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Home › Property Market Update › Perth, WA
Perth continues to stand out among Australia’s capital cities, maintaining its strong upward trajectory in property values. In May 2025 alone, dwelling values in Perth rose by 0.7%, pushing quarterly growth to 1.6% and yearly growth to 8.6%—one of the highest among capital cities. The city’s median dwelling value reached $813,088.
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Perth posted the highest annual change in dwelling values among all capitals over the 12-month period. The sharp divergence between its performance and other markets, like Hobart and Melbourne (which saw annual declines), highlights Perth’s current momentum. On a broader scale, dwelling values in Perth have grown 80% since their market peak and 58.5% over the past decade.
CoreLogic Home Value Index
CoreLogic Home Value Index, Released on 2nd June 2025
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This widespread growth across Perth’s suburbs signals a broad-based upswing rather than isolated spikes.
Change in dwelling values over key time periods
Looking ahead, national indicators like the RBA’s likely interest rate cuts, easing inflation, and improving consumer confidence are poised to support further growth. Perth, already benefitting from undersupply and strong fundamentals, is expected to maintain positive momentum. However, affordability constraints and lending restrictions could temper the pace over time
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:
Oxford Economics recently released property forecasts predicting where house prices will be in three years.
Perth is emerging as a national leader in property value growth. With strong annual gains, high-performing rental yields, and a broad range of growth suburbs, the city presents a compelling picture of sustained housing demand. If macroeconomic tailwinds hold, Perth is well-positioned to continue outperforming other capitals in the near term.
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