The fear of missing out (FOMO) returned to the Perth property market in the September 2025 quarter.
REIWA President Suzanne Brown said, after easing slightly earlier in the year, the Perth sales market accelerated in the September quarter.
This was a result of ongoing strong demand and a decline in new listings.
"New listings in Winter 2025 were at the lowest level since Winter 2019. We also didn't see a significant increase in new listings as we moved into Spring," Ms Brown said.
"We saw very strong competition for the limited number of homes for sale, and as a result, the time to sell a property declined and the rate of price growth increased."
According to the latest Real Estate Institute of Australia (REIA) Real Estate Market Facts report*, the median sale price for houses in Perth increased 2.7 per cent to $850,000 over the September 2025 quarter. This was an annual increase of 11.4 per cent.
The median sale price for other dwellings (which includes home units, townhouses, flats/apartments and terrace homes) in Perth rose 5.9 per cent over the quarter to $609,000. It was 18.3 per cent higher over the year.
Ms Brown said the very strong rate of growth for other dwellings was a continuing trend.
"Villas, home units, and apartments are generally a more affordable alternative to houses for people looking to enter the market, particularly" she said.
"Competition for these types of homes has increased and put greater upward pressure on prices."
In the three months to September, the median sale price for houses increased in all capital cities. Median sale prices for other dwellings rose in Sydney, Melbourne, Brisbane, Adelaide, and Hobart, but declined in Canberra and Darwin.
Source: Real Estate Institute of Australia (REIA).
Median house sale prices: Perth and regional centres
In the September 2025 quarter, the median house sale price increased in Perth Outer (up 3.2 per cent to $795,000) and Perth Middle (up 2.4 per cent to $998,400) but declined in Perth Inner (down 1.7 per cent to $1,700,000).
In the regions, prices rose in Albany (up 2.8 per cent to $735,000), remained stable in Bunbury ($680,000) but declined in Broome (down 2.8 per cent to $753,000).
Annually, the median house sale price increased in Perth Middle (up 14.1 per cent), Perth Outer (up 10.4 per cent), and Perth Inner (up 6.6 per cent).
All the regional centres recorded increases over the year: Albany (up 28.9 per cent), Bunbury (up 11.5 per cent), and Broome (up 1.1 per cent).
Median other dwelling sale prices: Perth and regional centres
Median sale prices for other dwellings rose in all metropolitan areas in the September 2025 quarter: Perth Inner (up 8.2 per cent to $660,000), Perth Outer (up 5.8 per cent to $545,000), and Perth Middle (up 3.9 per cent to $612,900).
They also rose across the regions: Albany (up 11.6 per cent to $524,500), Broome (up 4.8 per cent to $435,000), and Bunbury (up 4.3 per cent to $480,000).
Annually, the median sale price rose in Perth Middle (up 17.9 per cent), Perth Outer (17.2 per cent) and Perth Inner (up 16.0 per cent).
Over the year, strong price growth was recorded in Bunbury (up 23.1 per cent) and Albany (up 20.6 per cent), while the median sale price in Broome declined 4.9 per cent.
Rental market
Median weekly rent
The median rent price for three-bedroom houses rose 2.3 per cent to $675 per week over the September 2025 quarter. This was 7.1 per cent higher than the same time in 2024.
The median weekly rent price for two-bedroom other dwellings remained stable over the quarter at $650 per week but was 8.3 per cent higher over the year.
Ms Brown said the Perth rental market continued to record periods of stability, interspersed with relatively small movements in median prices.
"Conditions vary across Perth, so when it comes to setting a rent price or renewing a lease, investors should be guided by their property manager as they will know the local market," she said.
"For example, upward pressure on prices remains greatest in suburbs closer to the city where demand is strongest.
"In outer suburbs where a lot of new supply has become available, the market is softer, homes are taking longer to rent and there is less pressure on prices. Here, our members say it can take several home opens to secure a tenant."
Over the three months to September, the median weekly rent for three-bedroom houses increased in Sydney, Brisbane, Hobart, and Darwin. It was unchanged in Melbourne, Adelaide, and Canberra.
The median weekly rent for two-bedroom other dwellings rose in Sydney, Brisbane, Canberra, and Darwin. It remained stable in Melbourne, Adelaide and Hobart.
Source: Real Estate Institute of Australia (REIA).
Median three-bedroom house rent prices: Perth and regional centres
Median weekly rent prices for three-bedroom houses remained stable in Perth Inner ($850), Perth Middle ($750), and Perth Outer ($650).
Across the regions, median rent prices increased in Broome (up 4.2 per cent to $1,250 per week) and Albany (up 1.7 per cent to $600 per week) but remained stable in Bunbury ($650 per week).
In the 12 months to September, median weekly rent prices increased in Perth Middle (up 7.1 per cent) and Perth Inner (up 3.7 per cent) but were unchanged in the Perth Outer region.
All regional centres recorded growth over the year: Broome (up 38.9 per cent), Albany (up 15.4 per cent), and Bunbury (up 8.3 per cent).
Median two-bedroom other dwelling rent prices: Perth and regional centres
Median weekly rent prices for two-bedroom other dwellings were unchanged in Perth Inner ($700) and Perth Middle ($650) but declined 3.8 per cent to $577.50 in Perth Outer.
Across the regions, the median weekly rent price was unchanged in Bunbury ($580) but declined in Broome (down 2.7 per cent to $900) and Albany (down 15.2 per cent to $475).
Over the year, all Perth metropolitan areas saw an increase in median weekly rents: Perth Middle (up 8.3 per cent), Perth Inner (up 7.7 per cent), and Perth Outer (up 5.0 per cent).
All the regions also recorded increases over the year: Broome (up 24.1 per cent), Bunbury (up 22.1 per cent), and Albany (up 5.6 per cent).
Vacancy rate
Perth's rental vacancy rate decreased 0.6 percentage points to 2.1 per cent at the end of the September quarter. This was 0.5 percentage points higher than a year ago.
Ms Brown said although Perth's vacancy rate had been over 2 per cent in 2025, the market remained challenging.
"While the estimated number of rentals in Perth increased over the year, WA is still recording strong population growth and demand for homes to rent remains high," she said.
"As a result, the vacancy rate remained relatively unchanged over the year.
"Finding a home to rent remains challenging, depending on where you are looking. The greatest demand is in areas closer to the CBD, while more outer-lying suburbs tend to have more properties available."
Over the quarter, vacancy rates also declined in Hobart and Darwin, increased in Sydney and Canberra, and remained stable in Melbourne, Adelaide and Brisbane.
Source: Real Estate Institute of Australia (REIA).
*The Real Estate Institute of Australia's Real Estate Market Facts published median sale prices based on the settled sale of houses and other dwellings during the referenced quarter. REIWA publishes annual median sales prices, based on settled sales over a 12-month period.
