30 Perth suburbs break into ‘million-dollar club’
High demand and thriving population growth have dramatically pushed up Perth prices, with dozens of suburbs crossing the $1 million median mark over the past 12 months.
The Real Estate Institute of Western Australia (REIWA) has revealed that a record 30 Perth suburbs joined the $1 million median house sale price category in FY24, bringing the city’s total number of million-dollar suburbs to 87.
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This result far exceeded the two new suburbs which joined the million-dollar category in FY23.
With 23 suburbs in Perth’s million-dollar club recording price growth of more than 20 per cent in FY24, the suburb of Karawara reported the largest increase with a 43.5 per cent rise in its median house sale price to $1,155,000.
Weighing in on Karawara’s surge in growth, REIWA president Joe White highlighted the suburb’s proximity to the Perth CBD, Canning River, and nearby Curtin University as appealing to a “wide range of buyers”.
“The suburb is undergoing a transformation, with upgrades to Waterford Plaza offering residents two supermarkets and a range of new eateries,” he explained.
“Properties have also undergone renovation and revitalisation in recent years, helping boost prices in the area.”
REIWA stated that Peppermint Grove’s median house sale price of $3,700,000 of FY23 maintained the suburb’s position at the top of the million-dollar list, followed by runner-up areas Cottesloe and Dalkeith with a median price of $3,500,000.
Speaking on the institution’s findings, White noted the record number of new entrants was indicative of Perth’s “extremely strong price growth over the past 12 months”, with the city’s median house price increasing by 18.8 per cent.
“The high demand for established homes, fuelled by population growth and limited new housing supply, has seen strong price growth across the metropolitan area, with nearly a quarter of the suburbs in the million-dollar club recording growth greater than Perth,” he concluded.
The 30 Perth suburbs which joined the $1 million median house sale price category in FY24 are: