21/10/2026
What a difference a few months can make.
In his latest market analysis, Dr Ryan Brierty examines the remarkable turnaround in Perth’s property market, where strong growth earlier in the year has given way to 22 consecutive weeks of declining dwelling values.
📉 Property values under pressure
Perth’s estimated dwelling value has fallen approximately 6.6% from its May peak, reversing almost 89% of the growth recorded during the first part of 2026.
While values remain slightly above where they started the year, the pace of the correction shows little sign of easing.
🏡 More properties, less competition
One of the most significant changes has been the number of properties available for sale.
Established listings have increased from just 1,862 at the beginning of January to 8,289 in October, while weekly sales activity has softened.
Earlier this year, buyers were competing for a very limited supply of homes. Today, with considerably more choice available, sellers are increasingly competing to attract buyers.
💰 Interest rates remain a key factor
With the RBA cash rate now at 4.60%, higher borrowing costs continue to influence affordability, borrowing capacity and buyer confidence.
While financial markets currently consider another rate rise in November less likely than a pause, further increases cannot be ruled out.
So, where to from here?
As Ryan points out, WA’s relatively strong economy and underlying housing shortage may provide some support, but they have not prevented the correction in established property values.
The dramatic reversal also highlights just how difficult property market forecasting can be. Predictions that appeared conservative at the beginning of the year now look considerably more optimistic.
The key indicators to watch will be whether buyer activity strengthens relative to available listings, and whether weekly price declines begin to moderate.
For buyers and sellers alike, understanding current market conditions, rather than relying on what was happening six months ago, is increasingly important.
