Perth property prices declined over the June 2026 quarter, however they were substantially higher than the same time last year, according to the latest Real Estate Institute of Australia (REIA) Real Estate Market Facts report.
Perth's median house sale price* decreased 2.0 per cent over the quarter to $980,000. This was 18.7 per cent higher than the June 2025 quarter.
The median sale price* for other dwellings, which includes home units, townhouses, flats/apartments and terrace homes, declined 2.8 per cent over the quarter to $700,000. However, it was 21.4 per cent over the year.
REIWA Deputy President Rob Mandanici said there was a clear shift in the Perth property market in the June quarter.
"We have said for a long time that for the market to change there would need to be a significant shift in demand or supply," he said.
"After experiencing a shortage of new listings in late 2025 and early 2026, the number of properties coming to market returned to long-term average levels in the June quarter.
"However, the biggest change in the past few months has been in consumer sentiment. People like stability and certainty. There hasn't been a lot of that lately and it's led to hesitancy among buyers and a reduction in sales activity.
"Three interest rate rises earlier this year have made buyers very prudent and price sensitive. People are again avidly watching inflation figures and there are many potential buyers who are waiting for interest rate decisions in September and November.
"The rising cost of living, the ongoing conflict with Iran, and the changes to taxation policy in the Federal Budget have also impacted sentiment. We have seen demand ease, with both investors and first home buyer purchasing activity declining in the wake of the Federal Budget.
"This has eased the pressure on prices and seen them decline over the quarter.
"However, it has to be said that the declines are small, prices are still up significantly over the year, and housing affordability is at a record low due to higher borrowing costs."
The June quarter marked clear change in the residential property markets across the country. Median house sale prices rose in Hobart and Adelaide, remained stable in Brisbane and declined in the other capitals. Median sale prices for other dwellings rose in Canberra, were stable in Sydney and Darwin, and declined in the other capitals.
Median house sale prices: Perth and regional centres
Median house sale prices declined across all Perth regions in the June quarter.
Perth Inner recorded the largest decrease, down 6.0 per cent to $1,880,000, followed by Perth Middle, down 4.0 per cent to $1,200,000, and Perth Outer, down 1.9 per cent to $912,000.
Across regional WA, Broome's median house sale price increased 1.2 per cent to $850,000. Bunbury remained stable at $780,000, while Albany declined 2.4 per cent to $830,000.
All Perth regions recorded median house sale price growth over the year. Perth Middle recorded the strongest growth, up 23.7 per cent, followed by Perth Outer, up 18.4 per cent, and Perth Inner, up 8.5 per cent.
In the regional centres, annual growth was 16.1 per cent in Albany, 14.7 per cent in Bunbury and 9.7 per cent in Broome.
Median other dwelling sale prices: Perth and regional centres
The median sale price for other dwellings increased 0.7 per cent over the quarter in Perth Inner to $760,000.
Median sale prices declined 5.1 per cent in Perth Middle to $710,000 and 1.5 per cent in Perth Outer to $640,000.
Across regional WA, Broome recorded a 21.5 per cent increase in the June quarter to $580,000. Bunbury declined 10.4 per cent to $573,750. Albany also recorded a decline with its median sale price down 0.5 per cent to $515,000.
Over the year, median other dwelling sale prices increased across all Perth regions. Perth Inner recorded growth of 24.6 per cent, Perth Outer 24.3 per cent and Perth Middle 20.3 per cent.
Annual growth was 39.8 per cent in Broome, 24.7 per cent in Bunbury and 9.6 per cent in Albany.
*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.
Rental market
Median weekly rent
The median weekly rent for a three-bedroom house in Perth increased 2.9 per cent over the June quarter to $720. This was 9.1 per cent higher than the same time last year.
The median weekly rent for a two-bedroom other dwelling remained stable at $700 over the quarter and was 7.7 per cent higher than a year earlier.
Mr Mandanici said Perth's rental market remained constrained.
"While overall rent prices have been showing some stability month to month recently, REIWA members say there is still movement at the suburb level and for individual properties," he said.
"Although rental supply has recently returned to the peak recorded in February 2021, before a mass exodus of investors saw it drop by around 20,000 properties, our population has grown 13 per cent in that time.
"This means there is still an imbalance between supply and demand in the Perth rental market. This is highlighted by the consistently low number of active rental listings each month, the ongoing fast time to lease a property and the low vacancy rate.
"If supply remains static, or worse, declines again in the wake of policy changes by the Federal and State governments, we are likely to see increased upward pressure on rent prices and affordability decline further."
Median rent prices for three-bedroom houses also increased in Darwin, Hobart, Melbourne, Adelaide and Brisbane. They remained stable in Sydney and Canberra.
Median rent prices for two-bedroom other dwellings rose in Canberra, Hobart and Darwin, were stable in Melbourne and Adelaide, and declined in Sydney and Brisbane.
Median three-bedroom house rent prices: Perth and regional centres
Median weekly rent prices for houses remained stable over the quarter in all three Perth regions.
The median weekly rent was $900 in Perth Inner, $800 in Perth Middle and $700 in Perth Outer.
Across regional WA, Albany's median house rent increased 4.5 per cent over the quarter to $700 per week, Broome remained stable at $1,100 and Bunbury declined 3.3 per cent to $657.50.
Median weekly rent prices increased in all Perth regions over the year. Annual rent price growth was strongest in Perth Outer at 7.7 per cent, followed by Perth Middle at 6.7 per cent and Perth Inner at 5.9 per cent.
Annually, Albany recorded an 18.6 per cent increase in median weekly rent prices, Bunbury increased 1.2 per cent, while Broome declined 8.3 per cent.
Median two-bedroom other dwelling rent prices: Perth and regional centres
Over the quarter, the median weekly rent price for two-bedroom other dwellings increased 1.7 per cent in Perth Outer to $610 and remained stable in Perth Inner at $750 and Perth Middle at $700.
Across regional WA, the median rent price in Bunbury remained stable at $600 per week, while Broome declined 11.8 per cent to $750 and Albany declined 33.3 per cent to $580.
Over the year, median rent prices increased 7.7 per cent in Perth Middle, 7.1 per cent in Perth Inner and 1.7 per cent in Perth Outer.
In the regions, median rent prices increased 3.6 per cent in Albany and 3.4 per cent in Bunbury, while Broome declined 18.9 per cent.
Vacancy rate
Perth's vacancy rate increased to 2.1 per cent in the June 2026 quarter.
This was 0.1 percentage points higher than the March quarter but 0.6 percentage points lower than the same time last year.
