Perth Property Market Sends Strong Signals as Prices Hold and Auctions Surge

The latest auction figures from last weekend tell a clear story: Perth’s ongoing property boom is still gathering steam, with agents reporting packed open homes in suburbs from Balcatta to Cannington and several high-profile streets smashing records. Over June, median house prices in the Perth metro jumped again, hitting $682,000 according to new CoreLogic data—the highest on record for Western Australia.

Why Perth’s Hot Streak Matters Now

This surge isn’t just good news for sellers. It’s also a crucial test for buyers and investors grappling with tight rental conditions, a deepening housing shortage, and a state economy turbo-charged by the iron ore and lithium sectors. As Sydney and Melbourne markets start to fray—Victorian auction clearance rates have dipped below 60%—agents across WA say Perth’s auction numbers are moving the other way.

In Joondalup, Ray White’s regional auctioneer Tim Kurniawan ran a lunchtime auction for a modern four-bedder on Lakeside Drive last Saturday. Five bidders drove the price $90,000 over reserve, ultimately selling for $915,000—a reflection of the pent-up demand from both young families and FIFO workers who’ve recently relocated. Meanwhile in inner-north Mount Lawley, properties listed online for less than a week are attracting 30-plus groups per home open.

Scarborough, Wanneroo, and the Data Trail

Local agencies say the shift to auctions—once rare in Perth—shows how far the city’s market fundamentals have moved. "Last winter, maybe 1 in 50 sales were by auction; this June, we’re seeing 1 in 8," a Raine & Horne rep said, citing strong recent results on Newborough Street, Scarborough (with a three-bedder clearing $1.13 million under the hammer). Further north, REIWA’s latest June report confirmed Wanneroo leads all Perth councils for transaction volume, up 29% year-on-year.

Meanwhile, vacancy rates have fallen again—REIWA’s end-of-June bulletin confirmed Perth’s rental vacancy rate now sits at 0.8%, the lowest level since 2007. "Many buyers aren’t investors, but would-be renters priced out and willing to pay a premium to secure a home," said one Subiaco buyer’s agent. Auction attendance is reflecting this shift: more than 70 groups inspected a recent duplex on Leederville Parade before a competitive mid-week auction.

With Perth’s median price now nearly double what it was 10 years ago, price signals are only getting louder. Data from CoreLogic shows a 12% increase in Perth house values since July 2025, while unit prices trail slightly, up 8% this year with hotspots like East Perth and Victoria Park attracting investor attention. “We’re now the fastest-growing capital market in Australia,” said a data analyst at Domain, noting back-to-back monthly gains in both prices and transaction numbers.

Buyers eyeing upcoming auctions in Floreat or Applecross can expect tough competition for quality stock, especially if inventory remains tight into spring. For sellers, the message is clear: if you’ve been waiting for peak market, the signals from this winter’s auction rooms suggest now is a prime time to list. Would-be buyers should review lending arrangements and act quickly—properties are rarely lingering online for more than 11 days, and “subject to finance” offers are struggling to stay competitive.