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

Perth remains one of the standout housing markets in Australia. The city continues to post strong results compared to many eastern capitals, reflecting sustained buyer demand, affordability advantages, and healthy migration-driven population growth. Its housing market has also proven more resilient through interest rate changes, with values holding near peak levels.

Market Highlights

• Perth dwelling values rose 1.1% in August 2025
• Quarterly growth: 3.1% | Annual growth: 10.9%
• Median dwelling value: $694,102
• Strongest growth suburbs include Belmont–Victoria Park (10.5%) and Mundaring (8.6%)
• Market supported by migration, affordability, and low supply
• Rental yields at 4.6%, attractive for investors
• Values remain at peak levels, suggesting steady but slower growth ahead

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 September 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

In August, Perth recorded a 1.1% monthly rise in dwelling values, outpacing most capitals. Over the quarter, values increased 3.1%, and across the past year, Perth’s market surged 10.9%. This makes it one of the best-performing capitals on an annual basis. Median dwelling value now sits at $694,102.

Several suburbs have been especially strong. According to the Top 10 SA3 rankings on page 5, Belmont–Victoria Park led Greater Perth with 10.5% annual growth, followed by Mundaring (8.6%) and Mandurah (8.3%). South Perth and Fremantle also featured with growth above 7%.

View the latest property value movements across Australia’s capital cities. Use the filters to explore monthly, quarterly, and annual changes by dwelling type and region. Data sourced from CoreLogic.

Perth Property Market Trends

Perth’s growth is tied to robust migration, strong household savings, and continued affordability relative to Sydney and Melbourne. Demand pressure is evident, with advertised supply levels extremely low. Investor activity has also gained momentum, with rental yields in Perth at 4.6%—appealing compared to softer yields on the east coast.

Rental markets remain tight, with vacancy rates among the lowest in the country. This is pushing rents higher, though growth has been less extreme than Darwin’s or Hobart’s. Still, Perth continues to offer balanced appeal to both homebuyers and investors.

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

Perth Property Market Forecast

Looking forward, Perth’s growth trajectory is expected to remain solid into spring and beyond. Housing values are likely to rise further, though at a slower pace as affordability constraints and lending policies temper demand. With Perth values already at their peak (as shown in the change-from-peak table on page 2), the city may see steadier growth rather than sharp surges.

The city’s relative affordability, especially when compared to Sydney and Melbourne, should continue to draw interstate and overseas buyers. Combined with ongoing undersupply, these conditions suggest Perth will stay one of the stronger performers nationally through 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.

Conclusion

Perth has cemented itself as a leader in the current housing cycle. Its 10.9% annual growth in dwelling values highlights the city’s resilience and attractiveness. With low supply, strong demand, and healthy rental yields, Perth is positioned for further gains, even as national growth moderates. While the pace may ease, Perth’s fundamentals point to a sustained and stable upward trend.

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