June 2026 - Market Update

Perth Metro overview!

1. Perth Metro snapshot

Perth's rental market closed FY2025-26 at record price levels, though the pace of growth eased through the second half of the financial year.

Metric	Figure	Movement
Median weekly house rent	$750	Up 9.5% over FY2025-26
Median weekly unit rent	$700	Up 7.7% over FY2025-26
Median time to lease	Just over two weeks	Consistent for most of the year
Properties for rent (week ending 28 June)	2,252	Down 2.1% week on week
Properties leased (week ending 21 June)	656	Roughly flat week on week, down 6% year on year

REIWA President Suzanne Brown noted that rent growth was relatively slow in the first half of FY2025-26, accelerated through the March 2026 quarter, then eased again in the June quarter. Vacancy remains well under REIWA's 2.5 to 3.5 per cent "balanced market" benchmark, keeping conditions tight for tenants in most pockets of Perth, particularly those close to the coast, the city, and transport hubs.

Rental listings tightened into the end of the financial year, with total properties for rent falling across the final two weeks of June. This is consistent with the seasonal pattern of listings easing over winter.

A separate but related development: from 1 July 2026, real estate agents in WA are required to carry out customer due diligence on buyers and sellers under new Anti-Money Laundering and Counter-Terrorism Financing legislation. This does not directly affect leasing but is worth flagging for compliance awareness.

2. Suburb focus: Hillarys, Padbury, Sorrento (postcodes 6025 and 6020)

All three suburbs sit in the City of Joondalup's coastal corridor and share a similar profile: high owner-occupier rates, low rental stock turnover, and rents materially above the Perth Metro median.

Figures below are shown as reported ranges.

Hillarys (6025)

Metric	Range reported
Median weekly house rent	$880 to $900
Median weekly unit rent	$780
Gross rental yield, houses	Around 3.1 to 3.2%
Gross rental yield, units	Around 4.7%
Median house sale price	$1.5M to $1.74M (source-dependent)
Days on market, houses	Around 12

Hillarys is anchored by the boat harbour precinct, Westfield Whitford City, and the Rottnest ferry terminal, which supports consistent tenant demand across families and professionals. Rental stock is tight, and well-presented homes are leasing quickly.

Padbury (6025)

Metric	Range reported
Median weekly house rent	$690 to $750
Median weekly unit rent	$700
Gross rental yield, houses	Around 3.0 to 4.0%
Gross rental yield, units	Around 4.75%
Median house sale price	$940K to $1.2M (source-dependent)
Days on market, houses	9 to 17

Padbury sits just inland of Hillarys and Sorrento and offers relatively more affordable rents within the same school catchment area, which makes it attractive to family tenants priced out of the coastal strip. Vacancy is reported as extremely tight, with one data source citing under 1%. Supply of rental stock is constrained, and Padbury is described by multiple sources as an owner-occupier dominated market with limited turnover.

Sorrento (6020)

Metric	Range reported
Median weekly house rent	$950 to $1,054
Median weekly unit rent	$615
Gross rental yield, houses	Around 2.5 to 3.1%
Gross rental yield, units	Around 5.8%
Median house sale price	$1.6M to $2.17M (source-dependent)
Days on market, houses	17 to 27

Sorrento is the premium end of the three suburbs, with typical house prices well above $1.6M and correspondingly the lowest gross yields of the group. It is a low-turnover, high socio-economic suburb where owner-occupiers dominate (renter ratio around 11%). One source noted a recent pullback in the median rental listing price (down around 13% year on year), likely reflecting a small and volatile rental sample size rather than a genuine softening, given how few properties turn over for rent in Sorrento in any given period.

3. What this means

• Padbury is the value entry point in this coastal cluster. Rents are meaningfully lower than Hillarys and Sorrento while still sitting inside the same desirable school and lifestyle catchment, which should support strong enquiry volume on new listings, meaning a larger pool of applicants to look at and choose from

• Hillarys offers the most balanced yield-to-price profile of the three, helped by the boat harbour and retail precinct anchoring consistent tenant demand.

• Sorrento rents will be driven by a small number of high-value transactions. Meaning Sorrento appraisal at Redfern Realty are backed by recent local comparable leases rather than headline suburb averages.

• Across all three suburbs, tight vacancy supports rent growth at renewal, but the Perth-wide easing in weekly rental listings toward the end of June suggests landlords should still price new listings carefully rather than assume the aggressive rent growth of the past two years will continue unchecked.

Sources

• REIWA, Perth Metro market data and weekly snapshots (reiwa.com.au/the-wa-market)

• REIWA, "Strong price growth to continue for Perth property market in 2026" and "Perth's top performing suburbs for rentals in 2025-26"

• REIWA suburb profiles for Hillarys, Padbury and Sorrento (reiwa.com.au/suburb/)

• realestate.com.au suburb and rental listing pages for Hillarys, Padbury and Sorrento

• CoreLogic/Cotality data via Your Investment Property magazine suburb reports

• HTAG Analytics suburb reports for Padbury and Sorrento

• rent.com.au and realestateinvestar.com.au suburb rental data

Report compiled July 2026 using publicly available market data current to the end of the June 2026 quarter. Suburb-level rent figures vary by data provider due to differing sample sizes and methodologies; treat as directional rather than exact.