APD Research Memo
Perth
Stable · High confidence · Strong evidence · 30 August 2026
Conditions read as stable on median house value at $943,251 against a $761,590 historical average; median rent at $799 against a $693 historical average; population growth at 1.7% against a 1.6% historical average; auction clearance at 59.2% against a 55.7% historical average.
APD View — Perth
Perth: conditions stable
Current data indicates conditions in Perth are stable. 14 indicators across 5 analytical dimensions inform this reading, with 64% pointing the same way.
Direction
Stable
Confidence
High
Evidence strength
Strong
Direction describes where underlying conditions are moving. It is not a rating, a recommendation or a signal to transact — a market can be improving while remaining expensive, low-yielding or supply-exposed.
Why this confidence — Based on 14 indicators, 60 months of history, 64% of indicators pointing the same way, latest data 29 days old.
Evidence basis — Based on 14 indicators, 1 independent source, 60 months of history. Latest data 29 days old.
What changed
| Indicator | Now | 1 month | 1 quarter |
|---|---|---|---|
| Days on market | 18 days | 19 days | 20 days |
| Rental growth | 6.3% | 6.4% | 5.9% |
| Vacancy rate | 0.8% | 0.8% | 0.8% |
| Sales volume | 768 | 776.34 | 803.94 |
| Vendor discounting | -3.3% | -3.3% | -3.4% |
| Building approvals | 422.4 | 427 | 440.65 |
| Median house value | $943,251 | $932,079 | $918,337 |
| Median rent | $799 | $795 | $782 |
What supports this view
- Median house value — $943,251 against a historical average of $761,590. House values sit above the historical average for this market. Historical percentile: 98.
- Median rent — $799 against a historical average of $693. Advertised rents sit above the historical average for this market. Historical percentile: 98.
- Population growth — 1.7% against a historical average of 1.6%. Population growth is running above the longer-run average. Historical percentile: 85.
- Auction clearance — 59.2% against a historical average of 55.7%. A larger share of auctions is clearing than normal. Historical percentile: 92.
- Rental growth — 6.3% against a historical average of 6.0%. Rental growth is running above its historical average. Historical percentile: 75.
- Gross yield — 4.4% against a historical average of 4.2%. Gross yields sit above the historical average for this market. Historical percentile: 85.
What works against it
- Price-to-rent multiple argues the other way — Price-to-rent multiple reads 23 against a 21 historical average (98th percentile), which works against the current reading.
- Advertised listings argues the other way — Advertised listings reads 1,690 against a 1,380 historical average (90th percentile), which works against the current reading.
- Building approvals argues the other way — Building approvals reads 422 against a 358 historical average (73th percentile), which works against the current reading.
- Vacancy rate argues the other way — Vacancy rate reads 0.8% against a 0.7% historical average (58th percentile), which works against the current reading.
- Price-to-rent multiple — 22.69. Prices are high relative to rents compared with the historical average. Historical percentile: 98.
- Advertised listings — 1,690. Advertised stock is above the historical average. Historical percentile: 90.
- Building approvals — 422.4. Dwelling approvals are running above the historical average, pointing to more future supply. Historical percentile: 73.
- Vacancy rate — 0.8%. Rental availability is looser than the historical norm. Historical percentile: 58.
This memo is research, not personal advice, and does not take your circumstances into account. It describes the direction of underlying conditions on the evidence available and states what would change that conclusion. Methodology · Markets we're watching