Since the end of winter, the number of properties on the market in Perth has stagnated, with weekly figures from REIWA consistently showing less than 3,000 listings for sale.
For context, REIWA considers a balanced market, where supply can comfortably meet buyer demand, to be between 10,000 and 12,000 listings.
The current figures look even worse when compared to the number of sales listings during Perth's last property downturn in the late 2010s.
During this period, there were consistently more than 15,000 properties listed for sale in Perth - figures that would make buyers in today's market green with envy.
However, even in a more recent context, the figure of less than 3,000 properties for sale is still extremely low.
In fact, current listings are nearly 40% lower compared to the same time last year, when Perth had more than 4,500 properties for sale and listings were increasing in the spring selling season.
Read Also: Does spring really bring better sales?
Of course, the current short supply, coupled with several interest rate cuts, has led to Perth property prices starting to accelerate again.
Monthly capital growth for dwellings in Perth is again consistently nudging 1.5%, which on those trajectories has annual capital growth of nearly 18%.
That's similar to the growth rates Perth recorded in the 2024 calendar year, before the market started to slow in early 2025.
At that time, many thought Perth's long run in house price growth had come to an end, but more recent data tells us the city is gaining its second wind.
With the expanded First Home Guarantee Scheme rolling out this month, WA still leading the nation as Australia's fastest growing population, and the prospect of more interest rate cuts, it's hard to see any property price reprieve on the horizon.
Image by Alex on Unsplash
