Perth Property Listings Climb Above 6,000 as Market Begins to Rebalance

After several years of exceptionally tight supply, Perth's property market is showing clear signs of rebalancing. At the end of June, the number of properties listed for sale across Perth surpassed 6,000 for the first time since April 2023. According to REIWA, active listings reached more than 6,000—up 14.8% from May and 58.3% higher than the same time last year. The increase reflects a healthier flow of new listings entering the market since the end of March, combined with softer buyer demand. More Choice for Buyers REIWA President Suzanne Brown said June's level of new listings was in line with the five-year average, marking a welcome shift after the listing shortages experienced earlier this year. As more homes come to market, buyers now have greater choice than they have had in many months. However, while supply has improved, demand has eased noticeably. Sales activity declined throughout June, with REIWA members reporting fewer enquiries from investors and a reduction in first-home buyer activity. The uncertainty surrounding the Federal Budget, changes to taxation policy and broader economic conditions all contributed to a more cautious market. With the taxation legislation now passed, attention will turn to whether buyer confidence improves over the coming months. Interest Rates and Consumer Confidence Continue to Weigh on Buyers Higher interest rates are also playing a significant role in slowing market activity. Three recent rate increases have reduced borrowing capacity for many buyers, limiting what they can afford to spend and encouraging greater financial caution amid concerns about future mortgage costs. Consumer sentiment has also softened, influenced by global uncertainty and recent changes to housing policy. Historically, periods of policy change often result in buyers and sellers taking a "wait and see" approach before returning to the market. Listing Growth Across Perth Several suburbs experienced substantial increases in new listings during the June quarter. For houses, the strongest increases were recorded in: Warwick (+140%) Gwelup (+128.6%) Huntingdale (+126.3%) Kallaroo (+125%) Darlington (+122.2%) For units, the largest increases were seen in: Crawley (+133.3%) Westminster (+122.2%) Osborne Park (+113.3%) Morley (+100%) Northbridge (+70%) Property Prices Continue to Rise—But More Slowly Despite softer market conditions, Perth property prices continued to increase during June, although the pace of growth has moderated. The median house price rose 1.1% over the month to $930,000, representing annual growth of 16.3%. The median unit price increased 1.5% to $670,000, up an impressive 21.8% compared to June last year. While values remain strong, the market is becoming more balanced. According to REIWA, sellers are increasingly adjusting their price expectations to match current conditions. The proportion of sellers discounting their asking price has increased from one in ten during the March quarter to three in ten by June, while buyers are making fewer offers and taking more time to make purchasing decisions. Presentation is also becoming more important, with buyers being increasingly selective now that they have more options. Top Performing Suburbs The strongest monthly house price growth in June was recorded in: Beeliar (+4.5%) – median $1,050,000 Greenwood (+3.3%) – median $1,085,000 Palmyra (+2.8%) – median $1,280,000 Melville (+2.4%) – median $1,575,000 Kingsley (+2.4%) – median $1,200,500 Other strong performers included Duncraig, Ocean Reef, Nollamara, Hilbert and Canning Vale. For units, the strongest growth occurred in: Scarborough (+2.4%) Fremantle (+2.0%) East Perth (+1.1%) Perth (+1.0%) Como (+0.9%) Homes Are Taking Longer to Sell As expected in a more balanced market, selling times have lengthened. Both houses and units took a median of 18 days to sell during June—around five days longer than the same period last year. While some well-presented properties in high-demand suburbs continue to sell quickly, the days of properties selling after a single home open are becoming less common. The fastest-selling suburbs for houses included Hilbert and East Victoria Park (five days), followed by Woodvale, Eglinton, Maddington and Gwelup. For units, Cockburn Central led the market with a median selling time of nine days, followed by Maylands, South Perth and Mandurah. Rental Market Remains Stable Perth's rental market remained relatively steady throughout June. Median weekly rents held at: Houses: $750 per week Units: $700 per week Overall dwelling rents eased slightly to $725 per week but remain 6.6% higher than a year ago. While rental price growth has stabilised, REIWA has expressed concern about the longer-term outlook. Investor confidence has weakened following the Federal Budget's taxation changes, with many prospective investors delaying purchases despite Western Australia continuing to experience the nation's strongest population growth. With demand for rental housing continuing to rise, any slowdown in investor activity could place upward pressure on rents again if housing supply does not keep pace. Rental Listings Continue to Tighten There were 2,211 properties available for rent at the end of June—4.7% fewer than May and 8.2% lower than the same time last year. Homes leased in a median of 16 days, one day slower than May but still one day faster than June 2025. Hamilton Hill recorded the fastest leasing times at just six days, followed by Golden Bay, Victoria Park, Nollamara, Madora Bay, Kelmscott and Doubleview What It Means for Buyers and Sellers Perth's property market is transitioning from the highly competitive conditions seen earlier this year towards a more balanced environment. Buyers now have greater choice, more negotiating power and slightly longer decision-making time, while sellers can no longer rely on immediate competition to achieve premium prices. Although price growth remains positive, the pace is slowing, making accurate pricing, quality presentation and local market knowledge increasingly important for anyone looking to buy or sell in the months ahead....