abc.net.au/news/2025-08-01/national-home-prices-rise-in-july
Home prices rise across all capital cities in July.
Rate cuts fuel property price growth because they increase borrowing power. Economists say overall affordability is likely to be a constraint on the rate of growth.
REAL N E W S
REIWA data shows the median house sale price was trending towards 10 per cent growth over the year, while unit prices were on track to achieve 15 per cent growth.
Units are set to outperform houses for price growth in 2025, according to REIWA’s property market quarterly update.
Median sale price in the unit market, which includes villas, townhouses, home units and apartments, was growing at a slower rate than the median house sale price for some time, but that has accelerated over the past 12 months.
The strong rise in house prices has seen demand increase in the unit market, which offers more affordable alternatives to houses.
When a break down is done the unit market, the highest median sale price growth has been seen for villas and home units, followed by townhouses. Based on price growth as an indicator, demand for apartments has not been as strong, despite the scarcity of new apartment products.
People like villas and townhouses; people often prefer to have their own courtyard and a garage next to their home. Home units are also attractive to home owners as they tend to be affordable and in lower-density developments.
REIWA data suggests is that when it comes to addressing Perth’s housing issues, policy makers should focus on medium density development where possible, as this appears to be what consumers prefer.
REIWA noted there were several factors that could impact the rate of price growth over the remainder of the year.
Economic uncertainty as a result of the Trump tariffs remains an ongoing issue which is affecting the world with large long term investments.
The potential effect of the tariffs creates concern among the community, particularly in relation to employment security, and this in turn can affect buying and selling behaviour.
On the other hand, we may see more activity if there are more interest rate cuts this year. This increases people’s borrowing capacity and could have an inflationary effect on prices, particularly in more affordable suburbs or for more affordable properties, such as units.”
Perth’s median house sale price recorded preliminary growth of 1.4 per cent in the June 2025 quarter, with the median house sale price rising from $775,000 at the end of the March 2025 quarter to $786,000.
The median unit sale price increased 2.9 per cent from $525,000 to $540,000 over the same period.
Perth’s house and unit median sale prices are both at record highs.
While strong price growth was forecast for Greater Perth, conditions varied from suburb to suburb.
For example, the Perth median house sale price rose 16.4 per cent over the year to June, but the top 10 performing suburbs all recorded annual growth over 28 per cent.
In the unit market, the median sale price growth over the financial year was 20.0 per cent, while the top 10 performing suburbs saw growth over 32 per cent.
There are also some suburbs that have seen their median house sale price decline.
This is why, if you are buying or selling, it is important to speak to a local REIWA agent about conditions in your area.
PERTH RENTAL MARKET
Perth’s median weekly house rent price declined 2.2 per cent from $695 at the end of the March quarter to $680 at the end of the June quarter. The median unit rent price rose 1.5 per cent from $650 to $660 per week.
Annually, the median house rent price increased 4.6 per cent, while the median unit rent price increased 10.0 per cent.
While the median house rent declined over the quarter, REIWA still expected some growth for both median house and unit rent prices over 2025, although at a lower rate than in the past few years.
The overall trend is still upwards, but a significant change over the past 12 months has been the rate of growth.
For example, the median weekly house rent increased 4.6 per cent in 2024-25 compared with 12.1 per cent in 2023-24 and 16.0 per cent the year before. The median weekly unit rent increased 10.0 per cent, 14.3 per cent and 19.3 per cent over the same timeframes.
The upward pressure on prices has been easing as a result of an increase in supply and a softening of demand.
Despite the changes, challenges remained in the rental market.
We are seeing an easing of rent price growth in general and more supply, conditions vary significantly from suburb to suburb.
REIWA members report demand is particularly strong close to the city, which drives prices up, but is often softer in outer-lying suburbs.
In these outer areas, some members report there is strong competition for modern, well-maintained homes, but they are seeing prices decline for older, dated properties. And in areas where a lot of new supply has become available, investors may have to lower their asking price to secure a tenant.
It is important to speak to a local professional property manager to get an on-the-ground understanding of area-specific market conditions.
REGIONAL WA
Median house sale price growth is forecast across the majority of regional centres.
Based on current conditions, Albany and Geraldton are likely to be the top performers this year, with median house sale price growth in the range of 20 per cent, and potentially 25 per cent.
Bunbury, Busselton and Karratha could achieve growth around 15 per cent, while growth in Broome, Esperance and Kalgoorlie is predicted to be between 2 and 5 per cent.
The Port Hedland regional centre is likely to record a decrease in its median house sale price over 2025.
Rent price growth will also vary across the regional centres.
Market drivers differ across the regions.
Broome’s rental market tends to be quite seasonal and prices are currently rising but they typically tend to decline towards the end of the year.
Price growth is slowing in Busselton, Kalgoorlie-Boulder and Port Hedland, while it remains fairly strong in Albany, Bunbury, Geraldton and Karratha.
Esperance rent prices are trending downwards at the moment, however this market can be quite volatile. The relatively low number of leases can see the median fluctuate significantly depending on the price of properties leasing each quarter.
As conditions vary across WA, and within the many suburbs in each regional centre, my advice is to speak to local REIWA property managers to get an on-the-ground update of market activity if you’re looking to buy, sell, invest or rent.
MILLION DOLLAR CLUB
Twenty seven suburbs joined Perth’s million dollar club in 2024-25
23 July 2025
Twenty seven suburbs joined Perth’s million dollar club in the year to June 2025, taking the total number of suburbs with a median house sale price of $1 million or over to 113.
All 27 suburbs were new entrants to the list.
The Perth property market continues to experience strong price growth, which is underpinned by ongoing strong population growth and a sustained period of low new home completions.
As a result, 34 per cent of Perth suburbs now have a median house sale price of $1 million or more.
While this number might sound concerning, it is important to remember that the median is the middle and 50 per cent of sales will be below this price. There will still be affordable options to be found in many of these suburbs, including villas and units. It may just take time and patience to find them.
And if you are looking at a million-dollar suburb but can’t find anything within your price range, expand your search to neighbouring areas, sometimes called ‘bridesmaid suburbs’. They will be close to the same desirable amenities as the million-dollar suburbs but are more affordable.
Strong price growth also saw several suburbs achieve $2 million median house sale prices for the first time over a financial year.
They were Trigg, Shenton Park, Watermans Bay, Mosman Park, Mount Claremont, Floreat, Churchlands and East Fremantle.
City Beach’s median house sale price exceeded $3 million for the first time.
Ms Brown said under current market conditions, the million dollar club would continue to grow.
A number of suburbs are very close to the million-dollar mark and with strong price growth expected for the remainder of 2025, we can expect more new entrants.
Peppermint Grove retained its position as Perth’s most expensive suburb, with a median house sale price of $4,225,000 at the end of 2024-25.
Karawara was the only suburb on the 2023-24 million dollar club list to see its median house sale price fall below $1 million.
Prices fluctuate from year to year, depending on what is selling in that time period, and it’s not uncommon to see suburbs with a median house sale price around the million-dollar mark come and go from the list.
SUPER SUBURBS
2024-25 MEDIAN HOUSE SALE PRICE
Peppermint Grove : $4,225,000
Dalkeith : $3,300,000
Cottesloe : $3,150,000
City Beach : $3,060,000
Applecross : $2,800,000
Swanbourne : $2,690,000
Nedlands : $2,360,000
Trigg : $2,300,000
Shenton Park : $2,290,000
Watermans Bay : $2,285,000
Mosman Park : $2,200,000
Mount Claremont : $2,133,000
Floreat : $2,120,000
Churchlands : $2,095,000
Claremont : $2,010,000
East Fremantle : $2,007,600
Subiaco : $1,958,400
Jolimont : $1,950,000
Coolbinia : $1,930,000
North Coogee : $1,900,000
Salter Point : $1,900,000
West Leederville : $1,890,000
Wembley Downs : $1,881,500
South Perth : $1,880,000
Attadale : $1,815,000
Menora : $1,800,000
Mount Pleasant : $1,800,000
Rossmoyne : $1,800,000
Wembley : $1,800,000
Marmion : $1,756,000
Ardross : $1,720,000
South Fremantle : $1,700,000
Waterford : $1,695,000
Bicton : $1,662,500
Woodlands : $1,653,250
North Fremantle : $1,645,000
Sorrento : $1,620,000
East Perth : $1,610,000
Mount Hawthorn : $1,605,000
North Beach : $1,596,000
Mount Lawley : $1,580,000
Shelley : $1,562,500
Winthrop : $1,550,000
Gwelup : $1,515,000
Burswood : $1,500,000
Karrinyup : $1,500,000
Iluka : $1,490,000
Alfred Cove : $1,475,000
Como : $1,455,000
North Perth : $1,450,000
Daglish : $1,430,000
Kensington : $1,430,000
Burns Beach : $1,417,500
Leederville : $1,417,500
Booragoon : $1,400,000
Hillarys : $1,400,000
Crawley : $1,397,000
Melville : $1,395,000
Carine : $1,350,500
White Gum Valley : $1,350,000
Fremantle : $1,340,000
Coogee : $1,332,500
Bull Creek : $1,320,000
Cardup : $1,320,000
Carmel : $1,312,500
Ocean Reef : $1,303,000
Orange Grove : $1,300,000
West Perth : $1,300,000
Inglewood : $1,290,000
Bateman : $1,287,500
Manning : $1,287,500
Mullaloo : $1,279,500
Scarborough : $1,277,500
Millendon : $1,275,000
Stirling : $1,265,000
West Swan : $1,265,000
Duncraig : $1,257,500
Highgate : $1,252,500
Willetton : $1,250,000
Myaree : $1,232,500
Kallaroo : $1,220,000
Oakford : $1,215,000
Leeming : $1,210,000
Perth : $1,210,000
Bedfordale : $1,205,000
Beaconsfield : $1,200,000
Doubleview : $1,200,000
Murdoch : $1,200,000
Mindarie : $1,190,000
Riverton : $1,155,000
Darlington : $1,150,000
Lathlain : $1,127,500
The Vines : $1,127,500
Gooseberry Hill : $1,122,500
Hovea : $1,105,000
Connolly : $1,102,500
Mariginiup : $1,100,000
Jandakot : $1,097,500
Brentwood : $1,070,000
Woodvale : $1,050,000
Palmyra : $1,049,500
Bickley : $1,045,000
Casuarina : $1,045,000
Kardinya : $1,040,000
North Lake : $1,035,000
Ascot : $1,015,000
Parkerville : $1,015,000
Bedford : $1,014,000
Jarrahdale : $1,010,000
East Victoria Park : $1,007,500
Darch : $1,000,000
Guildford : $1,000,000
Kingsley : $1,000,000
Source: REIWA. Filtered for suburbs with median house sale prices equal to or greater than $1,000,000 for the 12 months to June 2025. Suburbs in bold indicate those that are new or have returned to the list.
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