Sales Stock Plunges as Perth Finds a Second Wind

Perth’s property market has once again defied expectations, with sales listings plunging during the Spring selling season.

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Typically, sales listings in Perth spike in Spring, as prospective sellers are keen to make the most of the improved weather following winter to showcase their homes.

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However at the halfway point in Spring, this has not occurred. In fact, according to weekly data from REIWA, listings have stagnated with the number of properties for sale in Perth consistently sitting below 3,000 since the beginning of September. 

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Furthermore, the 2,832 properties for sale last week (week ending October 19), represents about a 40% drop compared to the same time last year when Perth had more than 4,500 listings on the market.

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Crucially, sales listings last year were rising throughout Spring.

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Low stock helps fuel prices

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Rent Choice general manager Clare Christiansen said the low level of stock had helped reignite property prices in Perth.

“We’re now seeing monthly capital growth in Perth nudging 1.5%. At that pace, annual growth could approach 18%, which mirrors the boom conditions we saw throughout 2024.”

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Earlier this year, it looked as though Perth’s long run of house price growth might finally be slowing. 

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At the start of 2025, quarterly growth had fallen close to zero, leading some to believe the current cycle had finished.

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But recent trends suggest otherwise.

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“What we’re seeing now feels very much like Perth’s second wind,” Clare said. 

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“With the city’s strong economy, robust population growth, and renewed buyer confidence with lower interest rates, demand is showing no signs of easing.”

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Looking Ahead

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Several factors are expected to keep momentum strong through the remainder of 2025, and into 2026. 

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The expanded First Home Guarantee Scheme is expected to drive more first-home buyers into the market, specifically the sub $850,000 price point.

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Furthermore, Western Australia continues to lead the nation in population growth.

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On top of this, further interest rate cuts could fuel even greater buyer demand.

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“It’s hard to see any immediate relief for buyers,” Clare said.

“Until we see a significant lift in new listings, competition will remain fierce, and prices are likely to stay elevated as we head into 2026.”

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