20 Perth suburbs expected to join the ‘million-dollar club’ in 2025
Perth suburbs are forecast to notch up $1 million on the median house sale price in 2025, amid the current “overall growth environment” in the city.
The Real Estate Institute of Western Australia (REIWA) has revealed which 20 Perth suburbs are expected to enter the million-dollar club in 2025, under current conditions.
The forecast comes after the peak body found that 37 Perth suburbs entered the million-dollar club in 2024, bringing the city’s total number of suburbs with $1 million median house sale price to 100.
REIWA CEO Cath Hart said the prediction is based on both the prospective suburbs’ “individual growth trends” and the “overall expectation for Perth property prices to increase 5–10 per cent this year”.
She said 20 new suburbs are forecast to join the million-dollar club by the end of the year.
“The suburbs currently closest to the mark are Connolly ($995,000), Lathlain ($994,500) and North Lake ($990,000), which were just short of joining the list in 2024,” Hart remarked.
Hart said that while suburbs situated north and south of the Swan River and in the Perth Hills area are expected to get into the million-dollar club, price growth is affected by a number of factors.
She said that while Perth’s “overall growth environment” will see prices increase, buyers’ “demand to live in a particular area” will be a more specific factor that proportionally puts upward pressure on prices.
“Demand can be driven by a suburb’s proximity to schools, lifestyle hubs, the city, coast and river. An improvement in local amenities can boost demand,” Hart added.
The CEO said that house prices can also increase as a “flow-on-effect” from price growth in neighbouring suburbs, with decreased affordability in popular areas prompting buyers to turn their attention to adjacent suburbs.
“Many of the suburbs on track to join the million-dollar club in 2025 are located next to existing members of the club,” she said.
“For example, Iluka joined the million-dollar club in 2023, and neighbouring Connolly is one of the suburbs on track to see its median house sale price reach the $1 million threshold this year.”
Hart pointed out that the neighbouring trend can be observed in multiple locations, such as the suburbs of North Lake and Kardinya, which are now approaching the million-dollar mark and located near Winthrop and Murdoch suburbs, which are “fairly new entrants to the million-dollar club”.
The 20 suburbs currently tipped to join the $1 million median house sale price category in 2025 are: