford Economics recently released property forecasts predicting where house prices will be in three years.

Calculate your future property value with these forecasts in mind…

Calculate your future property value with these forecasts in mind…

Enter your property details below and we will give you an estimate of the value of your home.

Property Purchase Price $1M

Average Annual Appreciation 5%

Years Since Purchase 10

CALCULATE

Future Property Value

$0

How much is my property worth?

Get Your Free Property Value Report Compare Local Agents

Conclusion for Homeowners

Perth remains one of Australia’s most dynamic housing markets, offering a blend of strong historical gains, solid rental returns, and relative affordability. While near-term growth may be modest, the city’s structural strengths and investment appeal make it a standout among capital cities moving forward.

Next steps