Perth’s property market is on track to see an increase of up to 10% in 2025, as forecasted in REIWA’s latest market analysis.
This projection follows a robust period of growth where the median house sale price surged significantly in the previous year.
Last year, Perth’s real estate landscape witnessed substantial gains, with the median house sale price jumping from $600,000 to $745,000 – a 24.2% increase.
REIWA CEO Cath Hart (pictured above) detailed these changes.
“Perth’s median house sale price recorded 24.2% growth in 2024, with the median house sale price rising from $600,000 at the end of 2023 to $745,000 in December 2024.”
Similarly, the median unit price rose by 21.4% to reach $500,000, up from $412,000.
Looking ahead, 2025 is expected to bring continued, albeit slower, growth in property prices.
“The median house and unit sale prices are expected to grow in 2025, but at a slower rate than 2024,” Hart said. “Based on current conditions, REIWA is expecting between 5% and 10% growth,” Hart said.
Several factors could influence market dynamics, particularly the upcoming state and federal elections and interest rates, which typically cause fluctuations in buyer and seller activity.
Hart elaborated on the potential impacts.
“We know market activity often slows in the lead up to elections as buyers and sellers wait to see the outcome,” she said. “This is especially so when housing is one of the key policy areas — as will be the case in both elections.”
The rental segment also experienced shifts in 2024, with the median dwelling rent peaking at $650 per week in April yet stabilising thereafter.
Despite a record high at the end of the year, the market is expected to see more periods of stability in 2025.
“After several years of strong growth, rent prices experienced periods of stability in 2024,” Hart said.
She anticipates continued adjustments as new housing supplies enter the market and demand dynamics evolve.
The forecast also extends beyond Perth, with significant growth expected in regional areas like Bunbury, which saw a 27.3% increase in median house prices last year.
“Bunbury was the top performer in 2025, with a 27.3% increase in its median house price,” Hart said.
The ongoing development of infrastructure and local amenities continues to attract residents, supporting sustained growth in these markets.
For the full REIWA report, visit this LinkedIn page.
