Perth is the final major capital city housing market to join the nation’s price correction, which began with Sydney and Melbourne and has slowly spread to the other major markets.
Although the rolling 28-day change in Cotality’s daily dwelling values index still shows a moderate 0.3% gain for Perth and losses elsewhere:
Over the week ended 22 July 2026, values declined by 0.1% in Perth, joining the other capitals in negative territory.
The following chart shows each major market’s decline from their respective peaks as of 22 July 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%), which were each late to the correction party, have experienced the sharpest rise in for-sale listings over the past year, with each market well above the combined capital city average (+18.4%):
Source: Cotality
Of particular note, new listings in Perth (+19.3%) have increased significantly over last year’s levels, suggesting that vendors are rushing to put homes on the market to lock in capital gains before prices fall.
With listings rising across all major markets and demand slowing amid higher mortgage rates, falling sentiment, and the federal budget’s changes to negative gearing and capital gains tax, it is shaping up to be the biggest price correction nationally in 40 years.
Source: Cotality
