Perth joins the house price correction.

July 22, 2026

Perth is the latest major capital city housing market to join the country’s price correction, which began with Sydney and Melbourne and gradually spread to other major markets.

Although the 28-day change in Cotality’s daily dwelling values index still shows a moderate 0.3% increase for Perth and losses elsewhere:

During the week ending 22 July 2026, values in Perth fell 0.1 per cent, joining other capitals in negative territory.

The following chart shows the decline of each major market from their respective peaks as of July 22, 2026:

Clearly, all major markets are now in correction mode, with Sydney and Melbourne by far the most advanced.

Interestingly, Brisbane (+27.4%), Perth (+22.3%) and Adelaide (+21.6%), each late to the reform party, have seen the biggest increase in for-sale listings over the past year, with each market outpacing the combined capital city average (+18.4%):

Source: Cotality

Of particular note, new listings in Perth (+19.3%) are up significantly from last year’s levels, suggesting sellers are rushing to get homes on the market to lock in investment returns before prices fall.

With listings rising in all major markets and demand slowing amid high mortgage rates, falling sentiment, and changes to the federal budget’s negative gearing and capital gains tax, it’s shaping up to be the biggest price correction nationally in 40 years.