Perth Listings Hit a Year-High – What It Means for Investors

After more than a year of record-low supply, Perth's property market is showing early signs of a shift.

REIWA data shows there were 4,185 properties actively listed for sale across Perth at the end of April 2026 – the most since May 2025, when 4,351 homes were on the market.

To put that in perspective, Perth spent most of the past year with fewer than 3,000 homes available for sale – a level that, by any measure, is historically tight. So is the April rise something investors should be watching closely?

How did supply get so tight?

The 2025 spring selling season never really arrived. Contrary to the usual seasonal pattern of sellers coming to market in September, October and November, listings actually continued to fall during that period, hovering around 2,800 across those 3 months.

A combination of strong buyer demand, sellers reluctant to list without somewhere to go, and a persistent shortfall in new housing kept supply at unusually low levels.

"Conditions in Perth’s sales market through late 2025 and into early 2026 have been very tight," Rent Choice General Manager Clare Christiansen said.

"Houses were selling in a median of just 8 to 9 days, and Perth's median house price surged by around $90,000 in the space of 7 months."

What's behind the April uptick?

While it’s too early to tell if the market is making a marked shift, there are structural factors worth watching.

Home loan interest rates are climbing again as inflation proves more persistent than expected. As borrowing becomes more expensive, some buyers lose purchasing power and step back from the market, which means properties can take longer to sell and active listings begin to build.

For a small number of owners who may have overextended to buy in a rising market, higher repayments could make holding onto a property harder – adding modestly to supply over time.

Migration trends are another variable. WA has benefited from strong interstate and overseas population growth for several years, which has been one of the most powerful forces keeping housing demand elevated. 

If broader economic uncertainty starts to weigh on people's decisions to relocate, that demand could ease.

So what does it mean for prices?

The short answer is that prices are still rising – for now.

Perth's median house sale price increased 2.3% in April to reach $900,000, which is 15.4% higher than 12 months ago. 

The median unit sale price rose 2.4% over the month to $645,000 – a 21.2% increase year-on-year.

Whether that growth continues at the same pace will depend on how quickly the new supply is absorbed. 

If buyer demand stays firm, the extra listings will be soaked up quickly and the market will remain tight. If demand softens at the same time supply builds, price growth could slow more noticeably.

"The direction of the market over the next few months will really come down to how these forces interact," Clare said.

Keeping it in perspective

At 4,185 listings, Perth's available supply is still about 10% lower than at the same point last year, and well under a third of the roughly 12,000 listings that would represent a balanced market.

"A rise in listings is a natural part of any property cycle," Clare said. "The fundamentals in Perth remain sound – population growth remains elevated, housing supply is well short of demand, and the rental market is still tight."

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