Perth’s median house price rose by 0.6 per cent in May, reaching $780,000. This represents an 18.0 per cent increase compared to the same period in 2024.

Sustained Growth in Perth’s Residential Property Market

Perth’s median house price increased by 0.6 percent in May, reaching $780,000, which is 18.0 percent higher than the same period in 2024. The median unit price also saw a rise, lifting 1.9 percent over the month to $535,000—an increase of 21.0 percent year-on-year. According to REIWA President Suzanne Brown, the market conditions supporting price growth remain in place.

“Population growth, while declining slightly, is still strong, which fuels demand for housing,” Ms. Brown stated.

She added:

“The WA economy remains strong and unemployment is low. Despite headwinds in some areas of the resources sector, the latest data from the Department of Energy, Mines, Industry Regulation and Safety shows the industry has recorded eight consecutive calendar years of employment growth.

“And, while we are still very much a resource-based state, WA is no longer as dependent on mining as it was. There has been a strong focus on diversifying the economy from the State Government, and our growing population has led to more roles in sectors like health care and education, which is likely to continue.
“These factors support consumer confidence and a robust property market.”

Suburbs Showing Strongest Price Growth

Several suburbs experienced notable price increases in May, including:

Maylands: up 2.9% to $936,000
Bedford: up 2.1% to $1,000,000
Wannanup: up 1.9% to $818,000
Pinjarra: up 1.8% to $560,000
Southern River: up 1.7% to $900,000

Other strong performers were Swan View, Landsdale, Coodanup, Beckenham, and Como, each recording growth of 1.4 percent or more over the month.

Sales Listings and Market Activity

At the end of May 2025, active listings totaled 4,351, marking a 6.6 percent decrease from April, but still 32.9 percent higher than the same time last year.

Ms. Brown noted:

“As expected, we saw new listings increase throughout May, following the holiday-related slump at the end of April. Sales activity also increased towards the end of the month, which has seen active listings settle slightly below the April level.”

Time on Market

Houses in Perth sold in a median of 13 days in May — one day faster than April, but four days slower than May 2024.
Units recorded a median of 14 days, unchanged from April, but three days slower year-on-year.

According to reiwa.com, the suburbs with the fastest house sales included:

Harrisdale: 6 days
Joondalup, Alkimos, Golden Bay, Jane Brook, Kardinya, Nedlands, Port Kennedy, Riverton, and Safety Bay: 7 days

Perth’s Rental Market Update

The median weekly rent for all dwellings rose 0.7 percent to $675 in May, an increase of 3.8 percent compared to last year.

Houses held steady at $680, up 4.6 percent year-on-year
Units also remained stable at $650, up 8.3 percent annually

Ms. Brown commented:

“We continue to see periods of stability in the rental market, interspersed with relatively small movements in median prices. The median unit rent has been unchanged since December 2024. And the median weekly house rent price has been $680 for four of the past five months. This reflects the changed conditions in the rental market, including an increase in supply and increase in the vacancy rate.”

Suburbs recording the strongest rent growth in May included:

West Leederville: up 7.7% to $700
Fremantle: up 6.3% to $765
Como: up 5% to $735
Applecross: up 5% to $788
Wembley: up 4.4% to $600

Rental Listings and Leasing Times

There were 2,380 properties available for rent at the end of May—4.1 percent higher than April, but 1.3 percent lower than May 2024.

“Active listings have been steadily increasing over the past few months, but that is a fairly common pattern for this time of year,” Ms. Brown explained.

“While supply has increased, active listings remain relatively low due to the speed of leasing and the number of off-market leases still taking place. If prospective tenants are having difficulty finding a property it may be worthwhile registering their interest with property managers in the areas where they want to live so they can be notified of properties as soon as they become available.”

Properties were leased in a median of 17 days during May, two days slower than April and one day slower than May 2024.

According to reiwa.com data, the fastest-leasing suburbs were:

Brabham and Doubleview: 9 days
Thornlie: 10 days
Alkimos: 11 days
Hamilton Hill, Wembley, Balcatta, Balga, West Leederville, and Westminster: 12 days