The frantic conditions that characterised late 2025 and early 2026 have eased. Buyers have more choice, properties are taking longer to sell, and sellers must pay closer attention to pricing. The latest data shows that Perth’s median house price has reached $960,000, while the median unit price has reached $690,000. At the same time, Perth had 7,312 properties available for sale at the end of August 2026 — 145.3% more than a year earlier. That combination is the key to understanding the market. Supply has improved dramatically, but demand remains strong enough to keep prices elevated. The result is a market that is becoming more balanced, more negotiated and more selective — rather than simply weaker.

• For buyers, that creates an opportunity to make more considered decisions.
• For sellers, it means pricing and presentation matter more than they did during the peak of the boom.

And for investors, it means the suburbs and properties with genuine fundamentals are likely to matter more than simply chasing the strongest recent growth rate. Perth Property Market at a Glance:

Key indicator	Latest 2026 figure
Perth median house price	$960,000
Perth median unit price	$690,000
Median house rent	$750/week
Median unit rent	$700/week
Properties for sale	7,312
Annual change in listings	+145.3%
Weekly property transactions	624–625
Rental properties available	2,047
Perth rental vacancy rate	2.2%
RBA cash rate	4.35%
Suburbs with $2m+ median house prices	31

The biggest number in the current Perth market is arguably the simplest: $960,000. That is the latest Perth median house sale price reported by REIWA, based on transactions for the 12 months to August 2026.

• The median unit price has also reached $690,000. This is a remarkable change from just a few years ago.
• REIWA reported that Perth’s median house price was $750,000 at the end of 2024, then rose to $850,000 by December 2025 and $938,000 by the end of June 2026.

That means Perth has moved from being one of Australia’s more affordable capital-city markets into a market where affordability is becoming a central issue. Yet the price growth has not simply disappeared. REIWA recorded:

• 5.3% house price growth in Q1 2026
• 4.2% preliminary house price growth in Q2
• 7.0% unit price growth in Q1
• 4.7% preliminary unit price growth in Q2.

This matters because it shows the market can become more balanced without immediately turning negative.

Whether you’re buying or selling, Trusted Real Estate Agents in Perth can help you achieve the best results.

The $1 Million Perth Median Is No Longer a Distant Possibility.

At the end of June, REIWA said Perth’s median house price could reach $1 million by the end of 2026 if the market grew another 5% in the second half of the year. With the latest median already at $960,000, the psychological $1 million milestone is now much closer. That does not mean every Perth home is worth $1 million. A median means half of the sales are above that figure and half below it. But the milestone matters because it demonstrates how dramatically Perth’s affordability landscape has changed. The market is now increasingly dividing into different affordability tiers:

• premium houses above $2 million;
• mainstream family houses around $900,000–$1.2 million;
• established middle-ring properties around $700,000–$900,000;
• units and villas around the $500,000–$700,000 range;
• entry-level properties below that level.

This is why units and middle-ring suburbs are becoming increasingly important to Perth’s next phase of growth.

If price growth is the headline, supply is the story underneath it. Perth had 7,312 properties for sale at the end of August. That figure was:

• 7.8% higher than four weeks earlier
• 145.3% higher than the same time last year.

A year earlier, only 2,981 properties were available for sale. The difference is enormous. Perth properties available for sale.  This is one of the strongest indicators that Perth has moved away from the extreme shortage conditions of the previous cycle. More listings do not automatically mean falling prices. It means buyers have more choice. And that changes how the market works. During the tightest period of the Perth boom, buyers often had very little choice. If a good property appeared, buyers knew another ten people might be interested. A buyer might see:

• several comparable houses;
• multiple units in the same price range;
• properties that have been on the market for longer;
• vendors willing to negotiate;
• more opportunities to compare recent sales.

That means buyers are becoming more analytical. Instead of asking: “How quickly do I need to buy?” They are increasingly asking: “Is this property actually worth the price?” This is one of the most important changes in Perth’s property market. REIWA has explicitly described Perth as transitioning towards more balanced conditions, with listings returning towards longer-term levels and the time required to sell increasing.

A seller looking at the headline number of 7,312 properties could easily become nervous. But the number needs context. Perth is a large metropolitan market. The real competition for a property is not every listing across Perth. It is the five, ten or fifteen comparable properties competing for the same buyer. For example, an $850,000 family home in Dayton doesn’t necessarily compete with a $1.4 million property in the western suburbs. A $600,000 apartment doesn’t compete with a $1 million detached house. This is why suburb-level and property-level analysis has become more important. Auction results are not as powerful a market indicator in Perth as they are in Sydney or Melbourne. 

• Nine Perth auctions were held in the week ending 9 August 2026. Two sold, producing a clearance rate of 22.2%. 
• The following week, Perth’s clearance rate increased to 33.3%, but again the result was based on only nine auctions. 
• Low volume limits the result’s significance. The week ending 23 August saw only 11 Perth auctions, with a final clearance rate of 27.3%. 

So while auction clearance rates may fluctuate sharply, they should not be interpreted as a direct measure of the entire Perth market. The more meaningful Perth indicators are:

• total listings;
• settled sales;
• median prices;
• days on market;
• selling discounts;
• rental vacancy;
• buyer enquiry;
• suburb-level transaction activity.

That is where the real demand story is visible.

The latest weekly transaction data reinforces this. For the week ending 30 August, REIWA members recorded 624–625 Perth transactions, including:

• 419 houses;
• 143 units;
• 62 land transactions.

That is a substantial level of market activity. At the same time, sales have become more selective. Buyers are increasingly prioritising properties that offer:

• good location;
• realistic pricing;
• quality presentation;
• land value;
• transport access;
• family suitability;
• rental demand;
• long-term resale appeal.

This is why a property can still attract multiple buyers even when another nearby property struggles to sell.

The Unit Market Is Becoming a Major Growth Story

The latest REIWA data places Perth’s median unit price at $690,000, compared with $960,000 for houses. That price gap is becoming increasingly important. As detached houses become more expensive, buyers have three choices:

• increase their borrowing;
• move further away;
• change the type of property they buy.

Many buyers are choosing option three. That means villas, townhouses and apartments are increasingly functioning as an affordability release valve. This is particularly relevant for:

• first-home buyers;
• downsizers;
• investors;
• single professionals;
• younger households.

The unit market should therefore not be treated as a secondary story. It is becoming a central part of Perth’s next property cycle.

While the sales market has become more balanced, Perth’s rental market remains tight. REIWA’s latest data shows:

• Median house rent: $750 per week
• Median unit rent: $700 per week.
• More importantly, Perth’s rental vacancy rate was 2.2% in July 2026.
• REIWA considers 2.5%–3.5% to represent a balanced rental market.

That means Perth remains below the level generally associated with a balanced rental market. This matters for investors. It also matters for homeowners because strong rental demand provides an additional layer of support for property demand. There were 2,047 properties available for rent in Perth at the end of August. That was:

• 5.4% lower than four weeks earlier;
• 8.3% lower than a year earlier.

At the same time, 664 properties were leased during the week. This contrasts sharply with the sales market.

• For sale: Supply has increased substantially.
• For rent: Supply remains relatively constrained.

This divergence could keep Perth attractive to investors who choose properties with strong tenant demand. But investors should still analyse financing costs, maintenance, vacancy risk and purchase price rather than relying on rental growth alone.

The Reserve Bank of Australia held the cash rate at 4.35% in August 2026. The RBA has raised the cash rate three times since the start of the year:

• February: 3.85%;
• March: 4.10%;
• May: 4.35%.

The August decision kept it at 4.35%. The RBA said financial conditions had tightened following those three increases and that inflation remained too high. For Perth property buyers, this has a direct consequence: borrowing capacity is under pressure. That is one reason affordability has become such a powerful force. Even if buyers remain interested in property, they may no longer be able to borrow enough to compete at the same price levels. The combination of:

• $960,000 median house price
• 4.35% cash rate
• Higher borrowing costs
• is forcing buyers to become more creative.

The buyer who once wanted a large four-bedroom house may now consider a three-bedroom property.

• The buyer who wants an inner-ring house may look at a villa.
• The buyer who wanted a $900,000 property may target $750,000.
• The buyer who wants a premium suburb may move one or two suburbs away.

This creates opportunities in suburbs that offer a strong combination of: price + access + amenity + housing choice.

Also read: $14,000 Annual Home Tax Triggers Nationwide Backlash

What These Suburbs Tell Us About Perth

The important point is not that Dayton, Morley, Bayswater, Aveley or Baldivis are guaranteed to outperform. It is what they collectively demonstrate. Different parts of Perth are attracting different forms of demand.

Established middle-ring suburbs – Benefit from:

• transport;
• proximity to employment;
• established amenities;
• limited land availability.

Growth suburbs – Benefit from:

• modern housing;
• family appeal;
• relative affordability;
• larger supply of newer homes.

Inner-city locations – Benefit from:

• apartments;
• employment;
• lifestyle;
• transport;
• downsizer and investor demand.

This is why suburb selection matters more than ever.

1. Dayton

For the Bargoti Real Estate market, Dayton is particularly relevant. REIWA’s latest suburb profile shows:

Dayton	Latest figure
Median house price	$850,000
Annual sales price growth	14.9%
Median rent	$795/week
Annual rental price growth	12.0%
Median house time on market	21 days

The interesting point is the relationship between price and rent. At an $850,000 median house price and $795 weekly median rent, Dayton continues to attract both owner-occupier and investment attention.

2. Morley

Morley provides an excellent example of an established middle-ring market. REIWA currently reports:

Morley	Latest figure
Median house price	$954,000
Annual sales price growth	15.6%
Median rent	$770/week
Annual rental growth	5.5%
House time on market	14 days

Morley’s appeal comes from its combination of established infrastructure, transport access and proximity to the CBD. The important market lesson is that buyers are increasingly prepared to pay a premium for accessibility and established amenity.

3. Bayswater

Bayswater is another strong example of the middle-ring story. REIWA’s latest figures show a median house price of approximately $1.228 million, while houses were taking around 18 days to sell.

• The suburb’s proximity to the CBD and transport infrastructure gives it a different demand profile than outer growth areas.
• For buyers, the question becomes whether paying a premium for established locations provides stronger long-term resale appeal.

That is precisely the type of question becoming more important as Perth’s market matures.

4. Aveley

Aveley illustrates the other side of the market — a newer family-oriented suburb where affordability and modern housing remain major attractions. REIWA’s latest figures show:

Aveley	Latest figure
Median house price	$855,000
Annual sales growth	14.0%
Median rent	$775/week
Annual rental growth	10.7%
House time on market	16 days

The suburb’s performance demonstrates that buyers are not exclusively chasing inner-city or premium locations. They are also willing to move toward growth corridors where they can get a modern family home on a more manageable budget.

5. Baldivis

Baldivis is one of Perth’s most active sales markets. REIWA’s latest suburb data shows:

• Median price: $840,000
• Annual sales growth: 16.7%
• Median rent: $680/week
• Annual rental growth: 6.3%.

The suburb also repeatedly appears among Perth’s highest-volume sales markets. During the week ending 30 August, Baldivis recorded 10 sales, placing it among the top-performing suburbs. This demonstrates the strength of family-oriented, relatively affordable housing markets.

Perth’s $2 Million Market Is Expanding.

At the other end of the market, Perth’s premium segment has undergone a major transformation. REIWA reported that 31 Perth suburbs had a median house price of at least $2 million in the 12 months to June 2026. Five years earlier, only three did. The highest median was: Peppermint Grove — $6.575 million. Other major premium markets included:

• City Beach — $4.10m;
• Dalkeith — $4.10m;
• Cottesloe — $3.355m;
• Mosman Park — $2.95m;
• Trigg — $2.8875m;
• Applecross — $2.75m;
• Nedlands — $2.7155m;
• South Perth — $2.335m;
• Subiaco — $2.278m.

This tells us something significant: Perth’s property market is no longer uniformly affordable. It now has a very established premium tier.

The biggest mistake in interpreting the current market is treating Perth as one market. It isn’t. There is:

• Premium western market
• Inner-city apartment market
• Middle-ring family market
• North-eastern growth corridor
• Southern growth corridor
• Outer affordability market
• Investment rental market

Each is responding differently to interest rates and supply. That is why a Perth-wide median should be the starting point of an analysis — not the conclusion. The 2026 market can still produce strong sales. But sellers no longer have unlimited pricing power. With 7,312 properties competing for buyer attention, presentation and pricing have become critical. A property that is:

• Correctly priced
• Well presented
• Professionally marketed
• Positioned against genuine comparable sales
• Can still create competition

An overpriced property can sit while buyers move to alternatives.

What Does This Means for Buyers?

The increased supply environment gives buyers something they have not had in abundance: Buyers can now:

• compare several properties;
• negotiate more carefully;
• inspect multiple suburbs;
• review recent sales;
• avoid panic-buying;
• assess building condition;
• consider rental potential;
• wait for the right property.

But there is one important warning. More choice does not mean every good property will be cheap. A well-located, well-presented property can still attract multiple buyers. The opportunity is not necessarily to “lowball” sellers.

What Does This Means for Investors?

For investors, Perth remains compelling because rental conditions are still tight. The combination of:

• $750 weekly median house rent;
• $700 weekly median unit rent;
• 2.2% vacancy;
• continued population demand;

provides a strong rental backdrop. But the higher interest-rate environment means the investment calculation must be more disciplined. The right question is no longer: “How much will this property increase?” It is: “Does this property work if capital growth slows?” That means looking closely at:

• Purchase price
• Gross and net yield
• Mortgage costs
• Vacancy
• Maintenance
• Insurance
• Property management
• Land value
• Future supply
• Long-term owner-occupier demand

The Three Numbers That Will Decide Perth’s Next Phase

If you want to understand where Perth property goes next, three numbers matter more than almost anything else.

• $960,000 — Median house price

This tells us how far the market has already moved.

• 7,312 — Properties for sale

This tells us how much buyer choice has returned.

• 4.35% — Cash rate

This tells us how much pressure remains on borrowing capacity. Together they describe the current Perth market better than a single auction clearance rate.

The data currently points towards a more balanced Perth market rather than a broad-based collapse. Because:

• Prices remain high
• The median house price is still rising
• Unit demand remains strong
• Transaction volumes remain substantial
• Rental vacancy remains tight
• Population growth continues to support housing demand
• Listings have normalised after a period of extreme shortage

At the same time, the market is clearly slowing. The evidence for that includes:

• Substantially higher listings
• Longer selling times
• Greater buyer choice
• Higher interest rates
• More cautious buyers

The next stage of the Perth market is unlikely to reward every property equally. It will favour properties with genuine fundamentals. That means:

• Good location.
• Good land.
• Good transport access.
• Good schools and amenities.
• Strong rental demand.
• Limited competing supply.
• Realistic pricing.
• Strong resale appeal.

This is where local knowledge becomes increasingly valuable. During a rapid boom, broad market growth can hide mistakes. If prices are rising everywhere, even an average property can appear successful. A more balanced market exposes the difference. Two houses in the same suburb can perform very differently because of:

• Block size
• Street
• Orientation
• Renovation
• Layout
• Parking
• Presentation
• Zoning
• Rental appeal

This is why property decisions need to move beyond: “What is the suburb median?” and towards: “How does this particular property compare with its real competition?”

Final Perth Property Market Verdict

Perth’s property market is not losing demand. It is changing the way demand behaves. The latest figures tell a remarkably clear story.

• The median Perth house price has reached $960,000, while units have reached $690,000.
• Listings have risen to 7,312, up 145.3% year on year, giving buyers significantly more choice.
• Rental conditions remain tight, with median rents of $750 for houses and $700 for units, while the vacancy rate sits at 2.2%, below REIWA’s balanced-market range.
• The RBA’s cash rate remains at 4.35%, keeping borrowing capacity under pressure.

And despite the market becoming more balanced, Perth’s premium segment continues to expand, with 31 suburbs now recording median house prices above $2 million. The auction market, meanwhile, remains too small to serve as Perth’s primary market-health indicator. Weekly clearance rates can move sharply simply because only a handful of properties are auctioned.

Perth’s property market is moving from an extreme seller’s market towards a more balanced market — without losing its underlying demand.

• For buyers, that means more choice.
• For sellers, it means smarter pricing.
• For investors, it means stronger due diligence.

And for Perth’s property market as a whole, it marks the beginning of a more mature phase where fundamentals, affordability and suburb-level demand will matter more than FOMO. That is the market Bargoti Real Estate clients need to understand heading into the final months of 2026. 

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