In the Perth metro area, the strongest annual gains were in Belmont-Victoria Park (about 20%), Armadale (roughly 19.5%), and Serpentine-Jarrahdale (around 18.9%), signaling demand for more affordable outer suburbs.

Analyst Tim Lawless notes the national pace of growth is cooling as affordability bites and market sentiment softens amid expectations of higher interest rates or delayed rate cuts.

Regional Western Australia posted robust growth, up about 16.1% year over year, led by Albany (roughly 23.7%), the Mid West (19.4%), and the Pilbara (18.9%).

Perth’s annual housing growth surpassed Sydney and Melbourne, with only Darwin recording higher capital-city growth at about 26.3%.

Perth house prices rose 15.9% year over year to December, making Perth one of Australia’s strongest markets and lifting the median dwelling value to about $983,068.

The December month alone saw a 1.9% jump, adding roughly $129,000 to the median Perth dwelling value over the year.