Perth Property Market Update July 2026 — Has the Perth Market Started to Shift?
Perth's property market is transitioning towards more balanced conditions after several years of extremely strong growth and rapid sales.
According to the latest data from REIWA, active listings* for sale remained above 6,000 in July and the time to sell a home increased further.
REIWA President Suzanne Brown said consumer sentiment had played a strong role in the change in the market.
“We have said for a long time that for the market to change there would need to be a significant shift in demand or supply,” she said.
“While there hasn't been a major increase in new housing supply, the supply of homes for sale has returned to long-term levels after experiencing a shortage in late 2025 and early 2026. However, the biggest change in the past few months has been in consumer sentiment. People like stability and certainty. There hasn't been a lot of that lately and it's led to hesitancy among buyers and a reduction in sales activity.
“Three interest rate rises earlier this year have made buyers very prudent and price-conscious. People are again avidly watching inflation figures and I feel there are many potential buyers who are waiting for interest rate decisions in August and September.
“The rising cost of living, the ongoing conflict with Iran, and the changes to taxation policy are also impacting sentiment.
“Compounding this are media stories focusing on east coast markets. There is a lot of catastrophising at the moment. This is typical when there is a shift in the market, especially when the change is relatively quick.
“We need to remember that WA is not the east coast. Our market is very different. If you are buying or selling, look at local data and local commentary and speak to a REIWA agent about what is happening on the ground in your suburb right now.”
Perth sales market
Perth property prices rose in July.
The median house sale price** rose 2.2 per cent over the month to $950,000. This was 18.0 per cent higher year-on-year.
The median unit sale price** increased 1.6 per cent in July and 22.7 per cent over the year to $681,000.
Ms Brown said REIWA still expected prices to record growth over the year, but there would be a definite softening in the rate of growth.
“Based on current conditions we can comfortably say the rate of growth has peaked, but that doesn't mean the market has crashed,” she said.
“I know there are a lot of questions about where the market is going, especially as there are many providers of market data and we all use different methodologies and report different things. Some reporting may show prices have declined this month, others may show growth.
“REIWA reports an annual median sale price based on settled sales, which reflects the prices of what has been selling. Because we use an annual median, it shows a trend and removes monthly volatility. This volatility can lead to media reporting a downturn one month and a recovery the next.
“There are going to be ups and downs in price data over the coming months. This is where it's important to go beyond sensational media headlines and read the full commentary from whoever provided the data. It will usually be very insightful, however it may not always relate to your state and city.
“Which is why I cannot overemphasise the value of speaking to a local REIWA agent about market activity in your area, particularly when conditions are changing fairly quickly.
“For example, you may hear conflicting reports that attendance at home opens is very low, or that agents are still seeing huge numbers and getting multiple offers over the asking price. Both statements can be true, and even within the same suburb. You need a local agent to tell you why.
“As market conditions vary from suburb to suburb, a rise or fall in the Perth median does not mean the same will occur everywhere. You need a local agent to tell you what factors are affecting prices and demand in your area.
“Broadly speaking though, sellers do need to understand that buyers now have more choice, more time, and more negotiating power than they have had in a number of years. If you want to sell, you need to listen to feedback from your agent and price to meet the market, not on what you'd like to achieve.”
The suburbs that saw the most median house sale price growth in July were Harrisdale (up 3.4 per cent to $1,055,000), Willetton (up 3.0 per cent to $1,481,250), Southern River (up 2.9 per cent to $1,080,000), Dudley Park (up 2.6 per cent to $800,000), and Currambine (up 2.4 per cent to $1,091,000).
Eglinton, Wellard, Armadale, Hamilton Hill and Scarborough were also among the top performers, recording growth of 1.9 per cent or more over the month.
The suburbs that saw the most median unit sale price growth were Claremont (up 11.5 per cent to $1,092,500), Rivervale (up 1.9 per cent to $642,000), Belmont (up 1.7 per cent to $590,000), Cockburn Central (up 1.7 per cent to $600,000), and Tuart Hill (up 1.6 per cent to $710,500).
Listings for sale
Listings for sale settled at 6,718 at the end of July. This was 9.6 per cent higher than June 2026 and 101.9 per cent higher than a year ago.
“There has been a lot of talk about supply over the past few months, with active listings rising from under 2,000 at the end of December 2025 to over 6,000 in June and July,” Ms Brown said.
“This increase doesn't indicate there has been a sudden rush of people trying to sell. Instead, after a log jam in the market in late 2025 and early 2026, we have seen the number of new listings return to long-term averages. When combined with the general decline in sales activity and the longer time on market, active listings have increased.
“If we look specifically at the data for July, the number of properties coming to market eased and total new listings were lower than in June. This is fairly typical for this time of year when the weather can be poor and there are school holidays.
“August will be interesting. It's forecast to be a wet month, which can hamper market activity.
“I'll also note that after dropping in June, sales numbers have risen slightly and appear to have settled.”
Time on market
Houses in Perth sold in a median of 23 days in July, five days slower than June and 10 days slower than a year ago.
Units sold in a median of 19 days in July 2026, one day slower than June and six days slower than in July 2025.
“The time to sell a home has continued to increase as a reflection of the broad increase in new listings and the decline in demand,” Ms Brown said.
“It's a welcome change for buyers. Now the pressure on the market has eased, they have more breathing room and the time to make a well-considered decision on their next home.
“And while this is a big shift from the record sale times seen earlier this year, it is still a very good timeframe to achieve a sale.”
According to reiwa.com data, the fastest selling suburbs for houses in July were Mount Lawley (eight days); Dianella (nine days); Kardinya, Palmyra, and Balga (11 days); Subiaco, Port Kennedy, Yokine, and Greenwood (13 days); and Dawesville (14 days).
The fastest selling suburbs for units were Belmont (six days); Como (10 days); Yokine, West Perth, and Balcatta (11 days); Maylands, Leederville, and Mount Lawley (13 days); Wembley (14 days); and Tuart Hill (15 days).
Perth rental market
Perth median house and unit rent prices were stable again in July.
The median weekly rent for houses remained unchanged at $750 but was 9.5 per cent higher than a year ago.
The median weekly rent for units was also stable at $700. This was 7.7 per cent higher than July 2025.
The median dwelling rent rose 0.7 per cent over the month to $730 per week and was 7.5 per cent higher than the same time last year.
Ms Brown said while the median weekly house and unit rent price had been stable for three months, there was still movement within the market.
“We don't think the market has plateaued, but the pace of rental growth has moderated,” she said.
“I'll note this data represents the whole of Perth and conditions vary from suburb to suburb. Many members are reporting price increases on new leases and lease renewals.
“However, cost of living pressures appears to be prompting more discussion around lease renewals, with some members noting a modest increase in negotiation compared with recent years.
“And while affordability is an issue for many tenants, some members are noticing value for money and convenience are influencing some tenant behaviour. For example, if they're already paying significantly more than they were a year or two ago, some tenants are deciding they would rather pay an additional $20 to $50 per week to move closer to employment, amenities or lifestyle features, even if it means compromising on the size or quality of the property.”
According to reiwa.com data, the suburbs that saw the most growth in their median weekly house rent price in July were Maddington (up 9.8 per cent to $725), Maylands (up 5.1 per cent to $720), Brabham (up 4.1 per cent to $827), Balga (up 2.9 per cent to $720), and Byford (up 2.9 per cent to $720).
The suburbs that saw the most growth in their median weekly unit rent price were Mount Lawley (up 3.8 per cent to $675), Subiaco (up 3.7 per cent to $830), Yokine (up 3.7 per cent to $700), Innaloo (up 1.5 per cent to $825), and Rivervale (up 1.4 per cent to $735).
Listings for rent
There were 2,213 properties available for rent on reiwa.com at the end of July. This was 2.9 per cent lower than June and 2.3 per cent lower than the same time in 2025.
Ms Brown said rental supply remained constrained.
“Active listings for rent declined slightly over the month and year, and the vacancy rate is still sitting around 2 per cent,” she said.
“While some investors are selling, a positive for rental supply is that many are taking a cautious approach to the changes to taxation policy rather than making quick decisions and leaving the market.
“Hesitancy among potential investors remains a concern. While some members have seen new investors entering the market, particularly for new builds, overall investor demand feels softer than it has been.
“There also appears to be some short-term distortion from self-managed super funds seeking to secure purchases before the relevant legislative deadlines. This seems to be supporting activity at the more affordable end of the market.
“Overall, I think the market is still finding its feet under the new policy settings. There's certainly more caution among investors and potential investors, but that's to be expected when there's been significant change. Rather than seeing knee-jerk reactions, we're finding many people are taking the time to speak with their accountants, financial advisers and legal advisers before making decisions.”
Median leasing times
Homes leased in a median of 16 days during July, unchanged from June but one day faster than in July 2025.
reiwa.com data showed the suburbs recording the fastest median leasing times were Thornlie (nine days); Applecross (10 days); Hammond Park, Belmont, and Yokine (11 days); and Osborne Park, Hilbert, Spearwood, Southern River, and Dayton (12 days).
* Active listings — the number of properties advertised on reiwa.com at any given time. New listings — new properties listed for sale.
** REIWA publishes an annual median sale price based on pending and settled sales.
Source: https://reiwa.com.au/news/perth-property-market-transitions-to-more-balanced-conditions/
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