Perth’s Median House Price Climbs to $780,000 Amid Tight Supply

Over the past two weeks, Perth’s property market has once again proven its strength, with the median house price climbing to $780,000. This marks an 18% increase over the past year, driven by ongoing demand, limited supply, and continued buyer confidence. If you’ve been keeping an eye on the market, this rapid growth is a clear sign that Perth remains a standout performer among Australian capital cities.

Market Activity Still Gaining Pace
According to recent data, the median house price rose by 0.6% in May alone, continuing a steady upward trend. The unit market isn’t far behind, with a 1.9% monthly increase pushing the median unit price to $535,000 — a whopping 21% jump year-on-year. These figures come as active listings tighten even further, falling by 6.6% in May to just over 4,350 properties on the market.

Buyers Are Acting Fast
Not only are prices climbing, but buyers are moving quickly. The median time on market for houses dropped to just 13 days in May — a day faster than in April — suggesting strong competition and limited choice are pushing buyers to act fast. Suburbs like Baldivis, Morley, and Ellenbrook are continuing to see particularly high activity.

What’s Driving the Growth?
Several factors are contributing to Perth’s growth streak. WA’s population growth and relatively affordable housing compared to the eastern states are attracting both interstate migrants and investors. At the same time, a shortage of rental properties and a slowing pipeline of new builds is adding pressure to the for-sale market, making existing homes more valuable.

Looking Ahead
Forecasters are tipping Perth to outperform other capital cities in 2025, with an expected annual growth rate of around 5%. With a tightening rental market and limited supply of new housing stock, local demand is likely to remain high. If you’re thinking of selling, these conditions could make now an ideal time to take the next step.

If you'd like to talk about how this will affect your property plans, don't hesitate to contact the team at Bellcourt on 08 6141 7848.