“More properties are hitting the market, giving buyers greater choice and more time to find the right home, while median sale prices continue to grow”
Perth buyers have more properties to choose from and more time to make decisions as listings rise and sales slow. Houses are taking longer to sell, while median rents remain unchanged from September across Perth. Discover what October’s latest property market changes mean for buyers, sellers and renters.
Listings are up, but sales are down, according to REIWA, as Perth’s Spring selling season gets off to a slow start.
REIWA President Rob Mandanici said the typical seasonal increase in new listings had occurred but the number of sales had dropped to levels last seen in 2019.
“We’ve seen new listings increase as sellers look to make the most of one of the busiest selling periods of the year. However, buyer demand has dropped significantly over the past year,” he said.
“While demand started to ease earlier this year, multiple interest rate increases, the rising cost of living, and the Federal Government’s changes to taxation policy in May have exacerbated the trend.
“Investors are reluctant to buy new or established homes. With the removal of negative gearing and the increase in interest rates, the numbers don’t stack up.
“First home buyers are hesitant to buy. Their borrowing capacity has been severely eroded by interest rate rises, and loan repayments have increased. Understandably, they’re concerned about more rate increases.
“The constant media commentary about negative equity is also affecting first home buyer sentiment. It’s an uncomfortable feeling to think that the home you just bought may have dropped in value, but I want first home buyers to know that Australian banks are generally more concerned about your ability to meet your mortgage repayments than short-term fluctuations in your property’s value.
“And yes, there will be a few people who bought recently that might urgently need to sell and may be impacted by negative equity, but for the majority of buyers it is just an annoying statistic. If they intend to live in their property for several years, they will ride out the market fluctuations and the value of their home will recover over time.”
Mr Mandanici said REIWA members reported upgraders and downsizers were currently the most active buyers in the market.
“While these buyers are confident to purchase, the increase in new listings and decline in demand have given them both more choice and more time to make a decision. They are making the most of the changes in market conditions and viewing homes several times before making an offer,” he said.
“November and the first half of December are typically the peak period for the Spring selling season, so it will be very interesting to see how the market progresses in the coming weeks, particularly as we have just had another interest rate increase.”
Perth Sales Market
Perth’s annual median sale prices* rose marginally in October.
The annual median house sale price rose 0.5 per cent over the month to $970,000. This was 16.4 per cent higher year-on-year.
The annual median unit sale price increased 0.7 per cent in October and 20.7 per cent over the year to $700,000.
Mr Mandanici said REIWA reported on an annual median sale price, which was currently showing a small amount of growth. However, median sale prices had declined across both the June and September quarters.
“The market has changed significantly for sellers,” he said.
“Earlier this year, only 10 per cent of houses were selling for below the asking price. Now it is around 50 per cent, with an average discount of 7.5 per cent.
“However, it’s important to look at the bigger picture. Perth has seen extremely strong growth over the past five years and while many sellers have had to revise their price expectations, the majority are still achieving substantial capital gains.”
The suburbs that saw the most annual median house sale price growth in October were Dudley Park (up 3.1 per cent to $830,000), Spearwood (up 2.9 per cent to $1,018,500), Coodanup (up 2.7 per cent to $735,000), Rockingham (up 2.3 per cent to $875,000) and Innaloo (up 2.2 per cent to $1,100,000).
Secret Harbour, High Wycombe, Falcon, Dawesville and Meadow Springs were also among the top performers, recording growth of 1.5 per cent or more over the month.
The suburbs that saw the most annual median unit sale price growth were Cockburn Central (up 1.2 per cent to $622,500), Scarborough (up 1.1 per cent to $859,500), West Perth (up 0.7 per cent to $695,000), East Perth (up 0.5 per cent to $690,000) and Maylands (up 0.3 per cent to $615,000).
Time On Market
Houses in Perth sold in a median of 27 days in October, one day slower than September and 19 days slower than 12 months ago.
Units sold in a median of 28 days, five days slower than September and 20 days slower than in October 2025.
Mr Mandanici said while the time to sell had increased significantly over the past year, current timeframes were still very reasonable and market conditions at the end of 2025 were unusual.
“We experienced extremely frenzied conditions this time last year,” he said.
“There was a shortage of new listings coupled with very strong demand. Homes were selling in a median of eight days, which is not typical.
“Conditions have eased significantly and sellers should expect to have several home opens before they receive an offer. Yes, there will be homes that will sell in a week and there will be others that stay on the market for a few months. Every home and suburb is different and sellers should speak to their REIWA agent about market conditions in their particular area.
“They should also listen to the buyer feedback for their property. If your home is sitting on the market for some time, it may be that buyers think it is overpriced or needs a lot of work. Or you may simply have a unique property that will appeal to a smaller pool of buyers and it will take time to find the right buyer.”
According to reiwa.com data, the fastest selling suburbs for houses in October were Wembley Downs and Kingsley (nine days); Floreat (11 days); Clarkson (13 days); Roleystone, Craigie and Westminster (14 days); and Yokine, Hilton and Coolbellup (15 days).
The fastest selling suburbs for units were East Perth (seven days); Subiaco (12 days); Rivervale (16 days); Wembley (17 days); Yokine (18 days); Mount Lawley (20 days); Osborne Park (21 days); West Perth (25 days); Scarborough (28 days); and Victoria Park (30 days).
Listings For Sale
The number of listings** for sale was 9,129 at the end of October. This was 15.9 per cent higher than September and 217.0 per cent higher than a year ago.
“This increase in active listings, which are those properties advertised for sale at any one point in time, is a reflection of the seasonal increase in new listings, falling sales volumes, and longer selling times,” Mr Mandanici said.
“This time last year, active listings were 2,880. New listings were below average levels, the number of sales was nearly 30 per cent higher, and homes were selling in just over a week.”
Perth Rental Market
Perth’s median rent prices were unchanged from September.
The median weekly rent for houses was $750. This was 7.1 per cent higher than a year ago.
The median weekly rent for units was $700, a 4.5 per cent increase on October 2025.
The median dwelling rent was $750 per week. This was 7.3 per cent higher than the same time last year.
Mr Mandanici said although median rent prices had been fairly stable for a number of months, this was not a sign the market had eased.
“Rent prices remain at record highs and rental affordability is at record lows. Rental supply remains constrained and the Perth vacancy rate is below 2 per cent,” he said.
“Rather than the market improving, rents have reached a level where we are seeing a shift in the structure of demand, with more tenants looking to rent with others in order to share the cost burden of renting.
“If we want to improve affordability and choice for tenants, we need to focus on increasing supply. To do that, we need a legislative environment that encourages investment.
“Unfortunately, we are already seeing fewer investors enter the market following changes to taxation policy in the Federal Budget. Investor demand for new builds has also declined.
“In addition, the State Government has previously indicated it wants to introduce the next set of amendments to the Residential Tenancies Act to Parliament before the end of the year. These changes have the potential to further deter investment.”
According to reiwa.com data, the suburbs that saw the most growth in their median weekly house rent price in October were Hilbert (up 4.9 per cent to $750), Gosnells (up 4.6 per cent to $680), Thornlie (up 4.0 per cent to $780), Scarborough (up 3.9 per cent to $1,000) and Morley (up 3.2 per cent to $800).
The suburbs that saw the most growth in their median weekly unit rent price were Victoria Park (up 4.8 per cent to $650), Rockingham (up 4.8 per cent to $550), Maylands (up 4.0 per cent to $650), Midland (up 3.2 per cent to $650) and South Perth (up 1.3 per cent to $750).
Listings For Rent
There were 2,144 properties available for rent on reiwa.com at the end of October. This was 10.5 per cent higher than September and 3.9 per cent higher than the same time last year.
Median Leasing Times
The time to lease a home rose slightly to 15 days in October. This was one day slower than September but one day faster than October 2025.
“The consistently short time in which vacancies are filled highlights the ongoing strong demand for rental properties,” Mr Mandanici said.
“For me, the change in the time to lease a home in some of Perth’s outer suburbs, such as Byford and Eglinton, over the past few months is particularly noteworthy. As they are further from Perth, demand has generally been softer than more inner-city areas, and supply would regularly increase as investor-owned new builds were completed. As a result, homes would take longer to rent.
“Member feedback also says properties in Two Rocks and Yanchep are now seeing strong interest, whereas a year ago it was much harder to fill a vacancy in those suburbs.”
reiwa.com data showed the suburbs recording the fastest median leasing times were Innaloo (nine days); Spearwood (10 days); Wellard, Victoria Park and Eglinton (11 days); and Westminster, Parmelia, Balga, Nollamara and Morley (12 days).