Only one in 10 houses in Perth are selling for less than their listing price, according to new research from REIWA.
REIWA President Suzanne Brown said the number of Perth sellers discounting their houses was at the lowest level in decades.
"In the last quarter of 2025, only 9.9 per cent per cent of houses sold for less than their listing price," she said.
"This is unprecedented. Discounting levels did not reach these lows during the last two booms.
"During 2013 and 2014, 44.3 per cent and 46.3 per cent of houses respectively sold for less than their listed price. During the 2006 boom, the level of discounting was 49.0 per cent."
Ms Brown said with over 90 per cent of houses selling at or above the listing price, the community could have concerns about underquoting. However, REIWA's research showed this wasn't likely to be the case.
"We have examined the relationship between the proportion of properties being discounted, the size of these discounts, and days on market over time," she said.
"The analysis shows these measures move together and are strongly correlated, indicating they are outcomes of prevailing market conditions, such as strong buyer demand, limited supply and rapid sales, rather than evidence of deliberate underquoting.
"In a fast-moving seller's market, final sale prices exceeding initial expectations are a common and well-documented feature, even when pricing guidance is reasonable at the time of listing.
"With new listings falling below long-term averages in the second half of 2025 and demand remaining strong, the time to sell a house dropped to a record low of eight days in September and October and the proportion of vendors selling for less than the listing price declined over the year, dropping below 10 per cent at the end of 2025.
"We can compare this to a buyer's market, such as in 2019, when houses in Perth took nearly two months to sell and nearly 60 per cent of vendors discounted their price.
"While current market dynamics will see the majority of houses sell at or over the listed price, I remind people that underquoting is illegal. If anyone has genuine evidence an agent has deliberately underquoted the price of a property, I would ask them to report the agent to Consumer Protection."
Ms Brown said the average difference between the listing and sale price was +6.5 per cent in the last quarter of 2025.
"I note this is an average, and some properties will sell for much more than the asking price, while others will sell for less," she said.
"Every sale is different, and this average shouldn't create an expectation from sellers."
While houses selling for over the asking price has become the new normal, it wasn't always the case.
"Pre-COVID, the last time the average was in positive territory was in the 2006 boom, when houses on average sold for 3.2 per cent more than the listing price," Ms Brown said.
"Even during 2013 and 2014, houses sold on average for marginally less than the listing price.
"This really is a very unique time in the market."
