Perth property prices extend growth streak as mid-year quarter outpaces last year

Perth's property market has maintained its momentum through the second quarter of 2026, with median prices climbing further ahead of the same period last year as supply constraints and interstate migration continue to underpin demand across the sprawling metropolitan area.

The WA capital's median sale price now sits firmly in the high $680,000s, representing a near-4% gain compared to Q2 2025. While the rate of quarterly growth has moderated from the double-digit jumps seen during the post-pandemic mining boom, sustained price appreciation reflects a market still characterised by sub-1% vacancy rates and competition between buyers seeking affordable alternatives to Sydney and Melbourne.

The performance has been decidedly uneven across suburbs, with outer growth corridors again outpacing established inner areas. Joondalup and Wanneroo—the twin engines of Perth's northern sprawl—have seen median values for family homes push toward $620,000 and $580,000 respectively, each registering year-on-year growth in the 5–6% range. Agents working the Mitchell Freeway corridor report solid inquiry from first-home buyers and young families attracted by new estate developments and relative affordability compared to inner-ring alternatives.

The established south has proved more stable. Properties along Beaufort Street in Highgate and within walking distance of Mount Lawley's cafés and the Swan River have seen more modest appreciation, with some cooling evident from the frenzied conditions of 2024. Median prices in these pockets now range between $750,000 and $850,000, reflecting their established amenity appeal but also reduced urgency among lifestyle buyers who faced steeper carrying costs under previous interest-rate settings.

Inner-city apartments near the Perth CBD and South Perth foreshore have consolidated recent gains, with median unit values stabilising around $420,000–$480,000. The introduction of restrictions on short-stay rentals and neighbour-consent requirements has tempered investor enthusiasm, though owner-occupiers continue to view these precincts as gateways to inner-city living.

Real estate bodies caution that the coming months will test market resilience. While the Reserve Bank's latest messaging suggests rate hikes may be finished, any surprise tightening could dampen demand. Equally, the pipeline of new residential stock—particularly along the Mitchell and Kwinana corridors—could ease pressure on outer suburbs if absorption rates soften.

For now, Perth remains Australia's fastest-growing capital market by median value growth, a distinction that shows little sign of shifting as long as supply lags demand and comparative affordability holds sway.

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