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

Perth has kicked off 2026 with strong momentum, emerging as one of Australia’s standout capital city markets. Home values have continued to rise at a pace that reflects a tight balance between demand and limited available stock, with conditions more resilient than the larger east coast markets that have recently flattened.

A key feature of Perth’s upswing is that it is still being reinforced by supply constraints. For-sale listings remain well below typical levels, which keeps buyers competing for a relatively small pool of options. This dynamic tends to support faster price growth in well-located, more affordable segments first, before gradually flowing through to broader parts of the market.

Highlights

• Perth dwelling values rose 2.3% in February 2026, the strongest monthly result among the capitals.
• Over the past year, Perth values increased 22.0%, taking the median dwelling value to $989,211.
• Perth’s quarterly growth rate (6.8%) shows the market is still accelerating rather than plateauing.
• For-sale supply remains extremely tight, with listings about 48% below the five-year average in late February.
• Perth is still at (or around) peak value levels, following very strong growth over the past five years (90.3%).
• Houses and units are both rising, with units showing particularly strong quarterly growth (8.1%).
• Gross rental yields remain relatively higher than most capitals, helping investor interest stay active.

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 February 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

February delivered a particularly strong result, with dwelling values up 2.3% for the month and 6.8% over the rolling quarter. Over the past 12 months, the market is up 22.0%, placing it among the strongest performers nationally across the same period.

Houses and units have both contributed meaningfully, but units have been the faster mover on an annual basis. House values lifted 21.8% over the year with a median house value of $1,032,032, while unit values increased 23.9% with a median unit value of $725,951.

Perth Property Market Trends

A key feature of Perth’s market is the scarcity of available stock. With advertised listings materially below typical levels, buyers are competing for a relatively small pool of properties, which keeps upward pressure on prices and reduces negotiation leverage for purchasers in many segments.

Another clear theme is segmentation by price point. Demand is generally strongest where buyers can still meet lending requirements comfortably, which tends to intensify competition in more affordable suburbs and property types. This pattern also helps explain why growth can remain firm even as interest rates and serviceability limits curb activity at higher price points.

The table outlines CoreLogic’s Home Value Index as of 28th February 2026, showing peak declines, five-year growth, and changes since the start of the previous rate hiking cycle in May 2022.

Perth Property Market Forecast

In the short term, conditions still point to further price gains, although the market is likely to ease back from the most heated part of the upswing. Extremely low advertised stock has been a key accelerant, and unless listings rebuild meaningfully, competition for available homes can remain a strong price support. Even so, the higher the price base climbs, the more affordability becomes a brake on demand, especially in premium segments.

Market outcomes through 2026 are also likely to become more uneven. Lower-priced houses and well-located units may continue to attract the deepest buyer pools, while higher-end stock is more exposed to serviceability limits and shifts in sentiment. A gradual improvement in new supply, alongside any sustained lift in listings, would help ease pressure, but the starting point for inventory is so tight that relief may be incremental rather than immediate.

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 stands out as one of Australia’s strongest capital-city markets, combining rapid price growth with unusually constrained supply. With the median dwelling value near the $1 million mark and annual growth still above 20%, the market has clearly retained momentum into early 2026.

Looking ahead, Perth is well-positioned to keep recording gains, but the mix of affordability pressures and credit conditions points to a market that may become more selective and patchy. For buyers and sellers alike, the key variables to watch are stock levels, borrowing capacity, and how quickly demand adjusts if supply begins to loosen.

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