PHOTO: 🏠 Just 1,881 homes for sale. Prices at record highs. Buyers scrambling. Welcome to Perth’s most unbalanced property market in years.
📉 Perth Listings Collapse to Record Low
Perth’s property market has hit a critical supply crunch, with the number of homes for sale plunging to the lowest level on record.
According to REIWA data from reiwa.com, there were just 1,881 properties listed for sale at the end of December.
That figure is:
❌ 35.5% lower than November
❌ 57.2% lower than December 2024
The collapse in listings comes despite — or perhaps because of — soaring prices, strong migration, rate cuts and red-hot buyer demand.
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😱 FOMO Returns as Buyers Fight for Scarce Homes
REIWA President Suzanne Brown said the traditional December slowdown has been supercharged by persistently weak new listing volumes.
“While listings usually fall in December, new listings have been well below long-term averages for the past six months,” Brown said.
Key data points:
❄️ Winter listings: 11.5% below the 10-year average
🌸 Spring listings: 15% below the 10-year average
Meanwhile, demand has remained extremely high, pushing competition to fever pitch.
“We’ve seen FOMO return — with strong competition, offers well above asking price, and homes selling in record timeframes.”
🚧 Sellers Stuck in a ‘Logjam’
Ironically, many potential sellers are sitting on the sidelines — not because prices are weak, but because they’re scared of not finding their next home.
“There is a logjam in the market,” Brown said.
“People want to sell, but with low availability and rapid sales, they’re worried about where they’ll move next.”
Short-term rentals remain hard to secure, especially for families needing to stay in specific school zones or work catchments.
📈 Prices Hit Fresh Records Across Perth
Despite affordability pressures, Perth prices continue to surge.
🏡 House Prices
Median house price: $840,000 (December record)
📈 +1.2% month-on-month
📈 +12% year-on-year
🏢 Unit Prices (Outperforming!)
Median unit price: $590,000
📈 +1.7% monthly
📈 +18% annually
“Units are now outpacing houses,” Brown said, as buyers chase affordability in villas, apartments and home units.
📍 Perth’s Fastest-Growing Suburbs (December)
Top median house price growth suburbs:
🥇 Lesmurdie: +4.3% → $1,085,000
🥈 Attadale: +3.2% → $1,912,505
🥉 Swan View: +3.2% → $735,000
Carlisle: +2.9% → $890,000
Kewdale: +2.5% → $835,000
Other strong performers included Harrisdale, Mosman Park, Noranda, Hamilton Hill and South Perth.
⏱️ Homes Selling at Lightning Speed
Time on market has collapsed.
🏠 Median selling time: 9 days
⚡ 7 days faster than a year ago
Fastest-selling suburbs:
🚀 Parkwood: 3 days
Warnbro: 4 days
Girrawheen, Waikiki, Dayton: 5 days
Nollamara, Kingsley, Kelmscott, Brabham, Bibra Lake: 6 days
🏘️ Perth Rental Market: Still Tight, Still Expensive
While rent growth has slowed, conditions remain constrained.
💰 Median Rents
All dwellings: $700/week (+7.7% YoY)
Houses: $700/week (+4.5% YoY)
Units: $680/week (+4.6% YoY, +3% monthly)
“The rental market has eased slightly, but it’s far from normal,” Brown said.
Inner-city and established suburbs continue to see long queues and multiple applications.
📍 Top Rent Growth Suburbs (December)
🏠 Houses
Balga: +5.7% → $700
Secret Harbour: +4.5% → $700
Hamilton Hill: +4.4% → $710
Spearwood: +4.2% → $750
Kelmscott: +3.3% → $620
🏢 Units
Crawley: +7.9% → $680
Fremantle: +4.2% → $750
Subiaco: +4.2% → $750
Wembley: +3.6% → $580
Como: +3.4% → $677
🧠 The Bigger Picture: Perth’s Supply Crisis
Perth is now facing:
🔻 Record-low listings
🔥 Buyer FOMO
🏗️ Insufficient new supply
📈 Rising prices across houses and units
🕰️ Near-record selling speeds
Unless listings rebound sharply in early 2026, price pressure looks set to continue