National Values Rise, with Perth Still Leading the Pack Over the Year
Australia’s property market continued to climb in March, with CoreLogic reporting a 0.4% rise in national dwelling values. Darwin led the charge with a 1.0% monthly increase, followed by Adelaide at 0.8% and Melbourne at 0.5%. Perth came in with a more modest 0.2% rise, alongside Canberra, while Hobart was the only city to see a decline, falling by 0.4%.
While Perth’s monthly growth may not have topped the list, it’s still holding the crown for the highest annual price increase among all capital cities—up 11.9% over the past 12 months. That kind of long-term growth highlights just how robust our market continues to be, even as the broader national landscape fluctuates.
Housing Market Remains Tight Despite Uptick in Listings
According to REIWA, there were 5,091 properties listed for sale in Perth during the week ending 30 March 2025. That’s up slightly from 4,829 four weeks earlier, and also higher than the 3,951 homes available at the same time last year.
Even so, we’re still well below what would be considered a “balanced” market—REIWA estimates around 13,500 listings would be required to reach that point. So while supply has improved a little, competition remains strong.
Time on market has remained steady. The average time to sell a house in Perth is sitting at 13 days, the same as last month, but four days slower than a year ago. Units are following a similar pattern, with the median selling time also at 13 days.
Rental Listings on the Rise, Vacancy Rate Hits Key Milestone
Perth’s rental market is starting to show some early signs of easing. The median weekly rent for dwellings increased to $680 in March—up 4.8% year-on-year. House rents have edged up to $690 per week, while unit rents held steady at $650.
That said, prices have plateaued a bit in recent months, suggesting we may be approaching a ceiling in terms of rental affordability. As living costs remain high, many renters are starting to look for more budget-conscious options like shared accommodation or smaller homes.
We’ve also seen an increase in rental stock. There were 2,112 rental properties listed in the week ending 30 March—up from 2,016 four weeks ago and 1,850 this time last year. It’s still below the 6,000 or so needed for a balanced rental market, but the trend is encouraging.
Perhaps most notably, Perth’s vacancy rate has now reached 2.5%—the first time we’ve hit the balanced range (2.5%–3.5%) since November 2019. Rental properties are still leasing quickly, with a median of 15 days on market, consistent with this time last year.
Cash Rate on Hold, But More Cuts Are on the Horizon
The Reserve Bank of Australia (RBA) held the official cash rate steady at 4.10% during its April 1 meeting. This came after a 0.25% cut in February, down from the previous high of 4.35%.
According to the RBA, inflation has come down significantly since its peak in 2022, with higher interest rates helping to ease demand across the board. That said, they noted that economic recovery isn’t being felt evenly across all industries and households. The RBA remains focused on keeping inflation within its 2–3% target while supporting employment—and it’s clear that global uncertainty could still have a say in what happens next.
Initially, ANZ forecasted only one more rate cut in 2025, bringing the cash rate to 3.85% by the end of the year. However, they’ve since joined the other big banks (CBA, NAB, and Westpac) in tipping a more aggressive shift. Now, all four expect three rate cuts before the year is out—potentially starting as early as next month. If that happens, we could see the cash rate drop to 3.35% by December.
Lower interest rates may provide welcome relief for both mortgage holders and buyers, potentially supporting more activity in the property market later this year.
Final Thoughts
March reminded us that even as national markets ebb and flow, Perth continues to show strength—particularly when you look at the bigger picture. We’re still leading the country for annual price growth, demand is high, and rental conditions are beginning to ease.
Whether you’re looking to upsize, invest, or simply stay informed, it’s a great time to understand where things are heading. If you’re curious about your own property or suburb, or want to discuss your next move, don’t hesitate to reach out. My team and I are always happy to chat and help you make informed decisions.
Source: Momentum Wealth, Real Estate Institute of Western Australia & CoreLogic