Perth's median house sale price rose 1.0 per cent in February to $757,750. This was 22.2 per cent higher than February 2024.
The median unit sale price also rose, increasing 2.0 per cent over the month, and 21.4 per cent year-on-year to $510,000.
REIWA CEO Cath Hart said while property prices continued to grow, there was a definite change in buyer behaviour.
"Last month we reported buyers were being discerning and taking their time in their purchasing decisions. They are also being very prudent when it comes to prices and making an offer," she said.
"A year ago, FOMO saw buyers seek to borrow as much as they could in order to secure a home. Now they are looking at what they can comfortably afford to repay.
"While many sellers are still getting multiple offers and an outcome above the asking price, people looking to list their home now will have a different experience to sellers last year with moderate price growth, homes taking slightly longer to sell and fewer homes selling at the first home open.
"When markets are changing, even slightly, it is essential to get the advice of a local REIWA agent when selling. They can tell you what is happening at the coalface, what sort of buyers are active in your area and their purchasing behaviours, and how best to present and price your home for your local market."
The suburbs that saw the most growth in February were Mandurah (up 2.9 per cent to $530,000), Doubleview (up 2.5 per cent to $1,190,000), Carlisle (up 2.3 per cent to $775,000), Lesmurdie (up 2 per cent to $908,750) and Bullsbrook (up 2 per cent to $625,000).
Stirling, Forrestfield, Bayswater, Seville Grove and Banksia Grove were also among the top performers, recording growth of 1.5 per cent or more over the month.
Time on market
Houses in Perth sold in a median of 13 days in February, nine days faster than January but four days slower than a year ago.
Units sold in a median of 12 days, five days faster month-on-month but three days slower than February 2024.
"As expected, the median time to sell tightened in February," Ms Hart said.
"Buyers returned to the market with enthusiasm after the festive season, which has seen days on market decrease."
According to www.reiwa.com data, the fastest selling suburbs for houses in February were Hamilton Hill (five days); Beeliar and Yokine (six days); Banksia Grove, Coolbellup, Lesmurdie, Palmyra and Thornlie (seven days), Carlisle (eight days); and Craigie (nine days).
Listings for sale
Active listings* for sale settled at 4,948 at the end of February. This was 1.1 per cent higher than at the end of January and 23.3 per cent higher than a year ago.
"While new listings increased in February, the speed of sales has kept active listings close to 5,000," Ms Hart said.
"February and March tend to be busy months for the market, so we expect more new listings to come to the market in March, but if properties continue to sell quickly, active listings will remain at similar levels."
Perth rental market
Perth's median dwelling rent rose 0.7 per cent to $675 per week in February. This was 8.0 per cent higher than the same time last year.
The median weekly rent for houses was unchanged over the month at $680 but was 4.6 per cent higher than February 2024.
The median rent for units was also stable at $650 per week but was 12.1 per cent higher than a year ago.
"As rental supply slowly increases and the vacancy rate rises, we are seeing the rate of growth slow for Perth median rent prices," Ms Hart said.
"It is important to remember that the median rent and vacancy rate are for Greater Perth. There will be some suburbs where strong demand is putting upward pressure on prices, and others where there are more vacancies and owners have had to discount their initial asking price in order to secure a tenant.
"Investment property owners and tenants should speak to local REIWA property managers to get a thorough understanding of the conditions in their particular area."
According to www.reiwa.com, the suburbs that saw the most growth in their median weekly dwelling rent price in February 2025 were Yokine (up 9.9 per cent to $680), Nedlands (up 7.7 per cent to $1,050), Dianella (up 7.7 per cent to $700), Subiaco (up 6.7 per cent to $800) and Coodanup (up 5.5 per cent to $580).
Listings for rent
There were 2,053 properties available for rent on www.reiwa.com at the end of February. This was 4.8 per cent lower than January and 23.7 per cent higher than the same time last year.
"We are often asked, 'If supply is increasing, why is the number of active listings remaining low?'," Ms Hart said.
"While data shows the number of rental properties in Perth has increased, there is still strong demand and properties are still renting quickly – the median time to lease has been sitting at around two weeks for a some time. This is keeping the number of properties you see advertised at any one point in time fairly low.
"In addition, in suburbs where demand is very high, properties are leasing off-market to tenants who are already on agencies' databases, and therefore they don't show in the rental listings data.
"It is important to consider the bigger picture, which shows active listings are more than 20 per cent higher than a year ago, reflecting an overall gradual improvement in the market.
Median leasing times
Homes leased in a median of 15 days during February, one day slower than January and unchanged from February 2024.
www.reiwa.com data showed the suburbs recording the fastest median leasing times were Innaloo (nine days); Belmont, Canning Vale, Highgate, Two Rocks and Wembley (10 days); Mount Lawley (11 days); and Midland, Nollamara and Butler (12 days).
* Active listings – the number of properties advertised on www.reiwa.com at any given time. New listings – new properties listed for sale.
