Perth's housing market has surged, with median property prices now surpassing those in Melbourne for the first time in nearly a decade, driven by a significant demand-supply imbalance. The latest figures show Perth's median dwelling value at $785,250, reflecting a 24% increase over the past year, while Melbourne's values have declined by 0.2%. In August alone, Perth's property prices saw a 2% rise, contrasting with a 1.4% increase in Adelaide and a modest 0.3% growth in Sydney. This growth trend has led to Perth outperforming all other major capital cities, with an impressive 35.1% rise in dwelling values since early 2023. The competitive market conditions in Perth are fueled by tight supply and high buyer demand, further exacerbating price hikes. While other cities like Melbourne struggle with stagnation, Perth continues to attract buyers seeking more affordable housing options.