The Real Estate Institute of WA has revealed that Perth's median house price is on track to surge by 20 per cent this year, equating to an increase of almost $500 per day. According to the latest quarterly figures, the median house price in Perth has reached $890,000, marking a $35,000 rise since December.
If this trend continues, REIWA warns that house prices could skyrocket further in 2026, with the potential for a 20 per cent increase. Units have also seen a significant rise, climbing by an average of $35,000 to a median price of $635,000 since December. Should the trend persist, units could increase by at least $350 per day.
Supply and demand imbalance drives growth
REIWA president Suzanne Brown, who had officially predicted a 10 per cent rise in house prices for 2026, acknowledged that the figure could double due to the ongoing imbalance between supply and demand. "Most of the March quarter was characterised by lower-than-average new listings and consistently strong demand, which saw dwellings sell in record timeframes and price growth accelerate," she said. "If these trends were to continue through 2026, median sale price growth for houses could reach 20 per cent, while units could exceed 20 per cent growth."
However, Brown noted that price rises could still slow if real estate listings increase in March and April, which has already led to quieter home opens and fewer offers on properties. Despite an uptick in listings, buyer activity remains subdued compared to two years ago, with Perth recording almost 1000 fewer listings in April 2026 than in the same period in 2023. "It is good to see Perth's listings logjam ease, but I will note that new listings are still below long-term averages, so this is not a significant increase in supply," she added.
Experts divided on market outlook
Whether the increase in listings will temper Perth's house prices is a matter of debate, with experts split on whether the housing market is slowing. While some analysts maintain that values will continue to rise, with periods of stabilisation, valuations expert Gavin Hegney argued that a recent bump in listings indicates a significant number of investors are seeking to cash out of the market. He predicted that less desirable homes in areas with heavy investment, such as Armadale, could see a decline in value. "Some areas where investors outbid owner occupiers are the areas most at risk when investors stop buying. It will leave owner occupiers to determine the price," Hegney said.
Property commentator and former REIWA president Damian Collins countered that WA remains "significantly undersupplied" for properties and expects prices to continue rising.
