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

Perth is the standout capital city market at the moment. Dwelling values rose 2.4% in November, lifting 7.4% over the quarter and 13.1% over the year. The median dwelling value is about $914,000, placing Perth above Adelaide and Hobart but still below Sydney on price. Values are at a fresh peak after very strong gains over the past five years.

Market Highlights

• Dwelling values rose 2.4% in November, the fastest growth of any capital city.
• Quarterly growth reached 7.4% and annual growth climbed to 13.1%, signalling a strong and sustained upswing.
• Median dwelling value is $914,229, with both houses and units delivering rapid gains.
• Listings sit more than 40% below average, keeping competition high and pushing prices up.
• Rental markets remain tight, with house rents up 5.7% and unit rents up 7.2% over the year.
• Gross rental yields sit around 3.9%, supported by ongoing investor demand.
• Outlook remains positive, with low supply and strong population growth underpinning further price gains.

Housing Metrics Overview

See how Perth’s property values have performed across houses and units over various timeframes, along with returns, yields, and median prices.

Watch CoreLogic’s November 2025 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

Perth’s growth profile is strong across both houses and units. House values increased 2.4% over the month and 7.5% over the quarter, with annual growth of 12.9%. Units posted a 2.1% rise in November, 7.0% growth for the quarter and a 14.9% lift over the year, outpacing houses on a yearly basis. Over the past five years, Perth dwelling values are up more than 80%, highlighting how sustained this upswing has been.

Perth Property Market Trends

Market conditions are heavily supply constrained. Listings sit more than 40% below average, yet buyer demand remains elevated. The latest monthly increase added a little over $21,000 to the median dwelling value, which equates to roughly $5,000 per week of capital gain. Growth is broad based, with many subregions recording double digit annual gains, particularly in the south eastern and outer suburban corridors.

Rental conditions are tight. House rents are about 5.7% higher over the year and unit rents are up 7.2%. Gross rental yields for dwellings are around 3.9%, with houses at 3.8% and units at a higher 5.2%. Rapid price growth is starting to lean on yields, although rental returns remain attractive compared with the larger east coast capitals.

The table outlines CoreLogic’s Home Value Index as of 1st December 2025, showing peak declines, five-year growth, and changes since the first rate cut in February.

Perth Property Market Forecast

Perth is likely to remain a front runner among the capitals while supply stays constrained and population growth stays firm. Ongoing investment in resources, relative affordability compared with Sydney and Melbourne, and low new housing completions all support further gains.

Key headwinds come from affordability and borrowing capacity. As prices rise faster than wages, more buyers will reach their serviceability limits, particularly in the mid to upper price brackets. Any further tightening in credit policy or prolonged period of higher interest rates would slow momentum, yet current settings still point to continued, if gradually moderating, growth through 2026.

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.

Conclusion

Perth is in a powerful upswing phase, with values rising faster than in any other large capital and gains spread across both houses and units. Extremely low stock, solid rental conditions and strong buyer interest continue to support the market, while affordability and credit constraints are beginning to form the main brake on how far and how fast prices can climb. Barring a sharp change in economic conditions, Perth’s housing market looks set to remain one of the country’s most resilient over the next few years.

Make Smarter Property Decisions Today