Perth recorded +16.2% median house price growth in the 12 months to March 2026 — the highest of any Australian capital city. The median house price reached $785k, up from $675k in March 2025. Perth is the only capital city still in the rising phase of the property cycle according to Herron Todd White’s March 2026 Month in Review.
Perth Property Market Snapshot 2026
| Metric | Houses | Units |
|---|---|---|
| Median Price | $785k | $465k |
| Gross Rental Yield | 4.8% | 5.9% |
| Annual Growth | +16.2% | +14.8% |
| Vacancy Rate | 0.9% | 1.1% |
| Days on Market | 14 | 11 |
| GeeVee Score | 8.3/10 | |
What Is Driving the Perth Property Market in 2026?
Four structural drivers are sustaining Perth’s growth cycle. First, iron ore royalties are funding $18.4 billion in WA state government infrastructure including the Metronet rail expansion. Second, HMAS Stirling Defence expansion at Rockingham is bringing 4,200 Defence personnel and families. Third, net interstate migration of 28,400 in 2025 — the highest of any state — is compressing vacancy to 1.1% metro-wide. Fourth, construction costs and developer caution mean new supply is constrained through at least 2027.
Perth vs Melbourne vs Brisbane 2026
| Factor | Perth | Melbourne | Brisbane |
|---|---|---|---|
| Median House Price | $785k | $1.08M | $985k |
| Annual Growth | +16.2% | +4.8% | +8.4% |
| Gross Yield (houses) | 4.8% | 2.8% | 3.9% |
| Vacancy Rate | 1.1% | 1.8% | 1.4% |
| Cycle Phase | Rising | Flat | Rising |
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