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WA Property Market Update February 2026

Western Australia’s property market continues to defy expectations. While national headlines often focus on interest rate movements and affordability pressures, Perth and the broader WA market remain driven by a familiar force: supply and demand. If you’re buying, selling, investing or refinancing, it’s critical to understand what’s happening in the market. Here’s what you need to know about the WA property market as at February 2026.

WA Residential Property Market Update February 2026

Perth’s residential market remains competitive, fast-moving and undersupplied. For the week ending 22 February 2026, there were 627 house sales, 176 unit sales and 76 land sales recorded across Perth metro. Listings remain tight, with 1,843 houses, 637 units and 301 land lots currently available for sale. While active listings increased in January compared to December’s record lows, they remain significantly lower than this time last year, around 50 per cent down compared to January 2025.

This constrained supply is continuing to underpin price growth. Perth’s median house sale price reached a new record of $855,000 in January, up 1.8 per cent for the month and 13.2 per cent higher than a year ago. Units have performed even more strongly, rising 1.7 per cent over the month and 17.6 per cent over the year to a record median of $600,000.

Updated 12-month median figures (to January 2026) show:

• Houses: $865,000 median price
• Units: $615,000 median price
• Land: $392,000 median price

Four-bedroom houses are now sitting at a median of $930,000, while three-bedroom homes remain a popular mid-market option at $795,000. Land prices vary significantly by size, with large lots (>450sqm) reaching a median of $686,000.

Properties are also selling quickly. Houses are moving in a median of nine days, and units in just eight days. That’s dramatically faster than a year ago, highlighting the continued intensity of buyer competition. Suburbs such as East Perth, Ellenbrook, Innaloo and Perth were among recent top sellers, while south of the river, Byford, Baldivis and Hamilton Hill recorded strong volumes.

While some eastern states are seeing slower price growth amid borrowing capacity constraints, WA’s market remains buoyed by population growth, strong employment conditions and limited housing supply. Even recent interest rate movements have not materially slowed price momentum locally. For buyers, this means preparation is essential. For sellers, well-presented properties continue to attract strong competition, while for investors, tight supply and rising rents are maintaining attractive yields relative to many interstate markets.

WA Rental Property Market Update February 2026

After a period of sustained growth, January delivered a further, more noticeable lift in rental prices. Perth’s median dwelling rent rose to $720 per week in January, up 2.9 per cent from December and 7.5 per cent higher than the same time last year.

• Median house rent: $725 per week (up 3.6% month-on-month, 6.6% annually)
• Median unit rent: $690 per week (up 1.5% month-on-month, 6.2% annually)

Updated 12-month median figures show:

• Houses renting at $710 per week
• Units renting at $680 per week

Two-bedroom units are now at $600 per week, while four-bedroom homes are sitting around $750 per week.

Rental market constraints remain a key theme. At the end of January, there were 2,087 properties available for rent across Perth, higher than December but still lower than a year ago. Median leasing times are sitting at just 17 days, reinforcing how quickly well-priced properties are being secured.

Suburbs recording the strongest rental growth in January included Bayswater, Scarborough, Southern River and High Wycombe for houses, while Maylands, East Perth and Scarborough led unit growth. Innaloo recorded a median leasing time of just eight days, with several other suburbs leasing within 10–13 days.

While there has been some improvement in supply over the past 18 months, the rental market remains sensitive. Population growth continues to support demand, and the new homes market is still experiencing construction and supply constraints. Any policy or legislative shifts that impact investor confidence could quickly tighten conditions again.

For investors, the fundamentals remain supportive: low vacancy, strong demand and upward rental pressure. For tenants, competition remains a genuine concern, and preparation and decisiveness are important.

Looking Ahead + What This Means for You

The WA property market in February 2026 is characterised by:

• Record or near-record median prices
• Tight listings despite seasonal increases
• Rapid selling times
• Renewed rental growth
• Ongoing supply constraints

If you’re considering entering the market, upgrading, refinancing or investing, strategy matters more than ever. Borrowing capacity has shifted over the past 18 months, and lender policies vary. Understanding how to structure your loan, optimise your deposit and manage cash flow in a rising rental environment can significantly impact long-term outcomes.

Western Australia continues to perform strongly relative to many national markets. But local knowledge, timing and preparation remain the difference between simply participating in the market and making it work for you. February 2026 confirms what we have been seeing for some time, that the WA property market remains resilient, competitive and undersupplied.

For buyers, competition is real but opportunity still exists with the right preparation. For sellers, demand remains strong. For investors, rental fundamentals continue to support returns. And for homeowners, rising values may present refinancing or equity opportunities worth exploring.

If you’re unsure how current market conditions affect your personal circumstances, now is the time to review your strategy. If you’re thinking about buying, refinancing or investing in WA property, speak with the Finance team at McKinley Plowman. Call (08) 9301 2200 or visit https://www.mckinleyplowman.com.au/contact-us/ to arrange a confidential discussion about your next move.

Data From: REIWA Perth Market Insights

written by:

Paul Moran

Paul has over 35 years of experience in finding financial solutions for homebuyers, investors and business owners.
A licensed broker and member of the Mortgage & Finance Association of Australia (MFAA), Paul’s extensive experience includes 20 years with a major bank, seven of which were as commercial banking manager.
Paul delivers a holistic financial solutions to achieve the best possible outcome for a client’s personal or commercial lending needs. Paul also provides a comprehensive financial consultancy to business owners on commercial, equipment and invoice finance.