Perth Is Australia's Strongest Property Market Right Now — What First Home Buyers Need to Know
Updated: Aug 17
Perth home values have risen 26% over the past year — the strongest growth of any capital city in Australia. For first home buyers in Perth and surrounding areas, that's both a challenge and a reason to act. Here's what the current market conditions mean for you, and why waiting could cost more than moving forward.
Perth Is in a League of Its Own
The national property market in 2026 has split significantly. Sydney and Melbourne are cooling — more listings, slower sales, cautious buyers. Perth is doing the opposite.
According to Cotality's May 2026 Housing Chart Pack, Perth home values rose 2.5% in March alone and 7.3% over the March quarter — adding approximately $69,000 to the median dwelling value in a single quarter. The median days on market in Perth currently sits at just 9 days. Properties are being listed one week and sold the next.
Why is Perth outperforming the rest of Australia?
Housing supply remains well below historical averages — there simply aren't enough properties for the number of buyers
Strong interstate and overseas migration continues to drive demand
WA's economy is performing strongly, supporting employment and income growth
Perth remains more affordable than Sydney and Melbourne on an absolute basis, attracting interstate buyers and investors.
The Cost of Waiting — A Perth Reality Check
One of the most common conversations I have with first home buyers is some version of: "We're going to wait until we've saved a bit more." In many markets, that's a reasonable strategy. In Perth right now, the numbers tell a more uncomfortable story.
Scenario | Today | 12 months later (at 7% annual growth) |
|---|---|---|
Median Perth house price | ~$820,000 | ~$877,000 |
10% deposit required | $82,000 | $87,700 |
Additional saving needed | — | $5,700 more deposit + $57,000 more in purchase price |
Illustrative example only. Actual growth rates and prices will vary.
Waiting 12 months in Perth's current market doesn't just mean saving more deposit — it means chasing a higher price with a larger required deposit while competing against more buyers for the same limited stock.
"In Perth's current market, time in the market is likely worth more than time spent saving. The question is whether you have enough to proceed safely now — not whether you have everything."
What Government Schemes Are Currently Available to Perth First Home Buyers
First Home Guarantee (Federal) Buy with 5% deposit, no LMI. Government guarantees the remaining 15%. Income caps apply ($125,000 individual / $200,000 couple). Limited places each financial year — apply early. | WA First Home Owner Grant $10,000 cash grant for eligible buyers of new homes valued up to $750,000. Applies to house and land packages and new builds. Does not apply to established properties. |
Stamp Duty Concessions — WA Full exemption for first home buyers on properties up to $530,000. Concessions apply up to $400,000 for established homes. Can save several thousand dollars at settlement. | First Home Super Saver Scheme Save up to $50,000 inside superannuation (taxed at 15%) and withdraw it for a home deposit. Can be a tax-effective way to build your deposit faster — particularly for higher income earners. |
The Right Approach for Perth Right Now
Every buyer's situation is different — income, savings history, employment type, family circumstances, and suburb preferences all matter. But the pattern I see repeatedly with Perth first home buyers is this: those who waited for perfect conditions generally paid more than those who moved when they were ready enough.
Ready enough doesn't mean having a 20% deposit. It means having a genuine savings history, a stable income, a realistic understanding of your borrowing capacity, and a clear plan for the upfront costs.
✍ Three things worth doing right now if you're a Perth first home buyer
Get a clear borrowing capacity assessment across multiple lenders — not just one bank
Confirm which grants and schemes you qualify for before you start inspecting properties
Review your deposit and savings history with a broker before you make an offer — so you know exactly where you stand
General information only. Property price data sourced from Cotality May 2026 Housing Chart Pack. This article does not take into account your personal financial situation or needs.
Ready to find out if now is the right time for you?
One conversation will give you a clear picture of your borrowing capacity, grant eligibility, and what you need to move forward in Perth's current market.