Perth Property Market Update June 2026: Peak Momentum Shifts as Supply Accelerates and Sales Soften

Published 20 June 2026 · Follio Research · 8 min read

Perth’s property market is showing clear signs of transitioning from its peak phase into a gradual slowdown. While annual growth remains historically strong, revised index data shows monthly price growth moderated to 1.5% in May, lifting the median house price to just below $1.029 million.

The supply environment is rebalancing rapidly. Weekly listings surged to 5,330 properties by the end of May – representing a structural increase of 20% over the month and a near doubling of options for buyers since January. Concurrently, weekly sales softened to 685 transactions, pushing the sales-to-listings ratio down to 13%, indicating that demand is no longer absorbing new stock at the same intense pace.

The rental market remains structurally tight, though vacancy rates did ease modestly to 2.4% in April. Strong migration-driven demand pushed median weekly rents up to $750 in May, though the pace of rental growth has flattened due to binding affordability constraints.

Macroeconomic headwinds, including elevated living costs and high interest rates, are increasingly capping buyers’ borrowing capacity. However, this does not indicate an impending downturn. Backed by an accumulated housing deficit of roughly 21,500 homes and a highly resilient local labor market, Perth’s structural floor remains solid as the cycle shifts into a more sustainable pace of growth.

Prepared by Ryan Brierty, Chief Economist, Follio.