Perth Rents Surge at Fastest Rate in Australia
Perth recorded the fastest quarterly increase in median dwelling rents among Australian capital cities during the March quarter, according to data from research firm Cotality. The city's median weekly rent is now $761, the second-highest in the nation.
In a separate development, the number of properties listed for sale in Perth has risen significantly from a record low set at the end of 2025, though inventory levels remain restricted.
Rental Market Statistics
- Median weekly rent: $761 (second only to Sydney's $824)
- Quarterly growth: 3% — the fastest among Australian capital cities (national average: 2.1%)
- House rents: Rose 2.8% over the quarter
- Unit rents: Rose 3.7% over the quarter
- Annual growth: 6.7%, tied with Brisbane and second to Darwin's 9.2%
Perth’s rental vacancy rate stands at 1.2%, well below the 2.5–3% range considered a balanced market, and below the national average of 1.6%.
Perth is the only Australian capital city where the vacancy rate remained steady over the past year; other capitals experienced further tightening.
Property Sales Market
- Listings surged by over 600 (20%) in the past month, reaching 3,669 properties.
- This compares to just 1,881 properties listed at the end of 2025 — a record low.
- There are now more than 1,400 additional properties for sale compared to the end of 2025.
Industry Commentary
Daniel McQuillan, managing director of Nu Wealth, provided the following observations:
- Some property owners believe the Perth market is nearing its peak in the current cycle and view it as an opportune time to sell.
Several factors are driving the increase in listings:
- Some owners are moving into newly built homes faster due to improved construction times.
- Some investors are selling due to concerns over proposed tax changes to capital gains and negative gearing.
- Rising interest rates and cost-of-living pressures — linked by McQuillan to the Middle East conflict — are affecting current economic conditions.
While overall property inventory remains low and demand is strong, the increase in listings provides more options for buyers and may give them more leverage in price negotiations.
Recommendations for First-Home Buyers:
- Consider more affordable areas with a high concentration of rental properties, including South Perth, Como, Victoria Park, East Perth, and Rivervale.
- Older units in inner-city areas may offer better capital growth potential than new houses in fringe suburbs over the medium term.
- Landlords in these areas may decide to sell, creating buying opportunities.
Broader Market Conditions
Separate data from the Real Estate Institute of WA (REIWA) indicates that Perth's median house price reached $890,000 in the March quarter 2025. Domain reported that Perth's median house price surpassed $1 million in late 2025, citing a median of $1,087,762.
Perth property prices have increased by 91% over the past five years, a pace that Cotality research director Tim Lawless described as unsustainable.
Lawless stated that if current trends continue, Perth is projected to surpass Brisbane to become the second most expensive capital city for property, behind Sydney.
Population Growth:
- 58,100 people (2.4%) in the 2024-25 year — the highest growth rate among Australian capital cities.
- Driven by:
- Net overseas migration: 37,289 people
- Net interstate migration: 8,211 people
- Natural increase: 12,588 people
Perth and Brisbane were the only capital cities to experience net interstate migration gains.