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

Perth is still running hot compared with most other Australian capital city markets. Prices are climbing, rental demand is strong, and there still is not much stock around. The pace has eased a bit, which matters, but for homeowners and sellers the overall picture is still a pretty strong one.

Key Takeaways

• Perth dwelling values rose 2.1% in April, the strongest monthly result across the capitals.
• The median dwelling value is now $1,039,949, after jumping by more than $21,000 in a month.
• Over the year, Perth values are up 26.0%, with total returns reaching 31.0%.
• Units have actually grown a little faster than houses, rising 27.9% over the year compared with 25.7% for houses.
• Rents are still rising quickly, with house rents up 7.0% and unit rents up 7.4% annually.
• The market is still strong for sellers, but the speed of growth is starting to come off the boil.

Watch Cotality’s April 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

Perth’s price growth is still hard to ignore. Dwelling values rose 2.1% in April, 6.8% over the quarter and 26.0% across the year. That puts the city well ahead of the other capitals on annual growth, with the median dwelling value now sitting at $1,039,949.

It has not just been one part of the market doing the work either. House values are up 25.7% over the year, reaching a median of $1,087,507. Units have gone even harder, up 27.9% to a median of $759,687. Some outer and middle-ring areas have posted especially big gains, including Serpentine-Jarrahdale, Armadale and Belmont-Victoria Park, all above 30% annual growth.

Perth Property Market Trends

What stands out is that Perth is still moving up while some of the bigger east coast markets are already softening. Sydney and Melbourne went backwards over the month, but Perth still managed growth above 2%. That says a lot about the shortage of available homes and the level of buyer competition still sitting underneath the market.

The rental side is adding more fuel too. House rents are up 7.0% over the year and unit rents are up 7.4%, with gross dwelling yields at 3.6%. For investors, that combination of rental pressure and capital growth is still appealing, even with higher borrowing costs in the background.

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

Perth Property Market Forecast

The most likely path from here is still growth, just not at the same breakneck pace. Perth has plenty supporting it: tight supply, strong rental demand, and a big annual growth base. But affordability is getting tougher, and after such a strong run, buyers are likely to be a bit more selective.

There are also broader market pressures to keep in mind. Higher interest rates, weaker confidence and reduced borrowing capacity are all working against buyer urgency. Even so, the lack of new housing supply and the tight labour market should help stop conditions from turning sharply. So Perth looks more likely to shift into a steadier growth phase than suddenly reverse.

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

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