Perth's property market is showing clearer signs of rebalancing, with the number of homes advertised for sale reaching 7,335 at the end of August — the highest total since March 2023.
The figure was up 7.8% on July and a striking 146.1% higher than the same time last year, reflecting how thin listings had become over the past two years.
REIWA president Suzanne Brown (pictured) said the jump reflected softer buyer demand rather than a sudden wave of new sellers.
"Active listings have more than doubled since March," Brown said, adding that new listings had "mostly returned to long-term average levels" after a shortage in late 2025 and early 2026.
She said the added stock represented "an easing in demand, which has led to a decline in sales activity," driven in part by three interest rate rises that have squeezed borrowing power and mortgage serviceability, alongside changes to federal tax policy that have cooled both investor and first-home buyer activity.
Those hikes brought the cash rate to 4.35%, where the RBA has now held for a second consecutive meeting, with governor Michele Bullock signalling the board is still watching for further inflation progress before considering any change of direction.
Despite the additional stock, Perth's annual median house price rose 1.1% in August to $960,000, up 18.5% year-on-year, while the median unit price climbed 1.3% to $690,000, up 22.6% annually.
Brown cautioned that these annual figures lag behind current conditions.
"REIWA's annual median sale prices are currently showing some growth, but when we look at the June 2026 quarter, Perth's median sale prices have recorded declines," she said, noting most suburbs posted quarterly price falls.
Time on market has also stretched, with houses taking a median 23 days to sell in August, 12 days slower than a year earlier, and units taking 21 days, 11 days slower annually.
The rental market tells a different story. Weekly rents held steady in August, with houses at $750 and units at $700, though both remain up more than 7% year-on-year.
Brown said Perth's rental supply "continues to be low," warning that reduced investor lending activity in the June quarter, per ABS and bank data, was "a concern for rental supply, vacancy rates, and rent prices going forward."
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