Perth recorded the strongest price growth of all capital cities in the December 2025 quarter, reflecting ongoing strong demand and constrained supply.
According to the latest Real Estate Institute of Australia (REIA) Real Estate Market Facts report, Perth's median house sale price* increased 9.9 per cent over the quarter to $940,000. This was 17.9 per cent higher than the same time last year.
Perth was also the top performer for other dwellings, with its median sale price* rising 11.5 per cent over the quarter to $680,000. This represents annual growth of 25.9 per cent.
REIWA President Suzanne Brown said the very strong growth over the quarter and year reflected the widening imbalance between supply and demand in the second half of 2025.
"In late 2024 and early 2025 there was a surge in new listings, which eased some of the pressure in the market. Price growth slowed and the time to sell a property increased," she said.
"However, in the second half of the year, new listings were lower-than-average in both Winter and Spring, but demand remained very strong.
"This saw intense competition for a reduced number of properties, with the median time to sell a home dropping to just over a week in the December quarter, and price growth accelerating."
Ms Brown said other dwellings continued to outperform houses for price growth.
"The rising unaffordability of houses in Perth's heated market has seen more people look to other dwellings, such as villas, home units and apartments, as a more affordable way to enter the market. This is particularly the case for buyers looking close to the CBD or in popular lifestyle hubs," she said.
"The growing competition for other dwellings has seen the rate of price growth surpass that of houses."
Median house sale prices: Perth and regional centres
In the December 2025 quarter, median house sale prices increased across all Perth regions.
Perth Middle recorded the strongest growth (up 18.6 per cent to $1,200,500), followed by Perth Inner (up 10.0 per cent to $1,925,000), and Perth Outer (up 8.7 per cent to $870,000).
Across regional WA, Broome was the top performer (up 6.1 per cent to $806,000), followed by Bunbury (up 5.1 per cent to $720,000), and Albany (up 2.7 per cent to $755,000).
All Perth regions recorded median house sale price growth over the year: Perth Middle (up 27.7 per cent), Perth Outer (up 18.4 per cent), and Perth Inner (up 15.1 per cent).
In the regions, Albany saw the most annual growth (up 21.0 per cent), followed by Bunbury (up 15.6 per cent), and Broome (up 3.3 per cent).
Median other dwelling sale prices: Perth and regional centres
Median sale prices for other dwellings also rose across all Perth regions over the quarter. Perth Middle recorded the strongest growth (up 12.3 per cent to $696,000), followed by Perth Outer (up 10.1 per cent to $600,000) and Perth Inner (up 7.6 per cent to $726,100).
In regional WA, Broome (up 24.1 per cent to $540,000) and Bunbury (up 12.8 per cent to $552,500) saw their median sale price increase, while Albany's declined (down 9.0 per cent to $455,000).
Annually, all Perth regions saw strong price growth, with the median sale price increasing 26.5 per cent in Perth Middle, 25.2 per cent in Perth Inner and 25.0 per cent in Perth Outer.
Strong growth was also recorded across the regions over the year: Bunbury (up 34.8 per cent), Broome (up 30.1 per cent), and Albany (up 19.7 per cent).
Rental market
Median weekly rent
The median rent for three-bedroom houses in Perth increased 0.7 per cent over the December 2025 quarter to $680 per week. This was 4.6 per cent higher than the same time in 2024.
The median weekly rent for two-bedroom other dwellings rose 3.8 per cent over the quarter to $675. It increased 8.9 per cent over the year.
Median three-bedroom house rent prices: Perth and regional centres
Over the quarter, the median weekly rent for three-bedroom houses increased in Perth Outer (up 4.6 per cent to $680) and Perth Inner (up 2.4 per cent to $870) but remained stable in Perth Middle ($750).
Across regional WA, the median weekly rent increased in Albany (up 9.6 per cent to $657.50), remained stable in Broome ($1,250), and declined in Bunbury (down 0.8 per cent to $645).
Over the year, the median weekly rent for three-bedroom houses increased across all metropolitan areas, with Perth Outer (up 4.6 per cent) recording the strongest growth, followed by Perth Middle (up 3.4 per cent) and Perth Inner (up 2.4 per cent).
All regional centres also recorded growth over the year, led by Broome (up 25.0 per cent), followed by Albany (up 19.5 per cent) and Bunbury (up 7.5 per cent).
Median two-bedroom other dwelling rent prices: Perth and regional centres
Over the quarter, the median weekly rent for two-bedroom other dwellings increased in Perth Middle (up 4.6 per cent to $680) and Perth Outer (up 3.9 per cent to $600) but remained stable in Perth Inner ($700).
In regional WA, median weekly rents increased in Bunbury (up 0.9 per cent to $585) but decreased in Broome (down 20.0 per cent to $720). No result was recorded for Albany.
In the 12 months to December, median weekly rents rose across all metropolitan areas. Perth Outer (up 9.1 per cent) recorded the strongest growth, followed by Perth Middle (up 7.9 per cent), and Perth Inner (up 6.1 per cent).
Median weekly rents also increased in Bunbury (up 27.2 per cent) and Broome (up 16.1 per cent) over the year.
Vacancy rate
Perth's vacancy rate increased to 2.6 per cent in the December 2025 quarter, up 0.5 percentage points over the quarter and 0.7 percentage points over the year.
"Rent prices have recorded periods of stability in 2025 and the vacancy rate has been at or over 2 per cent for the entire year, but the market is not out of the woods," Ms Brown said.
"Population growth remains high and we have constrained conditions in both the new homes market and the established homes market. These factors are maintaining strong demand for rental property.
"We cannot afford to be complacent about actions that might lead to another decline in supply, such as changes to taxation settings or tenancy legislation, and negatively affect the delicate state of the rental market.
"We also know investors are sensitive to policy change and are capable of leaving the market if they feel conditions are unfavourable. We don't want this to happen again; the WA rental market still hasn't recovered from the previous exodus of investors.
"We all want improved outcomes for tenants, but governments need to be careful of unintentionally impacting those we are trying to protect with any change to policy."
Over the quarter, vacancy rates increased in Brisbane and Darwin, declined in Melbourne, Canberra and Hobart, and remained stable in Sydney and Adelaide.
*The Real Estate Institute of Australia's Real Estate Market Facts publishes 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 pending and settled sales over a 12-month period.
