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

Perth is firmly leading Australia’s capital city housing market, with dwelling values rising 2.5% in March, 7.3% over the quarter and 24.3% over the year. That is the strongest annual growth rate of any capital city, lifting Perth’s median dwelling value to $1,017,698 and pushing the market to a new peak. Over the past five years, Perth values have surged 91.2%, underscoring just how powerful the city’s upswing has been.

What makes Perth especially notable is that growth is still accelerating even as other markets, especially Sydney and Melbourne, have softened. The latest quarterly rise alone added about $69,000 to Perth’s median dwelling value, while extremely low supply continues to underpin competition. Advertised stock is running about 40% below the five year average for this time of year, helping explain why Perth remains one of the country’s standout growth markets.

Key Takeaways

• Perth recorded the strongest annual dwelling value growth of any capital city at 24.3%, with values up 2.5% in March and 7.3% over the quarter.
• The city’s median dwelling value has climbed to $1,017,698, with roughly $69,000 added in the March quarter alone.
• Perth housing values are now at a record high and sit 91.2% above levels from five years ago.
• Supply remains a major support, with advertised listings about 40% below the five year average for this time of year.
• Growth is broad based, with houses up 24.1% annually and units rising even faster at 26.1%, including an 8.9% quarterly lift for units.
• Rental market conditions are also tight, with Perth’s vacancy rate at 1.1%, annual house rent growth at 6.7%, and annual unit rent growth at 7.1%.
• Several Perth submarkets are posting exceptional gains, led by Serpentine-Jarrahdale at 31.5% annual growth and Armadale at 30.5%.

See how Perth’s property values have performed across houses and units over various timeframes, along with returns, yields, and median prices.

Watch Cotality’s March 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

By almost any measure, Perth’s recent price performance has been extraordinary. Dwelling values rose 24.3% over the year to March 2026, ahead of Brisbane at 19.0% and Adelaide at 11.4%, while the quarterly gain of 7.3% was also the strongest among the capitals. Total annual return reached 29.3%, reflecting both strong capital growth and a still solid gross yield of 3.7%.

The strength has extended across housing types, although units are moving even faster than houses. Perth house values rose 24.1% annually and 7.1% over the quarter, while unit values climbed 26.1% over the year and 8.9% over the quarter. That mix suggests demand is not only robust, but also spreading across more affordable segments of the market as borrowing constraints push buyers toward relatively lower price points.

Perth Property Market Trends

What stands out in Perth is how supply scarcity and affordability dynamics are shaping the market. While some larger eastern capitals are seeing softer conditions, Perth continues to benefit from very limited available stock, a factor that has kept competitive pressure high. This is also flowing through to the rental market, where vacancy is just 1.1%, one of the tightest settings in the country, and annual rent growth remains strong for both houses and units.

Momentum is also visible below the citywide level. Several Perth submarkets are posting annual dwelling value gains above 25%, including Serpentine-Jarrahdale at 31.5%, Armadale at 30.5%, Belmont-Victoria Park at 29.2%, Gosnells at 27.5% and Kwinana at 26.7%. That pattern points to a market where growth is not isolated to a few prestige areas, but is being driven across a wide range of more affordable and middle market locations.

The table outlines CoreLogic’s Home Value Index as of 1st April 2026, providing a snapshot of housing value performance across key indicators.

How to read these figures:

Perth (at peak) shows the market is currently sitting at its record high; +91.2% over the past five years points to exceptionally strong longer-term growth; and +7.3% over the March quarter 2026 indicates values rose very strongly over the quarter.

Perth Property Market Forecast

Looking ahead, Perth still appears better placed than many other capitals, but the market is likely to move from rapid acceleration toward a more moderate growth phase. The main reason is that the drivers supporting prices remain very strong: supply is still tight, rental conditions are extremely constrained, labour market conditions remain supportive, and Perth continues to sit within the group of more affordable markets relative to Sydney and Melbourne. Those factors should help keep a floor under values and reduce the risk of any sharp correction.

At the same time, the current pace of growth looks difficult to maintain. Broader housing conditions are becoming more cautious, with affordability stretched, higher mortgage rates cutting borrowing capacity, real incomes under pressure, and confidence weakening as cost of living pressures intensify. Borrowers are effectively being assessed at around a 9.0% mortgage rate once the serviceability buffer is applied, which limits how far demand can keep expanding, especially as prices rise as quickly as they have in Perth.

There are also early signs that market conditions nationally are becoming less heated. Quarterly home sales are estimated to be 1.9% lower than a year ago and 5.6% below the five year average, while listings have started to lift in some markets and supply may ease slightly at the margin. For Perth, that suggests the most likely direction is continued value growth in the near term, but at a slower and more sustainable pace than the latest quarterly result. In other words, strength should persist, though the market is unlikely to keep running at its current speed indefinitely.

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

Taken together, Perth remains the country’s strongest capital city housing market, supported by exceptional annual growth, record high values, very low supply and a tightly held rental market. The city has clearly outperformed every other capital on headline price growth, and that momentum is being reinforced by broad based gains across both houses and units.

Still, the next phase of the cycle is likely to be less explosive than the last one. Perth’s fundamentals remain favourable, but higher rates, weaker sentiment and worsening affordability are likely to temper demand over time. That points to a market that should remain resilient and comparatively strong through 2026, even if the pace of gains begins to cool from today’s very elevated levels.

Next steps