Perth’s booming property market has seen eight new suburbs hit the million-dollar median house price according to The Real Estate Institute of Western Australia (REIWA).
Iluka, Shelley, Alfred Cove, Coogee, Melville, Bedfordale, Ocean Reef and White Gum Valley all passed the million-dollar mark and now join some of the most exclusive suburbs in the state, led by Peppermint Grove, Cottesloe, Dalkeith and City Beach.
REIWA Chief Executive Officer Cath Hart said the eight suburbs had edged closer to the million-dollar mark over the past decade.
“Many of these suburbs have seen expansion and development in recent years, driving up prices in these areas,” Ms Hart said.
“Shelley saw the highest sales price growth of the newcomers, with its median house sale price rising 30.9 per cent from $897,000 in December 2022 to $1.175 million in December 2023.”
According to REIWA, Shelley’s most expensive sale for 2023 was 225 Riverton Drive North, selling in March for $3.15 million
Iluka was the next best-performing newcomer, with 19.1 per cent annual growth, followed by Coogee (14.1 per cent), Bedfordale (11.4 per cent) and Ocean Reef (8.9 per cent).
Peppermint Grove is officially the most expensive housing market in the state, with a median house sale price of $4 million, with growth of 23.5 per cent over the year.
Ms Hart said the suburb had been a perennial chart-topper, claiming the number one spot every year in the past decade, with the exception of 2022 where it placed second to Dalkeith.
Peppermint Grove’s most expensive sale in the 12 months to the end of December 2023 was 41 Keane Street, which sold for $11.35 million in January.
Two suburbs saw their median sale price drop below $1 million in 2023, with Burswood and Highgate departing the million-dollar club.
Ms Hart said Burswood exits the million-dollar club after having appeared twice prior and Highgate once prior in the past 10 years.
“Prices fluctuate from year to year, depending on what is selling in that time period, and we regularly see suburbs around the million dollar mark come and go from the list,” she said.
“With Perth expecting strong price growth around 10 per cent this year, it will be interesting to see which suburbs make the list next year.”
Perth’s most expensive sale in 2023 was 18 Richardson Avenue, Claremont, which sold in August for $13.3 million.
