Perth’s property market continues to break new ground, with a record 30 suburbs joining the million-dollar club in the 2023-24 financial year.
After four years of strong growth, there are now a total of 87 suburbs with median house prices over $1 million according to the Real Estate Institute of Western Australia (REIWA).
REIWA President, Joe White, said the surge reflects Perth’s exceptionally strong price growth over the past 12 months, with the city’s median house price increasing by 18.8 per cent.
“Under normal market conditions you can expect to see a few new suburbs join the million-club each year,” Mr White said.
“However, this financial year house price growth in Perth has accelerated.”
Some of the newcomers into the million dollar club, include Duncraig at $1,060,000, Darlington at $1,050,000, Bedfordale at $1,025,000, Gooseberry Hill, Leeming, and Willetton all at $1,020,000, West Perth at $1,015,000, and Ascot at $1,000,000.
Nearly a quarter of the suburbs in the million-dollar club recorded growth greater than Perth’s overall increase.
Karawara led the charge with a 43.5 per cent increase in its median house sale price, reaching $1,155,000.
Mr White said Karawara’s appeal and its proximity to the Canning River, the city, and Curtin University, as well as recent upgrades to local amenities, have been a key driver.
“The suburb is undergoing a transformation, with upgrades to Waterford Plaza offering residents two supermarkets and a range of new eateries,” he said.
“Properties have also undergone renovation and revitalisation in recent years, helping boost prices in the area.”
Peppermint Grove retained its position as Perth’s most expensive suburb with a median house sale price of $3,700,000, followed by Cottesloe and Dalkeith at $3,500,000 each.
The most expensive property sale in Perth during the 2023-24 financial year was a home in Mosman Park, which sold for $22 million.
Mr White said the strong price growth is likely to continue due to ongoing high demand and limited supply in the Perth market.
“The high demand for established homes, fuelled by population growth and limited new housing supply, has seen strong price growth across the metropolitan area,” he said.
