Units outperformed houses in Perth for median sale price growth in 2024-25, with the median unit sale price increasing 20.0 per cent to $540,000 over the financial year. The median house sale price rose 16.4 per cent to $786,000.
By comparison, the median house sale price rose 20.5 per cent in 2023-24 while the median unit sale price increased 12.5 per cent.
REIWA President Suzanne Brown said the change was due to the increasing demand for units.
“House prices have been rising strongly for some time, while growth in the unit market has lagged,” she said.
“Price-sensitive buyers have been looking to the unit market, which includes villas, townhouses, home units and apartments, for a more affordable alternative to houses.
“As a result, we’ve seen the rate of price growth increase and exceed the rate of growth for houses over the past few months.”
Perth’s median house sale price annual growth peaked at 25.0 per cent in December 2024, while median unit sale price annual growth reached 22.9 per cent in January 2025.
Ms Brown said demand for property remained high with settled sales for 2024-25 for Perth currently sitting at 48,793.
“This is below 2023-24, but we know it will increase as more properties settle in the coming months,” she said.
“One of the big talking points of the past year has been the perceived shortage of properties for sale.
“While the number of sales is currently lower, the number of new listings in Perth was 5.1 per cent higher than 2023-24, which shows more properties came to market this financial year.
“However, as properties continue to sell very quickly it makes active listings, which is the number of properties you see advertised for sale at any one point in time, look low. They have hovered around 4,500 for most of the past 12 months.
“By comparison, active listings sat around 16,000 during the 2018-19 financial year. This makes it look like there were more properties for sale in that period compared with the last financial year. In fact, there were 5,000 fewer properties listed during that financial year than in 2024-25, but they took a median of 56 days to sell.”
There was a marked change in the top performers for house price growth in 2024-25.
“Last financial year, seven of the 10 top performers for house price growth had median prices below the Perth median, highlighting the strong demand for affordable houses,” Ms Brown said.
“This year, only two were below the median. Many of the top performing suburbs were in the upgrader market.
“It was a similar trend for the fastest selling suburbs for houses. In 2023-24 all the suburbs in the top 10 were well below the Perth median. This financial year, the strongest demand was seen in the middle price brackets.
“The unit market recorded a similar trend.”
Bateman recorded the most growth for houses, with its median sale price increasing 36.8 per cent to $1,300,000.
Bicton was the top performing suburb in the unit market, with its median sale price rising 55.6 per cent to $770,000.
While the median time on market slowed from 2023-24, properties continued to sell very quickly during 2024-25.
“Houses sold in a median of nine days for most of 2023-24. This increased towards the end of 2024 as more new listings came to market in October and November,” Ms Brown said.
“Historically, the median time on market for units has been greater than for houses, but the growing demand for units has seen the median time to sell a unit match the median time to sell a house. Both are now selling in around two weeks.
“This is still very fast. During the downturn, the median time on market was around 50 days for houses and over 60 days for units.”
Gwelup was the fastest selling suburb for houses, with properties selling in a median of seven days.
The fastest selling suburb for units was Yokine, where properties sold in a median of six days.
Top 10 suburbs for median price growth (houses) 
Source: REIWA. Filtered for suburbs with 28 or more house sales (<1HA) in 2024-25 as at 1 July 2025.
Top 10 suburbs for median price growth (units) 
Source: REIWA. Filtered for suburbs with 28 or more unit sales in 2024-25 as at 1 July 2025.
Fastest selling suburbs (houses) 
Source: REIWA. Filtered for suburbs with 28 or more REIWA member house sales (<1HA) in 2024-25 as at 1 July 2025.
Fastest selling suburbs (units) 
Source: REIWA. Filtered for suburbs with 28 or more REIWA member unit sales in 2024-25 as at 1 July 2025.
Perth rental market
Rent prices reached new highs in 2024-25 with the median weekly house and unit rents sitting at $680 and $660 respectively at the end of the financial year.
“Although prices have increased, a significant change this financial year has been the rate of growth,” Ms Brown said.
“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.
“However, our population is still growing strongly, there are still constraints in the building industry and rental supply remains about 5 per cent below the peak recorded in February 2021, so more increases are likely.”
Ms Brown said the strong growth in property prices and lower growth in rent prices saw yields decline slightly over 2024-25, although they remained strong.
The unit market outperformed houses for yield.
“In 2023-24, the top 10 suburbs for houses recorded yields between 5.7 per cent and 6.1 per cent. This year the range was 5.2 per cent to 5.9 per cent,” Ms Brown said.
“For units, the range in the top 10 list was 6.8 per cent to 8.0 per cent this financial year, compared to 7.4 per cent to 8.1 per cent in the previous financial year.
“That said, the top 10 suburbs for houses and units for rental yields still offer strong yields, with yields between 5 – 8 per cent generally considered to be very good returns.”
Cannington topped the list for houses, with a yield of 5.9 per cent, based on its median house sale price of $613,000 and a median weekly rent of $700.
Bayswater was the top performing suburb for units, with a yield of 8.0 per cent. This was based on a median unit sale price of $425,000 and a median weekly rent price of $650.
When it came to rent price growth, Shenton Park recorded the largest percentage increase in median weekly house rent, rising 29.4 per cent over the financial year to $1,100.
In the unit market, Lathlain was the top performing suburb, with its median rent up 33.3 per cent year-on-year to $600 per week.
“Properties continued to rent quickly in 2024-25, with the median time to lease a property hovering around two weeks for most of the year,” Ms Brown said.
“Lake Coogee was the fastest leasing suburb for houses, with houses leasing in a median of 11 days.
“Westminster was the fastest leasing suburb for units, with vacancies filled in a median of eight days.”
Top 10 suburbs for rental yield (houses) 
Source: REIWA. Filtered for suburbs with 28 or more house sales and REIWA member leases in 2024-25 as at 1 July 2025.
Top 10 suburbs for rental yield (units) 
Source: REIWA. Filtered for suburbs with 28 or more unit sales and REIWA member leases in 2024-25 as at 1 July 2025.
Top 10 suburbs for rent price growth (houses) 
Source: REIWA. Filtered for suburbs with 28 or more house leases in 2024-25 as at 1 July 2025.
Top 10 suburbs for rent price growth (units) 
Source: REIWA. Filtered for suburbs with 28 or more unit leases in 2024-25 as at 1 July 2025.
Fastest leasing suburbs (houses) 
Source: REIWA. Filtered for suburbs with 28 or more REIWA member house leases as at 1 July 2025.
Fastest leasing suburbs (units) 
Source: REIWA. Filtered for suburbs with 28 or more REIWA member unit leases as at 1 July 2025.
