Perth Real Estate Market Update: Q3 2026 Insights

Perth Real Estate Market Update: Q3 2026 Insights

After two years of record-breaking growth, Perth’s property market changed gear in the September quarter.

Prices are still well ahead of where they were 12 months ago. But the pace has slowed sharply, buyers have far more to choose from, and homes are taking longer to sell. For anyone thinking about buying, selling or investing this spring, it’s a very different market to the one we saw at the start of the year.

Here’s what the numbers say, and what we’re seeing across Perth’s northern coastal suburbs.

The big picture: growth has slowed, not stopped

REIWA’s September quarter figures show Perth’s annual median house price growth more than halved, from 5.0% in the June quarter to 2.1% in the September quarter. Units followed the same path, easing from 5.2% to 2.5%.

Even so, Perth’s median house sale price was $965,000 in September – up 17.7% on a year earlier. The median unit price was $695,000 – up 21.9%.

So what changed? Well, it’s a few things at once:

• Interest rates. The RBA has increased rates four times in 2026. The September increase took the cash rate to 4.60%, reducing how much buyers can borrow.
• Sentiment. Buyers are more cautious, and that shows up quickly in how long homes take to sell.
• Tax changes. Federal changes to negative gearing and the capital gains tax discount have shifted the thinking of some investors.

REIWA now expects Perth’s annual median house price may fall just short of $1 million by the end of 2026.

Buyers have more choice than they’ve had in years

The biggest shift this quarter is supply.

At the end of September there were 7,812 properties for sale across Perth, up 184.6% on a year ago. Listings passed 7,000 at the end of August for the first time in more than three years, and they’ve kept climbing through spring. REIWA’s weekly snapshot for the week ending 25 October counted 8,971 properties for sale.

With more choice, buyers are taking their time:

• Houses sold in a median of 26 days in September, 18 days slower than a year earlier.
• Units sold in a median of 23 days, 14 days slower than a year earlier.

That’s still not a slow market by long-term standards. But it’s a big change from early 2026, when many homes sold within nine or ten days.

Rents are holding, and vacancies are still tight

The rental market tells a different story.

Perth’s median rent was unchanged over the quarter at $750 a week for houses and $700 a week for units. Vacancy fell to 1.7% at the end of September, well below the 2.5–3.5% range REIWA considers balanced. Rental listings dropped below 2,000, and homes leased in a median of just 14 days.

In short, rents have hit an affordability ceiling, but there still aren’t enough rentals to go around. (We unpacked this in more detail in our recent post, Low vacancies, flat rents: what Perth landlords need to know right now.)

What this means for you

If you’re selling Price to the market as it is today, not where it was in March. With more competition on the market, presentation and a sharp marketing campaign matter more than they have in years. A home that’s priced right from day one still attracts strong interest.

If you’re buying This is the most choice Perth buyers have had in more than three years. You have more time to do your due diligence and, in some cases, more room to negotiate. Get your finance pre-approval sorted early, as rate rises have reduced borrowing capacity for many buyers.

If you’re investing Rental demand is still strong and vacancies are tight, so well-presented properties are leasing quickly. Rents have levelled off, though, so factor today’s rents into your numbers rather than last year’s growth.

TL;DR – The Bottom Line

Perth’s market isn’t falling over. It’s finding a more sustainable pace after an extraordinary run. Prices are still well up on a year ago, rents are holding and our northern coastal suburbs continue to perform. But it’s a market that rewards good advice, realistic pricing and local knowledge.

As a family-owned local business that’s part of the coastal community, our team lives and works across these suburbs every day. If you’d like to know where your property sits in today’s market, we’re always happy to have a chat.