Perth’s property market witnessed notable shifts in 2024–25, with units outperforming houses in terms of annual median sale price growth. The median sale price for units rose by 20.0% to $540,000, while house prices increased by 16.4% to reach $786,000. This is in contrast to the previous financial year, where house prices saw stronger growth of 20.5% compared to 12.5% for units.
According to REIWA President Suzanne Brown, this shift reflects rising demand for more affordable housing options. “While house prices have steadily increased over time, growth in the unit market had previously lagged. We’re now seeing buyers turning to units—villas, townhouses, and apartments—as a cost-effective alternative,” she said. “This demand has resulted in unit prices growing at a faster rate than houses in recent months.”
Peak annual growth figures highlight this trend, with house prices reaching a 25.0% increase in December 2024, and unit prices peaking at 22.9% in January 2025. Ms Brown also noted that buyer activity remains strong, with 48,793 properties settled in Perth during 2024–25. While this is below the previous year’s total, it is expected to rise as additional transactions are finalised in the months ahead.
A key concern throughout the year has been the limited supply of homes for sale. Despite a 5.1% increase in new listings compared to 2023–24, the number of active listings remained low—hovering around 4,500 throughout the year. By contrast, active listings in 2018–19 were around 16,000, though fewer properties were actually listed that year, and they took a median of 56 days to sell. In 2024–25, homes are selling significantly faster.
The strongest-performing suburb for house price growth was Bateman, where the median price jumped 36.8% to $1.3 million. In the unit market, Bicton led the way, with a 55.6% increase to a median of $770,000.
Interestingly, this year’s top 10 suburbs for house price growth reflected demand in the upgrader market, with only two suburbs sitting below Perth’s median house price—compared to seven last year. A similar shift occurred in the list of fastest-selling suburbs, indicating rising interest in middle-tier price ranges across both house and unit markets.
Speed of sale remained high throughout the financial year, with houses taking a median of nine days to sell for most of 2023–24. This extended slightly toward the end of 2024, following an influx of new listings. Historically, units took longer to sell than houses, but increased demand has seen both segments now selling in around 14 days. Gwelup recorded the fastest sales for houses (median of seven days), while Yokine was the fastest for units (median of six days).
Perth’s Rental Market Overview
Rental prices in Perth reached record highs in 2024–25, with the median weekly rent for houses at $680 and for units at $660 by the end of the financial year.
Ms Brown explained that although rental prices increased, the rate of growth had slowed. “For example, house rents rose 4.6% this year, compared to 12.1% in 2023–24 and 16.0% the year before. Unit rents grew by 10.0%, compared to 14.3% and 19.3% in previous years.” She attributed the easing price pressure to a modest lift in supply and a softening in demand.
Nonetheless, with strong population growth, industry construction constraints, and rental stock still approximately 5% below the February 2021 peak, further rental increases remain likely.
While yields softened slightly due to stronger price growth relative to rental increases, returns remained solid—particularly in the unit sector. In 2024–25, top-performing suburbs for house yields ranged from 5.2% to 5.9%, down from 5.7% to 6.1% the previous year. Unit yields ranged between 6.8% and 8.0%, compared to 7.4% to 8.1% in 2023–24.
Cannington topped the list for houses, offering a 5.9% yield based on a $613,000 median house price and $700 median weekly rent. Bayswater led the unit market with an 8.0% yield, supported by a $425,000 median unit price and $650 median weekly rent.
In terms of rent growth, Shenton Park recorded the largest increase for houses, with the median weekly rent rising 29.4% to $1,100. For units, Lathlain was the top performer, with a 33.3% increase to $600 per week.
Rental properties also continued to lease quickly, with the median time to lease sitting around two weeks throughout 2024–25. Lake Coogee was the fastest leasing suburb for houses (11 days), while Westminster topped the unit market, with properties leasing in a median of eight days.
