February delivered another month of price growth across Perth, with both houses and units recording solid gains amid ongoing buyer competition.
According to data released by Real Estate Institute of Western Australia (REIWA), Perth’s median house sale price rose 1.8% in February to $870,000, representing a 13.7% increase compared to the same time last year. Units recorded even stronger momentum, with the median unit price climbing 3.3% to $620,000, up 20.4% year-on-year.
Suburbs Setting the Pace
Several suburbs stood out in February for exceptionally fast transaction times.
Fastest-selling house suburbs (median 5-6 days):
Woodvale, Parmelia, Lake Coogee, Cooloongup and Pearsall led the market at five days, closely followed by Willetton, Wandi, Quinns Rocks, Mount Lawley and Mount Claremont at six days.
Fastest-selling unit suburbs:
Yokine topped the list at just three days on market, followed by Cockburn Central (four days). Balga, Wembley and Claremont recorded six days, while Maylands, Shenton Park, Bayswater, Rivervale and West Perth averaged seven days.
Homes Selling Faster Than Ever
While price growth is a key headline, speed of sale is equally notable.
Units sold in a median of seven days in February — the fastest recorded pace for this segment and six days quicker than a year ago. Houses followed closely at eight days on market, reflecting strong buyer urgency across the board.
Demand appears broad-based across property types:
Villas: 6 days
Home units: 7 days
Apartments: 8 days
Townhouses: 9 days
This aligns with what we’re experiencing at Sanctuary Real Estate, well-presented homes priced appropriately are attracting immediate interest and competitive offers.
Supply Remains Constrained
Although listings increased slightly during February, overall stock levels remain significantly lower than a year ago. Active listings sat at 2,723 at month’s end — 10.5% higher than January, yet 43.8% below February 2025 levels.
New housing supply continues to face challenges including land availability constraints, subdivision delays, and construction capacity pressures. As a result, established homes remain the primary option for many buyers in the short to medium term.
Rental Market Snapshot
Perth’s rental market remains competitive. February’s overall median rent sat at $710 per week. While house rents eased slightly month-to-month, unit rents recorded modest growth.
With vacancy rates sitting above 2%, minor month-to-month fluctuations are expected, though demand for quality rentals remains steady.
What This Means for Buyers and Sellers
The February data reinforces a consistent theme: demand remains strong, supply remains tight, and prices continue trending upward.
For sellers, this creates favourable conditions, particularly in high-demand suburbs. For buyers , especially first-home buyers , acting decisively and securing finance pre-approval is becoming increasingly important.
At Sanctuary Real Estate, we continue to work closely with both buyers and sellers to navigate these fast-moving conditions with clarity and confidence.
Source: Real Estate Institute of Western Australia – Units sell in a week in February as demand remains strong (March 2026)
