Perth housing market update [video] | April 2025

Key takeaways

Perth house prices mostly flat since October 2024, March 2025 saw just +0.2%

Listings up 9.1% year-on-year but still below historical averages

Median days on market doubled from 9 to 19, showing reduced buyer urgency

Perth’s housing market has entered a period of stability following remarkable growth in recent years. According to CoreLogic, the city's property market is experiencing steady conditions with modest recent value movements.

Perth home values have shown minimal change recently:

• March 2025: +0.2%
• Overall Trend: Virtually unchanged since October 2024

Note: Despite stabilising, Perth property values remain significantly elevated, having increased by approximately 75.4% since March 2020.

Perth housing market trends

Perth’s market is experiencing rising property listings:

Source: CoreLogic

Despite this rise, current listings remain below historical averages for this period, suggesting ongoing market constraints.

Properties in Perth are staying longer on the market, reflecting slower buyer urgency:

Source: CoreLogic

Perth house prices - the longer-term data

Perth's property market is likely to maintain its stability, with moderate, sustainable value growth anticipated. Key points influencing future growth include:

• Continued gradual interest rate cuts supporting borrowing capacity
• Persistent undersupply due to high construction costs and skilled labour shortages
• Slow improvement in affordability and home loan serviceability, restraining significant price surges

Note: While Perth is unlikely to witness another rapid growth cycle in the short term, its underlying market fundamentals remain robust.

In conclusion, Perth’s property market offers stability amidst a broader national trend towards modest growth. Buyers and investors should remain cautious yet optimistic about opportunities arising from the market’s current dynamics.

You may also want to read: National Housing Market Update

About Tim Lawless Tim heads up the Core Logic RP Data research and analytics team, analysing real estate markets, demographics and economic trends across Australia. Visit www.corelogic.com.au