In a stunning defiance of traditional real estate logic, Perth’s median house price has officially crossed the $1 million threshold for the first time, even as actual sales activity collapsed to a 15-year low.
During the March 2026 quarter, house sales fell to just 5,223 transactions, a staggering 29% drop from the peak of 7,333 witnessed only three quarters prior. This volume is so low that it sits beneath the June 2020 COVID lockdown trough of 5,297, marking the lowest level since June 2011.
New research from HomeLoanRates.com.au, conducted by Primara Research, reveals this striking paradox in the Western Australian capital.
According to official Australian Bureau of Statistics (ABS) figures, Perth did not reach its new seven-figure status because more buyers were competing; rather, the price rose despite fewer of them.
While a drop in sales volume typically signals a cooling market, the rest of the nation is experiencing a very different reality than Western Australia.
In Sydney, house sales plummeted 39% to 8,993 for the quarter, hitting their lowest level since March 2019, while Brisbane turnover fell to 7,530, down 21% in the quarter and reaching its lowest since June 2020.
The crucial difference lies in how prices responded to the slowdown; as buyers pulled back on the east coast, Sydney’s median house price shed $75,000 in the same quarter, and Melbourne’s dropped by $42,000. Perth, by contrast, crossed $1 million.
Far from cooling off, Perth’s property growth is accelerating. The city booked a 4.2% quarterly gain, outperforming every other major capital city in the country. Annually, prices are up a roaring 22%, representing the highest growth seen in nearly two years.
The $180,000 annual increase in the house median equals the largest nominal dollar gain on record for Perth; when paired with a $160,000 annual jump in apartment prices, the combined growth across both segments has smashed all previous records.
Perth’s relentless run has completely rewritten the national property leaderboard. The city now ranks fourth nationally on house prices, with its $1,000,000 median sitting behind Sydney ($1,485,000), Brisbane ($1,150,000), and the ACT ($1,071,000).
It has comfortably outpaced Adelaide ($980,000) and left Melbourne ($850,000) far behind. The shift is historic: just five years ago, Perth was 33% below Melbourne. Today, it sits 18% above it.
Industry experts point to Brisbane’s recent history to map out where Perth might go next. Brisbane crossed the $1,000,000 threshold in September 2025 and reached $1,150,000 by March 2026, gaining $150,000 above the threshold in under six months.
Given that Perth’s current trajectory is the most comparable of any capital, the million-dollar mark may just be a pitstop.
According to Peter Drennan, Head of Research and Data at Primara Research, the mechanics driving the current market are fundamentally different from past property cycles.
“Falling sales volumes are usually a signal of uncertainty, buyers pulling back, waiting for rates to settle, watching the market.
“That’s what’s playing out in Sydney and Melbourne, where prices are following volumes down, but Perth, Brisbane and Adelaide are telling a different story, and Perth is the sharpest version of it,” Mr Drennan explained.
He said the severe drop in transactions, falling even below the depths of the pandemic, highlights an incredibly resilient undercurrent of demand that is simply running out of stock to buy.
“Sales have collapsed to a 15-year low, below even the COVID trough, and the market still crossed $1 million and posted the strongest price growth of any major capital. That kind of price growth, through a volume collapse, points to demand that hasn’t gone away.
“Apartment prices are up 28% annually and regional WA is tracking at near-identical growth rates to metro Perth. The demand hasn’t disappeared from Perth, it’s spreading,” said Drennan.