Perth’s median dwelling value is $1,029,797, up 20.5% over the year, on Cotality’s Home Value Index released 3 August 2026, covering July. Houses sit at $1,073,500 and units at $760,708.
That annual number is the strongest of any capital city. The quarterly one has turned. Perth fell 0.3% over the three months to July, managed 0.1% in July itself, and Cotality revised its June reading down from +0.7% to -0.5%. Three years of hard growth is flattening.
The fundamentals underneath it have not changed. WA’s population is growing 2.4% a year, faster than any other state. The $5.2 billion METRONET rail build is largely finished. Metro vacancy is 2.5%. What has changed is what a purchase made this month can reasonably be expected to do, because buying Perth now is a bet on those fundamentals holding rather than on the last three years running again.
The nine suburbs below span $605,000 to $1,180,000. They were picked on median, yield, vacancy, infrastructure pipeline and how many different industries the local jobs come from, which matters more than it sounds: a 5% yield propped up by one employer is a different proposition to the same 5% behind health, retail, education and government. Our guide to capital growth vs rental yield works through the trade in more detail.
Chart is an early-2026 snapshot. The table below reflects the latest REIWA figures as at March 2026.
Read the list and one split shows up straight away. The south-eastern corridor, Cannington through Gosnells, Midland and Armadale, still pays above 5% at entry points under $700,000. Move into the established middle ring where METRONET has just landed, Morley and Bayswater, and the yield drops away while the twelve-month growth pulls ahead of the outer suburbs.
Midland
Median house price: ~$636,000 Gross rental yield (houses): ~4.9% Median weekly rent: ~$600 12-month growth: ~22.3%
The new Midland Station opened on 22 February 2026, the last piece of the METRONET build. It came with an 800-plus bay multi-storey car park, a 12-stand bus interchange, and pedestrian access straight into the Midland Health Campus and Midland Gate.
Midland is a working hub rather than a dormitory suburb. St John of God Midland Public Hospital is the anchor employer, Midland Gate carries the retail, and there is a logistics and trades precinct that has been growing for years. Perth’s eastern suburbs use Midland the way a regional centre gets used.
Which is why 22.3% growth in twelve months is not surprising, and why the yield has been compressing all the way through it. At $636,000 you are still buying infrastructure upside under $650,000, but the cash flow buffer is thinner than it was a year ago and it will keep thinning if the price keeps moving.
Armadale
Median house price: ~$605,500 Gross rental yield (houses): ~5.3% Median weekly rent: ~$620 12-month growth: ~10.1%
Armadale carries a reputation, and that reputation is most of the reason the numbers look like this.
The infrastructure argument is simple enough. The elevated Armadale Station opened in October 2025 with the Byford Rail Extension, replacing the old at-grade line and taking out nine level crossings in the process. The Thornlie-Cockburn Link runs through the same corridor, so Armadale has cross-city rail for the first time.
None of that has repriced the suburb yet. REIWA has growth at 10.1% to March 2026, the softest on this list, on the lowest median. The yield is 5.3%, equal best. If you can look past where Armadale has traditionally sat on the desirability rankings, you are buying a suburb whose infrastructure changed permanently in October and whose price has not fully caught up.
Gosnells
Median house price: ~$695,000 Gross rental yield (houses): ~4.3% Median weekly rent: ~$580 12-month growth: ~15.5%
Gosnells is the corridor’s cautionary tale on timing. It sits on the Armadale Line between Cannington and Armadale, it got the same rebuilt station and the same level crossings removed, and the streetscape around the town centre is better for it.
But price ran 15.5% while the rent did not keep pace, and 4.3% is now the weakest yield of the four south-eastern suburbs here. A year ago Gosnells was a cash flow buy. Today it is a compromise between the two.
The underlying suburb is fine. Industrial and logistics work along Tonkin Highway, retail in the town centre, and Armadale and Cannington both close enough to draw on for health and commercial jobs. The point is only that you are paying $695,000 here for what $605,500 buys further down the same line.
Cannington
Median house price: ~$685,500 Gross rental yield (houses): ~5.3% Median weekly rent: ~$700 12-month growth: ~13%+
REIWA ranked Cannington the highest-yielding house market in Perth in 2025, at 5.3% on a $685,500 median. It is twelve kilometres from the CBD.
Those two facts do not usually appear together. Bayswater is closer at seven kilometres and pays 3.3%. Morley is ten kilometres and pays 4.1%. Cannington is twelve kilometres out and pays 5.3%, and the reason is Westfield Carousel, one of the state’s largest centres, anchoring an economy that does not lean on the CBD.
It also has a designation worth knowing about. Cannington is a Strategic Metropolitan Centre under WA’s planning framework, which is the state saying, in advance, that it expects higher density and more commercial investment here. The new elevated station on the Armadale Line is part of the same picture.
Worth a look at the units too, where yields run around 6.2%.
Ellenbrook
Median house price: ~$788,000 Gross rental yield (houses): ~4.6% Median weekly rent: ~$700 12-month growth: ~15.9%
Ellenbrook waited more than a decade for a train line. It opened in December 2024, 21 kilometres of it, 31 minutes to Perth.
Before that, Ellenbrook was a well-planned family suburb with decent schools, good retail through The Brook, and no realistic way of getting to work without a car. The rail line did not improve the suburb so much as remove the single objection to it.
At $788,000 and 4.6%, the premium is partly in already, and 15.9% over the past year is where it went. The corridor running out through Whiteman Park and Ballajura is one of the fastest-growing parts of Perth, and the train is what makes that population sustainable rather than just planned.
Morley
Median house price: ~$888,000 Gross rental yield (houses): ~4.1% Median weekly rent: ~$700 12-month growth: ~12.4%
Be clear about what this one is. At 4.1% on an $888,000 median, Morley will not cover its holding costs, and you should only be looking at it if you have the income to carry the gap.
What you get for that is a genuinely established middle-ring suburb that just went from no rail to a station with a 17-minute run into the city, on the new Ellenbrook Line. Morley Galleria is a serious commercial precinct. The suburb is ten kilometres from the CBD and close to the airport, and the local jobs spread across retail, health, education and professional services rather than clustering in one of them.
Middle-ring Perth has almost no new land in it. New infrastructure plus fixed supply is the combination that has moved prices everywhere else it has happened.
Bayswater
Median house price: ~$1,180,000 Gross rental yield (houses): ~3.3% Median weekly rent: ~$750 12-month growth: ~23.4%
Bayswater is the most expensive suburb on this list and the fastest-growing, up 23.4% in twelve months, and those two facts are the same fact.
The upgraded station is now an interchange between the Midland Line and the Ellenbrook Line, which makes it one of the busier transit nodes in Perth. Add seven kilometres to the CBD, heritage streets, the river, and no capacity to build much more of it, and you have the conditions that produce a year like that.
The yield is 3.3%. It will not come close to covering the loan, and nothing about Bayswater suggests it will improve, because the price is what keeps moving. This is a portfolio decision rather than a property decision: it works if you already hold yield elsewhere and what you now need is equity. Our strategy guide covers how to think about that balance.
Baldivis
Median house price: ~$710,000 Gross rental yield (houses): ~4.8% Median weekly rent: ~$650 12-month growth: ~18.1%
The thing to watch in Baldivis is supply.
It is a big masterplanned suburb about 45 minutes south of the city, and it has the things families move for: several primary and secondary schools, shopping, sport. Tenants there tend to be families, families tend to stay, and long tenancies mean less vacancy and fewer letting fees. At $710,000 and 4.8% it is a reasonable middle position between the yield suburbs and the growth ones, and the 18.1% over the past year is the southern corridor catching up to what the inner ring already did.
But Baldivis still has land. Where an established suburb answers new demand with a higher price, a growth suburb answers it with more houses, and that caps the scarcity premium. It makes street and product selection matter far more here than it does in Cannington or Morley.
Alkimos
Median house price: ~$760,000 Gross rental yield (houses): ~4.6% Median weekly rent: ~$670 12-month growth: ~13-15%
Alkimos got its station in July 2024 with the Yanchep Rail Extension, 700 parking bays, connected to the Joondalup Line, and a commute that shortened considerably overnight.
It anchors the northern growth corridor running Butler, Alkimos, Eglinton, Yanchep. The City of Wanneroo’s long-range planning has this corridor absorbing a large share of Perth’s population growth over the next twenty years, which is about as durable a demand driver as you can point at.
At $760,000 and 4.6% it prices alongside Ellenbrook and Baldivis, and it carries the same warning as Baldivis. New land releases can dilute rental demand if the builders get ahead of the people. Buy in the established pockets near the station where the amenities already exist, not out on the development fringe where they are still drawings.
The quick comparison
| Suburb | Median price | Yield | 12m growth | Key driver |
|---|---|---|---|---|
| Armadale | ~$605,500 | ~5.3% | ~10.1% | Elevated rail, affordable entry |
| Midland | ~$636,000 | ~4.9% | ~22.3% | New METRONET station, health campus |
| Cannington | ~$685,500 | ~5.3% | ~13%+ | Strategic metro centre, Carousel |
| Gosnells | ~$695,000 | ~4.3% | ~15.5% | Armadale Line corridor, industrial |
| Baldivis | ~$710,000 | ~4.8% | ~18.1% | Southern corridor, family demand |
| Alkimos | ~$760,000 | ~4.6% | ~13-15% | Yanchep Rail Extension, northern corridor |
| Ellenbrook | ~$788,000 | ~4.6% | ~15.9% | New Ellenbrook Line, family growth |
| Morley | ~$888,000 | ~4.1% | ~12.4% | New Morley Station, Galleria |
| Bayswater | ~$1,180,000 | ~3.3% | ~23.4% | Dual-line interchange, inner ring |
Which of these fits your position
The $574,500 gap between Armadale and Bayswater is the whole point of the list. These are not nine versions of the same purchase ranked best to worst.
If your borrowing capacity is tight and the property has to sit close to neutral from the first month, you are looking at Armadale and Cannington at 5.3%, or Midland at 4.9%, all under $700,000. Gosnells used to belong in that group and does not any more; the growth got there first and took the yield with it.
If you have the income to carry a shortfall and what the portfolio actually needs is equity, that is Morley, Bayswater and Ellenbrook. Established suburbs, brand new rail, and almost no room to build more of them.
Baldivis and Alkimos sit between the two, paying mid-fours with a population corridor behind them and more supply risk than anything else on the list.
Behind all of it is a state adding people at 2.4% a year, faster than anywhere else in the country, pulled in by resources work and by looking affordable next to Sydney and Melbourne. Supply has not kept up and METRONET is finished. That combination does not lift every suburb equally, which is the reason to be specific about which one you buy.
There is no best suburb here, only the one that suits your budget, your existing holdings, and whether the next property needs to pay you or grow. If you are buying interstate, a buyers agent who knows Perth street by street is what separates the right side of a corridor from the wrong one. Our case studies show how that plays out on real purchases.
For the wider market picture including current medians, bank forecasts, and infrastructure drivers, see our Perth property market 2026 update.
Perth metro figures refreshed 19 August 2026 against Cotality’s 3 August 2026 Home Value Index. Suburb medians and 12-month growth figures were verified against REIWA suburb data for the 12 months to March 2026 and have not been re-sourced since, so treat them as indicative and check current numbers before you buy.
This is general information only and not financial advice. Market data reflects conditions at time of writing and may have changed. Speak to a qualified professional before making investment decisions.
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