Perth property prices declined over the June 2026 quarter, however they were substantially higher than the same time last year, according to the latest Real Estate Institute of Australia (REIA) Real Estate Market Facts report.
Perth’s median house sale price* decreased 2.0 per cent over the quarter to $980,000. This was 18.7 per cent higher than the June 2025 quarter.
The median sale price* for other dwellings, which includes home units, townhouses, flats/apartments and terrace homes, declined 2.8 per cent over the quarter to $700,000. However, it was 21.4 per cent over the year.
REIWA Deputy President Rob Mandanici said there was a clear shift in the Perth property market in the June quarter.
“We have said for a long time that for the market to change there would need to be a significant shift in demand or supply,” he said.
“After experiencing a shortage of new listings in late 2025 and early 2026, the number of properties coming to market returned to long-term average levels in the June quarter.
“However, the biggest change in the past few months has been in consumer sentiment. People like stability and certainty. There hasn’t been a lot of that lately and it’s led to hesitancy among buyers and a reduction in sales activity.
“Three interest rate rises earlier this year have made buyers very prudent and price sensitive. People are again avidly watching inflation figures and there are many potential buyers who are waiting for interest rate decisions in September and November.
“The rising cost of living, the ongoing conflict with Iran, and the changes to taxation policy in the Federal Budget have also impacted sentiment. We have seen demand ease, with both investors and first home buyer purchasing activity declining in the wake of the Federal Budget.
“This has eased the pressure on prices and seen them decline over the quarter.
“However, it has to be said that the declines are small, prices are still up significantly over the year, and housing affordability is at a record low due to higher borrowing costs.”
The June quarter marked clear change in the residential property markets across the country. Median house sale prices rose in Hobart and Adelaide, remained stable in Brisbane and declined in the other capitals. Median sale prices for other dwellings rose in Canberra, were stable in Sydney and Darwin, and declined in the other capitals.
