Perth’s wild property ride hits the brakes (kind of)
After skyrocketing for nearly five years, house prices in Perth are finally easing — well, slightly. According to CoreLogic, home values nudged up just 0.2% last month, bringing the median to $806,205. That’s down 0.05% from October 2023’s peak, but don’t let that fool you — it’s still pricey out there.
Tim Lawless, CoreLogic’s research director, noted Perth has been leading the national boom, with values up a whopping 75.4% since 2020. But the breakneck pace is slowing, and not just because buyers are tired of open-home sprints.
Low supply, high hopes (and costs)
Even though population growth is cooling, the housing shortage isn't going anywhere fast. Building costs are still climbing, and with builders competing against major infrastructure projects for tradies, new homes aren’t going to spring up overnight.
What’s really happening with prices?
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Median house price (REIWA): $766,500 in March — up 1.2% for the month, 20% year-on-year
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Median unit price: $516,000 — also up 1.2% monthly, 20% year-on-year
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Listings are growing: 5,082 homes were on the market in March, up 41.5% from last year
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Sales slowing slightly: Homes now take a median of 13 days to sell (still fast, but slower than the nine-day frenzy from early 2024)
Suburb superstars
The top-performing areas in March include:
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Fremantle: Up 3.5% to $1.345M
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Yokine: Up 3.3% to $1.017M
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Kensington, Hillarys, Mandurah: All saw notable jumps too
Fastest-selling suburbs? Willagee and Hammond Park led the charge, selling in just 6 days.
What’s next?
Despite the slowdown, experts aren’t predicting a crash. Prices are still rising — just at a more sustainable pace. REIWA President Suzanne Brown says demand is still strong, even if the madness has mellowed.
