The Perth property market is slowing from exceptionally fast conditions and becoming more balanced, but the latest available data does not establish that the whole market is “going backwards”. Listings have risen sharply and homes are taking longer to sell, while Perth’s annual median prices remain high. Buyers now have more choice; sellers need more realistic pricing and preparation.
Key takeaways
- REIWA reported 7,312 properties listed for sale in the week ending 30 August 2026, 145.3 per cent more than a year earlier.
- REIWA reported 6,718 active listings at the end of July 2026, 101.9 per cent more than a year earlier.
- Median selling times increased to 23 days for houses and 19 days for units in July.
- The annual median house price for the 12 months ending August 2026 was $960,000, and the unit median was $690,000.
- More supply and longer selling times indicate moderation, not automatically a city-wide price decline.
What does “going backwards” actually mean?
The phrase can refer to several different things: lower median prices, fewer sales, longer days on market, more properties for sale or reduced competition at individual home opens. Those measures can move in different directions at the same time.
A market can become easier for buyers even while its annual median price remains above the previous year. Likewise, a change in the type or location of properties sold can move a median without every home gaining or losing the same percentage.
For a useful answer, separate four measures: supply, sales activity, selling time and price. Then examine the relevant suburb and property type rather than treating Perth as one uniform market.
Are there more Perth properties for sale?
REIWA reported 7,312 properties listed for sale in the week ending 30 August 2026, up 7.8 per cent on four weeks earlier and 145.3 per cent on the same time a year earlier.
REIWA also reported 6,718 listings at the end of July 2026, an increase of 9.6 per cent from June and 101.9 per cent from July 2025. It attributed the rise to new listings returning towards longer-term norms, fewer sales and longer selling periods after the unusually tight conditions of late 2025 and early 2026.
More listings generally give buyers greater choice and reduce the pressure to make an immediate unconditional offer. It also means sellers face more competing properties.
Are Perth homes taking longer to sell?
Yes. Houses sold in a median of 23 days in July 2026, five days slower than June and 10 days slower than a year earlier. Units sold in 19 days, six days slower than July 2025.
Those timeframes are still short by many historical standards. The change is better described as a move away from extreme speed than evidence that every property is difficult to sell. Well-presented and correctly priced homes in sought-after locations may still attract rapid competition.
Have Perth prices fallen?
The current city-wide annual data does not show a simple reversal. REIWA’s figures for the 12 months ending August 2026 put the Perth median house sale price at $960,000 and the median unit price at $690,000. The data is revised as further transactions settle.
Annual medians can lag a fast-changing market. A seller deciding on an asking price should look at recent comparable settled sales, competing listings and buyer feedback. A buyer should compare the subject property with genuinely similar homes and obtain a valuation where appropriate.
Some suburbs and property types will outperform while others soften. A city median cannot determine the value of a particular house, apartment or development site.
What does the change mean for buyers?
Buyers may have more time to complete finance enquiries, inspections and contract review. That is valuable, but it is not a reason to assume the seller will accept every condition or discount.
Western Australia has no general mandatory cooling-off period for ordinary private property contracts. Once an offer is accepted and communicated, the contract is generally binding subject to its terms. Even in a slower market, a buyer should record finance, inspection and other required protections before signing.
Do not make an unconditional offer merely because a property appears good value. A lender’s valuation, building condition, title, strata information and settlement costs remain important.
What does the change mean for sellers?
Sellers should expect buyers to compare alternatives and negotiate more carefully. Accurate pricing, presentation, complete disclosure and clear contract preparation become more important as supply grows.
Start mortgage discharge, identity checks and settlement-agent appointment early. If a contract contains short finance, inspection or settlement dates, delays in providing information can create avoidable pressure even when the marketing period is longer.
A lower valuation or change in sentiment does not usually allow a party simply to ignore a signed contract. Contractual rights depend on the actual conditions and notices.
Frequently asked questions
Is Perth now a buyer’s market?
Conditions have become more balanced and buyers have more choice, but the answer varies by suburb, price range and property type.
Should sellers accept the first offer?
That is a commercial decision. Consider the price, deposit, finance, sale, inspection and settlement conditions together rather than comparing price alone.
Should buyers wait for prices to fall?
No one can reliably predict the best purchase date. Assess affordability, the property, contract terms and your intended holding period with appropriate advisers.
Does a lower bank valuation cancel the contract?
Not automatically. The result depends on the finance condition and other contract terms. Obtain urgent advice before a deadline expires.
Make the contract fit today’s market
A more balanced market gives parties room to make better-informed decisions, but it does not remove contractual risk. Buyers and sellers should align the price, conditions and settlement timetable with their actual circumstances.
Contact RG Settlements for a settlement quote or early contract review. Learn more about our buyer and seller settlement services across Perth and Western Australia.
Sources and data dates
Market data sources checked 7 September 2026. Weekly listing figures relate to 30 August 2026; selling times to July 2026; price medians cover the 12 months ending August 2026. Figures may be revised.
- REIWA weekly market snapshot — week ending 30 August 2026 (published 31 August 2026).
- REIWA: Perth property market transitions to more balanced conditions (published 5 August 2026; July listings and selling times).
- REIWA Perth market insights (annual price medians for the 12 months ending August 2026).
- Consumer Protection WA: real estate contracts — offer and acceptance.
About RG Settlements
RG Settlements assists buyers and sellers with property settlement and conveyancing in Perth and Western Australia. Meet our team or request a settlement quote.
This article provides general information, not advice tailored to your transaction. Market conditions, laws and procedures can change. Obtain advice about your contract, finances and circumstances before acting.