Perth Property Market Update: November 2026

Perth home values fell 1.7% in October, according to Cotality, and are now 8.9% below their April peak. Values are still 3.9% higher than a year ago, but that gap is closing quickly. There are more than three times as many homes for sale as there were this time last year, so if you are selling now, buyers are setting the terms and your price has to reflect that.

Every month I put the latest numbers in one place and tell you plainly what I think they mean for Perth sellers. No spin in either direction. Here is November.

Prices: the fall has picked up speed

Cotality's Home Value Index, released on 2 November, put Perth dwelling values down 1.7% in October and 5.7% over the past three months. Only Brisbane fell faster last month. The median Perth dwelling value is now $942,018, which is back below the $1 million mark it passed in March.

The annual number has moved a long way in a short time. A month ago, Cotality had Perth 10.1% higher over the year. Now it is 3.9%. Part of that is the big rises of late 2025 dropping out of the comparison while the falls keep coming, and part is Cotality revising its earlier figures as more sales come through. So treat the exact monthly numbers as a good guide, not a final count.

Cotality's research director says virtually every suburb in Perth, Brisbane and Adelaide has recorded a drop over the past three months. Nationally, values fell 1.2% in October, the seventh fall in a row, and capital city values are falling at the fastest pace in 40 years.

Now the other side of it, because it matters. Perth values are still 68.3% higher than five years ago. Cotality points out that even a 20% fall from the peak would only take Perth back to around mid-2025 levels. If you have owned for a while, you are very likely still well ahead.

REIWA's medians tell a slower story because they cover a rolling 12 months of sales. For the year to October they sit at $970,000 for houses and $700,000 for units. REIWA said in October that its annual house median may now fall short of $1 million by the end of the year, and that quarterly medians are already showing declines. Do not price your home off these figures. They are looking backwards.

Listings: over 9,000 homes for buyers to choose from

REIWA counted 9,217 properties for sale across Perth at the end of the week to 1 November. That is 15% more than four weeks earlier and 221.1% more than a year ago, when the count was 2,870.

Homes are still selling. REIWA members reported 713 transactions that week, the busiest week of the past month. But REIWA's market page shows 892 sales for the same week last year, so buyers are working through far more stock with far fewer sales.

REIWA's president made a point worth noting: conditions vary across Perth. Some areas are still selling quickly and above asking, while activity has dropped noticeably in suburbs that relied on first home buyers and investors. So a story from a friend across town tells you very little about your street.

Cotality's measures for the wider market show the pressure too. Median time on market is 39 days, the highest since August 2020, and the typical discount off the first asking price is 4.7%, the largest since May 2019. Those are not Perth-only numbers. The latest REIWA monthly selling time I have is still 23 days for August, so I will not guess at a newer one.

Interest rates: the 3 November decision

The Reserve Bank's Board met on 3 November, and I put this update together before its decision came out. All four major banks were forecasting a rise to 4.85%. Check the result at rba.gov.au, because it may well be higher than the number below.

Going into that meeting, the cash rate was 4.60%, a full percentage point above where it started the year, after rises in February, March, May and September. REIWA says those rises have cut borrowing capacity significantly and made buyers wary of overextending. Most of your buyers are borrowing, so this sets the ceiling on what many of them can pay.

Rents: still tight, and investors are selling

Perth's vacancy rate fell to 1.7% at the end of September, the lowest since November 2024, and REIWA's median rents are $750 a week for houses and $700 for units. There were 2,179 properties for rent at the end of the week to 1 November, 5.4% more than a year ago.

REIWA says investors are still leaving the established market following the Federal Government's changes to negative gearing and the capital gains tax discount, and that fewer are buying. If your home is the kind investors used to chase, expect fewer of them at your open home. Owner-occupiers are more likely to be your buyer, so sell to them.

What this means if you are selling

I will say it straight. This is a correction, and Cotality expects the market to stay subdued through the rest of this year and into 2027. If you need to move, you can still sell well, but the rules have changed:

• Your first price has to be right. With more than 9,000 homes on the market, buyers will skip you if you start high. Then you chase the market down, and that usually costs more than pricing properly at the start.
• Look at sales from the last few weeks, not from April. Values have moved 8.9% since the peak. On a $1 million home, that is $89,000.
• Do not wait for the market to come back to you unless you can afford to. Nobody knows where the bottom is, and that includes me. If you do not need to sell, holding is a reasonable choice. If you do, waiting is a bet.
• Spending thousands on marketing a home priced too high is a waste of your money. Get the price right first, then market it properly.

Questions sellers ask

How much have Perth house prices dropped?
Cotality recorded a 1.7% fall in Perth dwelling values in October 2026, and values are 8.9% below their April 2026 peak. They are still 3.9% higher than a year earlier and 68.3% higher than five years earlier.

How many homes are for sale in Perth right now?
REIWA counted 9,217 properties for sale across Perth at the end of the week to 1 November 2026, which is 221.1% more than a year earlier.

Should I wait to sell until the Perth market recovers?
Only if you can afford to wait and are comfortable with the risk. Cotality expects subdued conditions into 2027 and nobody knows where the bottom is. If you need to sell, pricing to today's market will usually serve you better than waiting.

Do interest rates affect what my home will sell for?
Yes. Most buyers are borrowing, and each rate rise reduces how much many of them can borrow. The cash rate was 4.60% going into the Reserve Bank's 3 November 2026 meeting, up from 3.60% at the start of the year.

The honest summary

Perth values fell 1.7% in October, listings are above 9,000, and borrowing is harder than it was at the start of the year. Long-term owners are still sitting on big gains, so this is not a disaster. But buyers have the upper hand, and the sellers who do best from here will be the ones who price off what is selling now.

If you want to know what your home would realistically sell for in this market, I will tell you straight, even if it is not what you were hoping to hear. Book a free appraisal, or grab the free seller's guide if you would rather read first.

This article is general information only and does not take your personal circumstances into account. It is not a forecast. Figures are from Cotality's Home Value Index (released 2 November 2026, with revisions to earlier months), REIWA data published to 3 November 2026, and the Reserve Bank of Australia's decision of 29 September 2026. It was written before the Reserve Bank's 3 November 2026 decision was announced. Market conditions vary by suburb and property type and change month to month.