Perth’s Rental Market Continues to Perform – Even as the Sales Market Finds Its Balance
Over the past 12 months, Perth’s property market has begun to tell two very different stories.
On the sales side, we’re seeing more choice for buyers, longer selling campaigns, and a market that is gradually returning to a more balanced position. Meanwhile, the rental market continues to demonstrate resilience, with quality properties attracting strong enquiry and leasing in a relatively short timeframe.
While the pace of the market has changed from the frenzy we experienced over the past few years, one thing remains clear – there is still healthy demand for rental accommodation across Perth.
The Sales Market is Normalising
After several years of exceptionally low stock levels and rapid price growth, Perth’s sales market is beginning to stabilise.
REIWA data shows there were approximately 6,300 properties listed for sale across Perth in late June 2026, compared with around 3,500 properties at the same time last year. Buyers now have considerably more choice, meaning sellers are experiencing greater competition and, in many cases, longer days on market.
This isn’t necessarily a downturn—it’s simply a return towards more balanced market conditions after an unprecedented period of growth.
Rental Demand Remains Strong
While conditions have shifted for sellers, Perth’s rental market continues to perform well.
REIWA reported approximately 2,300 rental properties available across Perth in June 2026, remaining well below long-term supply levels. Perth’s rental vacancy rate also sat at 2.1%, which is still below the 2.5–3.5% range generally considered to represent a balanced rental market.
For landlords, this means well-presented properties that are accurately priced continue to attract quality enquiry and lease within reasonable timeframes.
Cost of Living is Changing Tenant Behaviour
One of the biggest changes we’ve observed throughout 2026 isn’t the level of demand—it’s how tenants are making decisions.
Not long ago, it was common to receive multiple applications offering above the advertised rent simply to secure a property. Today, we are rarely seeing any voluntary offers above asking price.
Instead, tenants are becoming increasingly budget-conscious as they navigate ongoing cost-of-living pressures. Weekly rent is now one of the biggest deciding factors, and many applicants are carefully comparing properties before applying.
We’re also seeing tenants willing to compromise on premium features if it means securing a home that better suits their budget. While amenities such as pools, gyms, resident lounges and high-end finishes remain attractive, they are no longer enough on their own to justify a significantly higher weekly rent if a comparable property is available nearby at a lower price.
For landlords, this highlights the importance of pricing strategically. The market remains strong, but today’s tenants are making more considered financial decisions than they were 12 to 24 months ago.
What This Means for Property Owners
If you’re an investor, the current market remains encouraging. Rental demand is still healthy, vacancy rates remain relatively low, and well-maintained properties continue to perform strongly.
If you’re an owner-occupier with your home currently on the sales market, or considering selling, it’s worth remembering that today’s conditions are different to those of the past few years. With more homes available for buyers to choose from, achieving your ideal sale price may take longer than expected.
Ensuring you are realistic with your selling price expectations is more likely to achieve a positive outcome.
Leasing Could Be a Smart Alternative
If your property isn’t attracting the offers you were hoping for, or your selling campaign has taken longer than anticipated, leasing your property may be a worthwhile option.
With Perth’s rental market continuing to provide solid returns, renting your property for the next 12 months could allow you to generate income while giving the sales market additional time to evolve. Every property owner’s circumstances are different, but exploring all available options can often lead to a better long-term outcome.
At Celsius Property, we’re happy to provide an obligation-free rental appraisal and discuss what your property could achieve in today’s market. Whether you’re an investor, an owner-occupier or simply weighing up your next move, we’re here to help you make an informed decision.