Building Pressures and Tight Supply Keep Perth Market Moving Perth

Challenges in the building sector linked to rising oil prices and supply delays are continuing to place pressure on Perth’s established sales and rental markets. With construction costs rising and build times stretching out, more buyers and tenants are remaining in the existing housing market for longer, which is supporting ongoing demand.

In the rental market, Perth’s median dwelling rent increased 1.4 per cent in March to $720 per week, which is 5.9 per cent higher than this time last year. House rents rose to $740 per week, while unit rents eased slightly to $695 per week, though both remain well above 2025 levels. Rental supply also tightened, with 1,870 properties available for rent at the end of March, down 11.1 per cent year-on-year, and homes leasing in a median of 15 days.

The sales market also remained strong through March. Perth’s median house sale price rose 1.1 per cent to $880,000, now sitting 13.5 per cent higher than a year ago. Unit prices performed even more strongly, increasing 1.6 per cent over the month to $630,000, which is 20 per cent higher year-on-year. While active listings increased to 3,394 properties, stock levels are still well below where they were this time last year.

Selling conditions remain competitive, with houses taking a median of nine days to sell and units eight days. Although some buyers are showing caution around fuel prices, inflation and interest rates, the ongoing shortage of new housing supply continues to keep demand focused on established homes across Perth.