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WA Property Market Update November 2025

If you feel like the housing market has gone up another gear this spring, you’d be right. Across Australia, home values rose at their fastest pace in more than two years in October, with national dwelling values up around 0.6-1.1 per cent for the month and annual growth running between 6 and 7.5 per cent.¹ Interest rate cuts earlier in the year and an expanded federal 5% deposit scheme for first home buyers have added fuel to already-strong demand.² Perth’s median house price has pushed to around $820,000, up roughly 1.2 per cent in October alone and more than 12 per cent over the year, with listings still critically low by historical standards.³

WA Residential Property Market Update November 2025

Perth’s residential market remains one of the nation’s standout performers. Recent REIWA data shows weekly sales activity sitting in the mid-to high-$800ks, with 664 house sales, 197 unit sales and 69 land sales in the week ending 16 November.⁵ At the same time, there are only about 1,992 houses, 652 units and 382 land listings on the market, a very tight level of stock for a growing city.⁶ That imbalance is keeping upward pressure on prices and rents, with the median house rent sitting around $700 per week and median unit rent around $650 per week.⁷

Compared with national conditions – where prices are rising solidly but a little more evenly – Perth remains firmly at the higher-growth end of the spectrum.⁸

For first home buyers, the picture is complex. Several layers of assistance are available:

• Keystart, allowing deposits from 2% with no LMI
• First Home Owner Grant (FHOG): $10,000 for brand new homes
• Expanded 5% deposit scheme: unlimited guarantees, no income caps, higher price caps⁴

However, historical data from previous stimulus periods including the GFC and COVID-19 show that large-scale boosts to first home buyer assistance tend to lift demand and, with limited supply, push prices higher. This can funnel buyers into segments that underperform the broader market over time. That’s why property selection and independent valuation are so important, especially when purchasing with the help of government schemes.

First Home Buyer Opportunities Around WA

Despite the headlines, opportunities still exist for those willing to be flexible. In Perth’s inner suburbs, older homes and “renovation-ready” properties remain pathways in. In the middle and outer rings, buyers continue to find greater value in suburbs like Midvale, Eglinton, Byford and Baldivis, where new estates, modern homes and more accessible price points align well with FHOG and Keystart eligibility. The Mandurah corridor adds coastal lifestyle appeal at a lower entry price, while established parts of Mandurah offer value-add potential on larger blocks.

Across regional WA, Geraldton, Kalgoorlie, Albany and Esperance all provide entry-level options well below many Perth equivalents. These regions offer a mix of older homes, modern builds and more affordable vacant land. In the Southwest however, scheme price caps make premium coastal locations largely unattainable for most first home buyers.

WA Industrial Property Market Update November 2025

Perth remains one of Australia’s strongest industrial markets. National industrial vacancy rates have risen modestly in 2025, but Perth is the outlier, with vacancy falling to around 1.2 per cent (the lowest of any Australian capital city⁹).

Strata industrial units and smaller standalone office-warehouse assets (generally under $1.5 million and 100–400sqm) remain the main entry point for new investors. Prime precincts like Kewdale, Welshpool and Canning Vale remain tightly held, while more affordable entry points are found in outer-ring areas including Gnangara, Neerabup, Midvale, Maddington, Bibra Lake and Port Kennedy.

Current net yields for these asset types sit around 5.0% to 7.0%, depending on lease length and tenant strength. Risks include vacancies between tenancies and tenant-specific fit-outs that reduce broad appeal. That said, industrial property still offers compelling advantages:

• Higher yields than most residential property
• Longer and more stable lease terms
• Strong recovery of outgoings
• A market underpinned by land scarcity and rising population

With limited speculative development in the pipeline, Perth’s industrial market appears set to continue outperforming.¹⁰

Looking Ahead

WA is closing out November and 2025 as a whole with significant momentum across both residential and industrial property markets. Residential prices continue to test new highs, while extremely tight listings keep competition intense. The expanded 5% deposit scheme is reshaping the first home buyer environment, creating both opportunity and risk depending on property selection and due diligence.

Industrial property remains one of the state’s most resilient commercial sectors, characterised by strong demand, low vacancy and attractive yields for well-selected assets. No matter your situation and position in your property purchase journey, the right advice can help you navigate today’s fast-moving conditions with confidence.

For tailored guidance or lending support, contact the Finance team at McKinley Plowman on (08) 9301 2200 or via our website.

Further Reading & References

• ¹ CoreLogic & national dwelling value growth data (Oct 2025)
• ² RBA rate movements and federal 5% deposit scheme expansion
• ³ Perth median house price and annual growth – various national property data sources
• ⁴ Federal Home Guarantee Scheme expansion details
• ⁵ REIWA weekly sales activity – week ending 16 Nov 2025
• ⁶ REIWA active listings data (houses, units, land)
• ⁷ REIWA median rent data (updated 18 Nov 2025)
• ⁸ National vs WA growth comparisons – CoreLogic & national datasets
• ⁹ National industrial vacancy comparison – commercial property market reports
• ¹⁰ Perth industrial vacancy levels, supply conditions & yield ranges – national industrial research updates
• HTW Month in Review

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.