Perth Property Market Update: October 2026

Perth home values fell 1.2% in September, the fifth monthly fall in a row, according to Cotality. They are still about 10% higher than a year ago, but there are now nearly three times as many homes for sale as there were this time last year, and the Reserve Bank lifted rates again on 29 September. If you are selling this spring, you are selling into a buyer's market, and your price needs to reflect that.

Every month I will 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 October.

Prices: still up on last year, but heading down month by month

Cotality's Home Value Index, released on 1 October, showed Perth dwelling values down 1.2% in September. That follows a 0.8% fall in August, and Perth values have now dropped every month since the peak in April.

Look at the year and it still looks healthy: Perth values are about 10.1% higher than September 2025. But that annual number is shrinking fast. At the end of August it was 15.6%. The big gains happened in late 2025 and early 2026, and the market has been giving a little back ever since.

For context, Perth is not alone. Nationally, values fell 1.1% in September, the sixth monthly fall in a row, and are now 5.2% below their March peak. Australian values are flat over the year.

REIWA's medians, which cover sales over the 12 months to September, sit at $965,000 for Perth houses and $695,750 for units. Those are rolling yearly figures, so they lag the month-to-month picture. Do not price your home off them without looking at what has sold near you in the last few weeks.

Listings: buyers have more choice than at any time in years

This is the number that matters most if you are selling. REIWA counted 7,804 properties for sale across Perth in the week ending 27 September. That is 174.7% more than a year ago, and 6.7% more than just four weeks earlier.

Homes are still selling. REIWA members reported 631 transactions that same week. But Cotality reports Perth sales volumes are down more than 20% on a year ago. More homes for sale and fewer sales means buyers can take their time, compare, and negotiate harder.

Selling time has stretched out too. REIWA's latest monthly figure put the median selling time for Perth houses at 23 days in August, twelve days slower than a year earlier.

Interest rates went up again

On 29 September the Reserve Bank lifted the cash rate by 0.25 percentage points to 4.60%. It is the fourth rate rise this year, and the Board said it is prepared to go further if inflation does not come down.

For sellers, this matters because most of your buyers are borrowing. Every rate rise trims how much a bank will lend them. That does not stop people buying, but it does put a ceiling on what many of them can pay, and it makes them more careful.

Rents: still tight

The rental market has not loosened. REIWA had 1,909 properties available for rent in the week ending 27 September, 7.5% fewer than a year ago, and the median house rent is $750 a week. That keeps some investors interested in Perth, which helps in the more affordable brackets.

What this means if you are selling

I will say it straight. The conditions of early 2026, when homes sold in a week to buyers fighting over them, are gone for now. That is not a disaster. Perth homes are still worth far more than they were two or three years ago, and good homes priced properly are still selling. But a few things matter more than they did six months ago:

• Price off recent sales, not off April. If a neighbour sold at the peak, that is not your number today. Buyers are looking at what is on the market now, and there is plenty of it.
• Presentation earns you attention. With nearly 8,000 homes to choose from, buyers skip anything that looks tired in the photos.
• Be wary of an agent who quotes you high to win the listing. In a market like this, an inflated price is the quickest way to sit for months and then sell for less.
• If you are buying as well as selling, the softer market works in your favour on the purchase side. Think about the two together, not separately.

Questions sellers ask

Are Perth house prices falling?
Yes, month to month. Cotality recorded a 1.2% fall in Perth dwelling values in September 2026, the fifth monthly fall since the April peak. Values are still about 10% higher than a year earlier.

How many homes are for sale in Perth right now?
REIWA counted 7,804 properties for sale across Perth in the week ending 27 September 2026, which is 174.7% more than a year earlier.

Is now a bad time to sell in Perth?
Not necessarily. Values are still well above where they were a year or two ago, and well-priced homes are selling. But buyers have far more choice than they did earlier in 2026, so pricing to the current market matters more than it has in years.

Will the latest rate rise affect my sale?
It can. The Reserve Bank lifted the cash rate to 4.60% on 29 September 2026, which reduces how much many buyers can borrow. That tends to put more pressure on prices, especially in brackets where most buyers rely on a loan.

The honest summary

Perth values fell 1.2% in September, listings are close to three times higher than a year ago, and rates have gone up again. Prices are still about 10% higher than last September, so this is a cooling, not a crash. But buyers have the upper hand right now, and the sellers who do well this spring will be the ones who price to today's market and present their home properly from day one.

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 1 October 2026), REIWA data published to 2 October 2026, and the Reserve Bank of Australia's decision of 29 September 2026. Market conditions vary by suburb and property type and change month to month.