If you’re trying to buy a home in Perth right now, it’s like hunting for a needle in a haystack. The property market has hit a new low, and with it comes a scramble for the few available homes left. Listings are plummeting, and prices are soaring. Here’s what’s going on and what it means for you if you’re looking to get into the market.
A Property Market Drained of Options
Perth’s property market has been drying up at an alarming rate. By the end of 2025, there were just 1,881 homes listed for sale across Greater Perth—an astonishing drop of 59% compared to the previous year. The number of available units and parcels of land has also taken a dive, leaving would-be buyers in a bind. A year ago, listings were nearly double this figure, showing just how tight the market has become.
The Real Estate Institute of Western Australia (REIWA) has pointed out that this is the lowest number of listings ever seen. And while it’s typical for listings to slow down around December due to the holidays, the drop in available properties has remained far below long-term averages. The ongoing scarcity of homes is causing more and more competition for the properties that are available, pushing prices up and leaving first-time buyers in the dust.
The Scramble for Homes
As listings continue to fall, it’s creating a mad dash among buyers. Properties are being sold faster than ever, with homes in some areas selling in as little as three days—often well over asking price. A real estate agent in Gosnells, for example, noted that the market there was so hot that a three-bedroom house could easily fetch between $750,000 to $800,000, compared to just a few years ago when the same property might’ve been listed for half that price.
The level of competition is so intense that homes are being snapped up in record time. Some areas of Perth are seeing homes sell in as little as four days, with multiple offers flooding in, each one higher than the last. Even traditionally less sought-after areas are becoming highly competitive, as buyers from all over the country, including investors from the eastern states, flock to Perth’s real estate market in search of a good deal.
Why Are Prices So High?
The price hikes can be attributed to a mix of factors. As fewer homes hit the market, demand for those that are available goes through the roof. This leads to bidding wars, where prices rise well beyond the initial asking amount. In some cases, homes are being sold in less than a week—sometimes in mere days. This ‘fear of missing out’ (FOMO) is fueling the frenzy, leaving many would-be buyers feeling like they’re fighting a losing battle.
But it’s not just buyers who are feeling the pressure. Current homeowners are reluctant to sell because they don’t want to be caught in the same tough market they’re selling into. If you sell your home, where do you go? The lack of available properties is creating a catch-22 situation, and many people are choosing to stay put. This, in turn, exacerbates the problem for those hoping to find a new home.
What Does This Mean for the Future?
Real estate experts are predicting that this trend is likely to continue into 2026. In fact, if these conditions persist, we could see price growth of more than 10% by the end of the year. For first-time buyers, this could mean even more difficulties in finding an affordable home.
As for sellers, many are reluctant to part with their properties, knowing that the market is so competitive. Some experts argue that there needs to be more incentives for older homeowners to downsize, which could open up more family-sized homes for younger buyers. The issue, however, is that there simply aren’t enough homes to go around. This imbalance between supply and demand is likely to keep pushing prices higher.
