Perth property market remains resilient
According to CoreLogic, Australia’s residential property market saw a slight decline of 0.3% in January 2025, with Melbourne (-0.6%), Canberra (-0.5%), and Sydney (-0.4%) experiencing the declines. Meanwhile, Adelaide (0.7%), Darwin (0.6%), and Perth (0.4%) all recorded positive growth, reinforcing their resilience.
This is the first time in 15 months that Perth hasn’t led the nation for growth, however looking at longer term trends, Perth remains the strongest-performing capital city over the past year, with dwelling values increasing by 1.0% over the past quarter and an impressive 17.1% annually (CoreLogic, 2025). With low stock levels and strong population growth, Perth continues to offer solid investment fundamentals.
Sales listings increase but supply remains well below balanced level
According to the Real Estate Institute of Western Australia (REIWA), there were 4,864 properties listed for sale in Perth during the week ending 2 February 2025 – up from 4,307 four weeks prior and 3,846 in the same week last year. While this represents a notable increase, a balanced market in Perth is estimated to have around 13,500 listings.
While stock levels are still tight, selling times have lengthened, reflecting a market that is adjusting but remains competitive. The median time to sell a house increased to 22 days in January, 13 days longer than a year ago, while the time to sell a unit rose to 17 days over the same period (REIWA, 2025).
The graph below illustrates the ongoing downward trend in stock availability within the Perth market as of 2 February 2025.
Source: REIWA and Momentum Wealth Research
Rental market shows signs of stabilisation
According to REIWA, Perth’s median rental dwelling price rose to $670 per week in January 2025 which is 8.9% higher than 12 months ago. The median rental price for houses has also increased to $680 per week, while the median rental price of units has remained stable at $650 per week. Over the past few months, rental prices have remained relatively stable, suggesting the market may have reached its affordability threshold. As a result, many renters are seeking alternatives like shared accommodations or cheaper units to cope with rising costs.
There were 2,142 properties listed for rent in Perth during the week ending 2 January 2025. This is an increase from the 1,934 recorded four weeks prior and the 1,862 listings recorded around the same time last year. (REIWA, 2025)
During January 2025, it took a median of 16 days to lease a property, which is the same as 12 months ago. (REIWA, 2025)
The graph below shows the limited number of homes available for rent, to the week ending 2 February 2025.
Source: REIWA and Momentum Wealth Research
Australia’s population growth
The latest ABS data indicates that Australia’s total population increased by 2.1% to 27.2 million people over the 12 months to June 2024.
Western Australia recorded an annual population increase of 2.8%, which makes this the sixth consecutive quarter of the state having the highest growth nationwide. This was followed by Victoria and Queensland which recorded an increase of 2.4% and 2.3% respectively. Tasmania experienced the lowest population growth, recording an annual increase of 0.3%. This is followed by the Northern Territory, with a 0.8% increase.
Western Australia’s population growth continues to be driven by strong international migration numbers, which increased by 58,082 people during this period. Western Australia also had the second-highest amount of interstate migration (9,742), following Queensland (29,910).
New South Wales had the largest number of international migration numbers, rising by 142,473 people over the past year. However, their overall growth was partially offset by weak interstate migration numbers as 30,865 people departed for another state. (ABS, 2025)
The below chart illustrates each state’s annual population growth to 30 June 2024.
Source: ABS