Perth House Prices Suffer Record 7.4% Quarterly Decline
Perth house prices fell by a record 7.4% in the September quarter, marking the steepest quarterly drop among all Australian capital cities.
House prices in Perth experienced a record-breaking quarterly decline of 7.4% during the September quarter, falling to a median of $1.115 million. According to a report from Domain, this represents the largest quarterly drop on record and the steepest decline among all Australian capital cities. Unit prices also saw a record quarterly fall of 6.5% to $659,561, contributing to the longest consecutive quarterly decline since 2019.
Nicola Powell of Domain attributed the reversal to a combination of interest rate hikes, cost-of-living pressures, and changes to investment housing taxation. These factors have weakened demand while overall supply has risen. Property expert Mark Hay characterized the shift as a fundamental correction following years of rapid growth.
Despite the quarterly slump, annual trends remained positive for most suburbs. Leederville recorded the highest annual increase at 32.8%, followed by Madora Bay and Kalamunda. Applecross was the only suburb to record an annual median decline of 7.7%. Market analysts expect prices to continue falling through the end of the year and into early 2027.
