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Perth’s housing market has slowed, but homes have not broadly become cheaper. In June 2026, sales dipped slightly and selling times increased even as house and unit medians rose. REIWA’s latest rolling figures, updated 3 October 2026, put the 12-month median at $965,000 for houses and $695,750 for units. Buyers may gain more time and choice, but whether a home is affordable still depends on the price, deposit, borrowing capacity, location and dwelling type.
What has slowed—and what has not
The clearest sign of a cooler Perth market is the pace of activity, not a broad fall in settled prices. In its 30 July 2026 update, REIWA said new listings had returned to longer-term averages in the June quarter, demand eased, sales declined slightly and homes took longer to sell. REIWA President Suzanne Brown said: “This has created the feeling that the market is heading for a downturn, but the sales data currently tells a different story.” That is REIWA’s interpretation of the June-quarter data, which included preliminary growth figures.
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The prices in that quarterly report still increased. At the end of June 2026, REIWA put Perth’s median house sale price at $938,000 and its median unit sale price at $675,000. House prices rose 5.3% in the March quarter and a preliminary 4.2% in the June quarter; unit prices rose 7.0% and a preliminary 4.7%, respectively. These are quarterly figures, not the same measure as the later rolling 12-month medians.
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1Repair Windows errors before they cause bigger problems2Fix the driver behind crashes, sound loss and screen glitches3Clear out junk files and repair common Windows errorsFor transactions in the 12 months ending September 2026, REIWA’s Perth Metro dashboard lists a house median of $965,000 and a unit median of $695,750. The page was updated 3 October 2026 and notes that sales data cover the latest completed month and can be revised as transactions settle. A rolling annual median and a quarter-end figure have different time windows, so the two snapshots should not be read as a direct like-for-like price change.
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Why a slower market may still feel expensive
Time and choice are not the same as a lower price
When homes take longer to sell and listings are less scarce, buyers may have more opportunity to inspect options, compare properties and negotiate. But a slower sale does not automatically mean a seller has reduced the price, and neither longer selling times nor a return of listings to longer-term averages establishes that the median home is within reach of a particular household.
The market figures are medians: they summarize sales across Perth, not the price or condition of every home in every suburb. A buyer’s practical limit depends on their deposit, income, borrowing capacity, chosen location and whether they are looking for a house or unit. The cited market reports do not calculate what an individual household can afford.
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Demand and limited supply continue to matter
REIWA points to WA’s strong economy, population growth and a constrained new-home pipeline as factors supporting demand. It reported that WA population grew 2.2% in the year to December 2025, the strongest growth among states and territories, and said that growth supported housing demand, particularly in rentals.
REIWA also said new-home completions had returned to long-term averages, while the state still needed more homes built. In its view, constrained supply helps keep established homes attractive. That is a market-wide explanation, not a guarantee about an individual suburb, property type or sale.
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Perth’s pattern differs from the national one
The Reserve Bank of Australia’s August 2026 Statement on Monetary Policy said national housing prices had fallen 1.6% from their March peak. It separately reported that prices in Perth and regional areas continued to rise in recent months, though more slowly. The national decline should not be described as a Perth price fall.
The RBA linked easing in housing markets to a combination of cash-rate increases, the broader economic environment and announced investor tax changes. It reported external modelling that put the possible long-run price effect of those tax changes at 0–5%. That range is an outside estimate cited by the RBA, not the Bank’s own forecast and not a Perth-specific prediction.
Rent pressure is related, but it is not a measure of buying affordability
REIWA’s June-quarter 2026 figures put weekly median rent at $750 for houses and $700 for units, with Perth’s vacancy rate around 2%. Its dashboard updated in October shows the same weekly rent medians. REIWA said estimated rental supply remained below its February 2021 peak and warned that reduced supply could push rents upward.
Those rental conditions can squeeze household budgets, but they do not show what a prospective owner can borrow or afford to pay for a home. Rent medians and settled-sale medians describe separate parts of the housing market.
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How to judge whether the slowdown helps your search
- Compare like with like. Check whether a price figure is a quarterly result or a rolling 12-month median, and whether it refers to houses or units. For example, REIWA’s $938,000 house median is its June 2026 quarter-end figure; $965,000 is its rolling median for transactions through September 2026.
- Look beyond the median. Use the suburb and property type you are considering to assess actual options. Perth-wide medians do not establish the value or likely negotiating room for a specific home.
- Watch conditions as well as prices. Longer selling times and more listings can affect how much time buyers have to decide, but do not assume they mean a seller will accept less.
- Separate market movement from your budget. Your deposit, income and borrowing capacity—not the citywide median alone—determine what is feasible for your household.
For historical context, the WA Government’s Housing Industry Forecasting Group reported that Perth listings at the end of March 2025 were 27.0% below the five-year average. Median selling time had lengthened from nine days in March 2024 to 15 days in March 2025. Rental vacancy rose from 0.4% in March 2024 to 2.5% in March 2025, while remaining low in high-demand areas. These dated figures show that selling times and some market conditions can shift while supply and affordability pressures persist; they are not current 2026 measurements.
Quick Recap
Sources
- REIWA, “Perth median house sale price on track to reach $1 million by the end of the year,” 30 July 2026
- REIWA, Perth Metro market data, updated 3 October 2026
- Reserve Bank of Australia, Statement on Monetary Policy, August 2026
- WA Department of Treasury and Finance, Housing Industry Forecasting Group update, April 2025
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