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Strong price growth resulted in a record number of Perth suburbs entering the $1 million median house sale price category in 2024, far surpassing the previous record set almost 20 years ago.
Recent findings from the Real Estate Institute of Western Australia (REIWA) have revealed that a record 37 Perth suburbs entered the million-dollar club in 2024, taking the city’s total number of suburbs with $1 million median house sale price to 100.
While REIWA CEO Cath Hart said that in a typical year, “only a handful of suburbs would see their median house sale price rise above $1 million”, she highlighted strong price growth was behind the significant increase in 2024.
“The previous record for suburbs added to the million-dollar club during a calendar year was 14, which was set in 2006,” Hart said.
“However, in 2024 the Perth property market recorded some of the highest growth since the 2006–07 boom, with annual median house sale price growth peaking at 24.8 per cent in October.”
In addition to no suburbs on the 2023 list seeing their median house sale price fall back below $1 million in 2024, Hart noted that three of the 37 suburbs which joined the million-dollar club – Highgate, Burswood and West Swan – returned to the list after exiting in previous years.
The CEO commented that “prices fluctuate from year to year, depending on what is selling in that time period”, and said that the institute “regularly sees suburbs around the million-dollar mark come and go from the list”.
West Perth emerged as the top performer among the new entrants, with its median house sale price climbing 48.9 per cent to $1,340,000.
Hart noted that REIWA’s members indicated that “this growth has been a long time coming”, and explained that West Perth has often been overlooked for other suburbs such as Leederville and Highgate on Perth’s fringe, but has recently been attracting more attention from buyers.
“As prices rise in neighbouring suburbs like Leederville and North Perth, more buyers are looking to West Perth. Young families in particular are purchasing at the lower end of the market,” the CEO said.
“And, with only a small pocket of houses available, this increased demand has put strong upward pressure on house prices.”
Riverton was the next best performing newcomer, with 39.7 per cent annual growth, followed by Burswood (up 39.6 per cent), Guildford (up 39.3 per cent) and Highgate (up 39 per cent).
Peppermint Grove maintained its position as Perth’s most expensive median suburb, with its median house sale price growing 23.6 per cent over the year to $5,035,000.
Notably, Hart highlighted that this was the first time a Perth suburb had recorded a median house sale price above $5 million.
“Peppermint Grove is a very desirable but small suburb, with a small number of properties. Demand is high when properties come on the market, and this can drive price growth,” she said.
“However, our members feel the area moved with the market in 2024 and breaking the $5 million median house sale price barrier was more a reflection of a number of high-priced sales rather than a significant increase in prices.”
The 37 Perth suburbs which joined the $1 million median house sale price category in 2024 are:
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West Perth
Annual median house price: $1,340,000
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Highgate
Annual median house price: $1,275,000
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Burswood
Annual median house price: $1,270,000
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Cardup
Annual median house price: $1,260,000
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Perth
Annual median house price: $1,260,000
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Oakford
Annual median house price: $1,250,000
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Bateman
Annual median house price: $1,220,000
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Kallaroo
Annual median house price: $1,220,000
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Stirling
Annual median house price: $1,210,000
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Inglewood
Annual median house price: $1,207,500
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Mullaloo
Annual median house price: $1,200,000
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Murdoch
Annual median house price: $1,200,000
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Willetton
Annual median house price: $1,200,000
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Duncraig
Annual median house price: $1,178,000
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Bull Creek
Annual median house price: $1,172,000
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Manning
Annual median house price: $1,165,000
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Scarborough
Annual median house price: $1,165,000
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West Swan
Annual median house price: $1,165,000
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Mariginiup
Annual median house price: $1,150,000
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Mindarie
Annual median house price: $1,142,500
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Doubleview
Annual median house price: $1,137,500
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Darlington
Annual median house price: $1,135,000
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Beaconsfield
Annual median house price: $1,130,000
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Leeming
Annual median house price: $1,126,790
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Hovea
Annual median house price: $1,105,000
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Carmel
Annual median house price: $1,100,000
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Riverton
Annual median house price: $1,076,000
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Gooseberry Hill
Annual median house price: $1,050,000
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Karawara
Annual median house price: $1,030,000
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Bickley
Annual median house price: $1,025,000
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Guildford
Annual median house price: $1,025,000
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Palmyra
Annual median house price: $1,025,000
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Ascot
Annual median house price: $1,022,500
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Millendon
Annual median house price: $1,012,500
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The Vines
Annual median house price: $1,010,000
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Casuarina
Annual median house price: $1,002,500
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Myaree
Annual median house price: $1,000,000
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