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Perth’s entry into the million-dollar club has pushed agents to adapt, sharpen their strategies, and navigate a fast-changing environment as competition and scarcity increase, a REB Top WA Agent has said.
Perth has finally entered Australia’s “million-dollar club”, with the median house price rising 9.9 per cent, or $98,000, in the December quarter, to $1,087,762.
It has become the sixth capital city to hit the milestone, following Adelaide in April 2025.
Domain’s December Quarter House Price Report showed that the city's growth median house price has risen from $528,779 in 2019 to more than double to $1,087,762 in December 2025.
REB Top 50 WA Agent, Perth Property Partners director Rob Walker, said that the Perth market had skyrocketed to a median house price of a million as a result of an exceptionally sharp last quarter.
“This has coincided with the lowest level of listings on record, with only approximately 1881 listings in Perth in December 2025, down by 57 per cent compared to the same time last year, creating a clear imbalance between supply and demand,” Walker told REB.
Walker said that since 2019, the Perth market had shifted considerably, from a median house price of half a million, 14,772 listings, and 65-day selling times to a high-priced market with stock shortages.
“Now it is only taking an average of 9 days to sell a house in Perth, and supply remains limited due to the gap between population growth and new home construction.
“For real estate agents, this continues to place pressure on the listing side of their business as sourcing quality stock remains highly competitive.”
According to Walker, the low stock and short days on market have changed both buyers and seller behaviour, pushing agents to sharpen their skills and strategies.
“Many buyers are competing repeatedly for limited opportunities, often missing out multiple times and remain in the market trying to purchase.”
“With this tight seller’s market, it is not the time for off-market sales.”
Walker said that as competition increases, so does buyer frustration, requiring agents to sharpen their negotiation and people skills.
“Negotiation has also become more structured. Managing multiple offers requires expertise, a quality sales process, and credibility to maintain buyer confidence while protecting the seller’s outcome.”
He said that as houses have become less affordable, competition shifted to villas, units, and apartments, which have seen particularly strong demand.
“At the same time, many owner-occupiers looking to upsize or downsize are delaying decisions due to uncertainty around securing their next home, which is further constraining supply.”
Walker said there was little evidence that the Perth market will slow in the short to medium term, and that supply will remain constricted.
“A growing population and investor interest are also contributing to the shortage of stock,” he said.
For the past six years, the Perth market has been making headlines, attracting buyers from all over the country, with its entry into the million-dollar market awaiting to happen.
Perth’s property market has seen long-term growth, with the median house price rising from just $143,394 in 1994 to $528,779 in 2019, before more than doubling again to $1,087,762 today.
The growth has been particularly pronounced in certain suburbs, with over 50 areas experiencing house prices doubling in the past five years alone, such as Orelia up 154 per cent, Parmelia up 148 per cent, and Coolungup up 147.8 per cent, leading the charge.
Domain said that data comparisons with other capital cities highlighted just how far Perth has come, with houses in 2019 being 41.5 per cent cheaper than in Melbourne, but that gap has now narrowed to only 2.1 per cent in 2025.
Similarly, Perth units have even slightly overtaken their Melbourne counterparts.
Entry-level buyers have been hit hardest, with house prices rising 74.3 per cent since 2019, and outperforming premium houses by 19.8 percentage points since 2022
Domain president Jason Pellegrino said that Perth's entering the million-dollar club has highlighted the scale of change underway in Australia’s housing market.
“The city’s strong appeal as a place to live, work and invest, combined with the state’s economic strength and liveability, has attracted new residents at a record pace, making Western Australia the nation's fastest-growing state.”
“The milestone also underscores growing affordability pressures, particularly for first home buyers,” Pellegrino concluded.
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