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

Perth entered the national housing slowdown from an unusually powerful position: its 15.6% annual gain remained the strongest among capitals, even as values retreated through winter. That reversal matters because it separates substantial accumulated growth from current momentum, placing the city at a turning point where recent cooling must be weighed against enduring rental and return strength in coming months.

Key Takeaways

• Perth retained capital-leading annual growth of 15.6%, although dwelling values fell 3.2% over the quarter.
• Units delivered a 22.0% total return, ahead of houses at 19.9%, but their quarterly decline was also steeper.
• Sales activity weakened, with estimated volumes more than 20% below a year earlier.
• Rental momentum remained strong, as five-year rental values rose 56% and added about $283 a week.
• Further near-term cooling is likely, although rental strength and constrained national housing supply may limit the correction.

Watch Cotality’s August 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

Total returns preserve the scale of Perth’s recent upswing: units delivered 22.0% over the year and houses 19.9%. Yet the split in current performance points to a sharper reset for units, whose values fell 4.1% over the quarter compared with 3.0% for houses. Monthly falls were 1.0% and 0.7%, respectively.

Across dwellings, values remained 15.6% higher annually and 79.7% higher over five years, despite sitting 3.2% below the April 2026 peak. The median dwelling value was $999,987, with houses at $1,043,478 and units at $733,223. Locally, Serpentine–Jarrahdale led the published high-growth SA3s at 21.7% annually, while every area in that ranking recorded growth of at least 17.2%. This leaves a substantial growth cushion beneath the recent citywide decline.

Perth Property Market Trends

A sharp retreat in transaction activity defines Perth’s near-term market: estimated sales volumes were more than 20% below a year earlier. This cooling signals weaker turnover after a period of exceptional expansion. Across the combined capitals, advertised stock was 24% above a year earlier, and most capitals recorded longer selling times and larger discounts, providing broader context rather than Perth-specific measures.

Rental conditions tell a different story. Perth house rents rose 8.1% over the year and unit rents increased 7.4%, while the dwelling yield reached 3.9%. Over five years, rental values climbed 56%, adding about $283 a week to the median rental rate, the largest increase among capitals. Unit yields of 5.0% also exceeded the 3.8% house yield, sharpening the income appeal within the market.

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

Perth Property Market Forecast

Rental strength is likely to provide Perth with a meaningful buffer as dwelling values face further near-term pressure. The city’s 56% five-year rent increase and 3.9% dwelling yield may support interest in income-producing property, particularly as investors nationally are expected to place greater emphasis on yield. Even so, falling sales volumes and the recent quarterly correction align with the national outlook for subdued demand amid interest-rate, wage and confidence pressures. Insufficient new housing supply nationally should limit the correction’s depth, leaving continued cooling more likely than an abrupt reversal of Perth’s longer-term gains.

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 (Reviewed September 2026):

• ANZ expects capital-city prices to decline in both 2026 and 2027. ANZ forecast coverage
• CBA expects further national price declines before a modest recovery during 2027. CBA housing outlook
• NAB forecasts lower prices across the eight capital cities in 2026. NAB Housing Monitor
• Westpac’s June forecast anticipates flat prices in 2026 and growth in 2027, although its September update warns of further downside. June Housing Pulse, September housing update

For the remainder of 2026 and into 2027, this means:

• A softer near-term outlook: The bank updates point to continued pressure on property prices, replacing the earlier expectation of broadly rising values. NAB.
• Different conditions between cities: Sydney and Melbourne face the largest forecast declines in CBA’s outlook, although weakness has also spread to Brisbane, Perth and Adelaide. CBA.
• Borrowing costs remain important: The timing and strength of any recovery depend partly on interest rates. CBA’s forecast for modest growth in 2027 assumes rate cuts during that year. CBA.
• More negotiating room for buyers: Westpac reports rising listings and expects buyers to have greater bargaining power in many markets heading into spring. This is an interpretation of market conditions, not a guarantee for individual properties. Westpac.

Conclusion

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