Perth Property Market Update September 2026 — Rental Supply Remains Tight as Perth Listings Fall Below 2,000
The number of rental properties available for lease across Perth has dropped below 2,000 for the first time since March.
There were 1,914 properties available for rent on reiwa.com at the end of September. This was 5.7 per cent lower than August and 8.8 per cent lower than the same time last year.
REIWA President Suzanne Brown said the drop was concerning.
“Following the changes to taxation policy in the Federal Budget and yet another challenge for the building industry, we remain very worried about rental supply and the effect that will have on rental affordability and tenants,” she said.
“Our members report investors continue to sell, and investor purchasing activity has declined in the established homes market following the Federal Budget.
“And while the Federal Government’s aim is to drive investors to the new homes market, the latest data from the HIA shows the sale of new homes declined 8.2 per cent in the three months to August. The HIA stated investors and households are retreating from the new homes market.
“While the estimated number of rental properties recently returned to its 2021 peak after the mass exodus of investors following the COVID rental moratorium, our population has grown 13 per cent since then.
“If fewer investors are buying established homes and fewer are choosing to build, we are going to see the gap between supply and demand widen, and greater upward pressure on rent prices.”
Ms Brown noted the brick shortage would also impact rental supply.
“For those investors that do choose to build, the commencement and completion of new rental homes is going to be delayed by the brick shortage in WA,” she said.
“Delays to completions will also affect tenants who are renting while they build. They are likely to remain in their rental homes longer, which will slow the turnover and availability of existing rental properties.”
Perth rental market
While Perth’s median house and unit rent prices remained stable in September, the median dwelling rent price rose.
The median weekly rent for houses was $750. This was 7.9 per cent higher than a year ago.
The median weekly rent for units was $700, a 4.5 per cent increase on September 2025.
The median dwelling rent jumped 3.4 per cent over the month to $750 per week. This was 8.7 per cent higher than the same time last year.
Ms Brown said government policy needed to avoid putting additional pressure on a market that was already severely constrained.
“September’s interest rate increase has added another $118 per month to the average WA mortgage of $720,000, making it even more difficult for aspiring home buyers to transition from renting to home ownership,” she said.
“To reduce affordability pressures for those who rent by necessity or choice, we must have a healthy rental market.
“Current market conditions emphasise the need for policy settings that support rental supply and encourage investment in the WA market because, until governments or other organisations can provide rental homes in large enough numbers, we are relying on private investors for supply.
“There is no quick fix to the issues we are facing and we need to be particularly careful of policies that sound far better in theory than they work in practice, such as rent caps or rent freezes.”
According to reiwa.com data, the suburbs that recorded the strongest growth in their median weekly house rent price in September were South Perth (up 10.6 per cent to $940), Willetton (up 2.9 per cent to $875), Balga (up 2.9 per cent to $720), Yokine (up 2.6 per cent to $800), and Yanchep (up 2.3 per cent to $680).
The suburbs that saw the most growth in their median weekly unit rent price were Perth (up 4.0 per cent to $780), Mandurah (up 3.8 per cent to $550), Scarborough (up 3.2 per cent to $800), Victoria Park (up 1.6 per cent to $620), and Maylands (up 1.6 per cent to $630).
Median leasing times
The time to lease a home dropped to 14 days in September, one day faster than August and two days faster than September 2025.
“The consistently short time in which vacancies are filled highlights the ongoing strong demand for rental properties,” Ms Brown said.
reiwa.com data showed the suburbs recording the fastest median leasing times were Westminster, Beckenham and Eglinton (nine days); North Perth, North Coogee, East Victoria Park, Byford and Innaloo (10 days); and Mosman Park and Madora Bay (11 days).
Perth sales market
Perth’s median sale prices* rose slightly in September.
The median house sale price rose 0.5 per cent over the month to $965,000. This was 17.7 per cent higher year-on-year.
The median unit sale price increased 0.7 per cent in September and 21.9 per cent over the year to $695,000.
“The monthly change in annual median sale prices has slowed considerably,” Ms Brown said.
“This reflects the significant changes in the market over the past few months, including new listings returning to long-term average levels, a decline in sales activity due to the Federal Budget’s taxation changes and four interest rate rises, properties taking longer to sell, and an increase in the number of properties selling for less than the asking price.
“We can expect to see growth slow further and the annual median sale price to start to decline in the coming months.
“While the market is slowing now, we need to acknowledge the extremely strong sale price growth we have seen over the past few years. For example, the median house sale price is 85.6 per cent higher than it was five years ago. The market can weather a correction.”
Ms Brown said while annual median sale prices rose, median sale prices were recording declines on a quarterly and monthly basis.
“Perth’s quarterly median sale prices in the June quarter were around 2 per cent lower than the March quarter and preliminary data for the September quarter shows a further decline,” she said.
“However, market conditions vary from suburb to suburb and according to the type of property you are selling.
“There are still homes receiving multiple offers and selling for over the asking price. There are also instances where attendance at home opens is extremely low and properties are sitting on the market for some time.
“These differences reflect the many factors affecting the market. Because investor and first home buyer activity has declined, homes and suburbs that would normally attract investors or first home buyers are not seeing the level of interest they did a few months ago. This can clearly be seen in enquiry levels and home open traffic. It has also become harder to sell a property with a tenant in place.
“However, the family homes/upgrader market is still active. Homes that are well presented and well located within an in-demand suburb are generally selling quickly and for good prices.
“This is why it’s extremely important for buyers and sellers to speak to local REIWA agents rather than being guided by the media and eastern states commentators. The Sydney and Melbourne markets are very different from ours and you need to know what is happening on the ground right now in your area, not what is happening over there.
“We also know the media love a good headline, and sensationalism, not realism, sells papers and gets clicks.”
The suburbs that saw the most annual median house sale price growth in September were South Perth (up 3.1 per cent to $2,475,000), Halls Head (up 2.7 per cent to $940,000), Duncraig (up 2.6 per cent to $1,540,000), Bassendean (up 2.4 per cent to $1,050,000), and Piara Waters (up 2.4 per cent to $1,050,000).
Clarkson, Banksia Grove, Midland, Erskine and Bayswater were also among the top performers, recording growth of 2.0 per cent or more over the month.
The suburbs that saw the most annual median unit sale price growth were Wembley (up 2.3 per cent to $570,500), Rivervale (up 1.9 per cent to $647,000), Yokine (up 1.4 per cent to $700,000), Tuart Hill (up 1.1 per cent to $710,000), and Como (up 0.9 per cent to $868,250).
Listings for sale
The number of listings** for sale was 7,812 at the end of September. This was 8.4 per cent higher than August 2026 and 184.6 per cent higher than a year ago.
“This figure does not represent a surge in people wanting to sell,” Ms Brown said.
“It’s a reflection of new listings returning to average levels after a shortage, and properties staying on the market longer.
“Buyers are clearly appreciating having more time to make a decision and members report more instances of buyers visiting a home several times before making an offer.”
Time on market
Houses in Perth sold in a median of 26 days in September, three days slower than August and 18 days slower than a year ago.
Units sold in a median of 23 days, two days slower than August and 14 days slower than in September 2025.
According to reiwa.com data, the fastest selling suburbs for houses in September were Beeliar (eight days); Kingsley, Claremont and Bedford (10 days); Cloverdale (11 days); and Quinns Rocks, Erskine, Duncraig, Beechboro and Dayton (14 days).
The fastest selling suburbs for units were Yokine (six days); Wembley (nine days); East Perth (14 days); Subiaco and Perth (15 days); Scarborough (18 days); Maylands (19 days); Victoria Park (26 days); West Perth (29 days); and Como (30 days).
* REIWA publishes an annual median sale price based on pending and settled sales.
** Active listings – the number of properties advertised on reiwa.com at any given time. New listings – new properties listed for sale.
Source: https://reiwa.com.au/news/rental-listings-in-perth-drop-below-2-000/
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