Perth has been the poster child of the post-pandemic property boom — values are still roughly 80% higher than five years ago, adding around $445,000 to the median. But the city just clocked its fourth straight month of falling values, and the reversal has come surprisingly quickly. The reason? A lot of that boom was built on empty shelves rather than deep, durable demand — thin stock levels driven by a construction slowdown, not overwhelming buyer appetite. Now that population growth is normalising after the post-pandemic surge and inflation is running hotter than expected, the props that carried Perth through the national downturn have largely dissolved. Perth's 30% auction clearance rate this week (the lowest of any capital) tells the same story.
The federal government's May budget changes are now working their way through Parliament: negative gearing will be limited to new builds from 1 July 2027, and the 50% CGT discount will be replaced with CPI-based indexation plus a 30% minimum tax on realised gains. Properties held at 7:30pm on 12 May 2026 (budget night) are grandfathered and exempt from the negative gearing change. If you're weighing up an established-property purchase, the clock on the old rules is ticking.
🔗 Official Budget Fact Sheet →From 7 May 2026, WA raised its stamp duty concession and exemption thresholds by $100,000. First home buyers now pay no duty on new or established homes up to $600,000 (up from $500,000), with concessions extending to $800,000. Vacant land thresholds rose too — no duty up to $450,000, concessions to $550,000. The WA government says this could save eligible buyers up to $22,515 on a home, or $25,390 on land plus build.
🔗 WA Government — Housing Taxation Package →From 1 July 2026, the ACT's Home Buyer Concession Scheme dropped its income and property-value limits entirely — eligible buyers now pay no conveyance duty regardless of purchase price or income. It's one of the more generous first home buyer concessions in the country right now.
🔗 ACT Revenue Office — Home Buyer Concession Scheme →States are continuing to standardise tenancy law under the federal push for stronger renter protections — including standardised rental application forms and bans on certain third-party application fees. If you self-manage rentals, it's worth checking your state revenue or fair trading site for what's changed in your jurisdiction this quarter.
🔗 Attorney-General's Department — National Rental Reforms →Our team tracks the market so you don't have to. Book a free strategy call and we'll show you what these numbers mean for YOUR portfolio.
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