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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.
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 in 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:
- Oakford
Annual median house price: $1,490,000 - Shelley
Annual median house price: $1,260,000 - Highgate
Annual median house price: $1,252,500 - Kallaroo
Annual median house price: $1,221,000 - Alfred Cove
Annual median house price: $1,215,000 - White Gum Valley
Annual median house price: $1,182,500 - Karawara
Annual median house price: $1,155,000 - Melville
Annual median house price: $1,150,000 - Coogee
Annual median house price: $1,135,000 - Perth
Annual median house price: $1,130,000 - Stirling
Annual median house price: $1,250,000 - Mullaloo
Annual median house price: $1,120,000 - Inglewood
Annual median house price: $1,117,500 - Manning
Annual median house price: $1,150,000 - Myaree
Annual median house price: $1,105,000 - Carmel
Annual median house price: $1,100,000 - Murdoch
Annual median house price: $1,100,000 - West Swan
Annual median house price: $1,100,000 - Bull Creek
Annual median house price: $1,095,000 - Ocean Reef
Annual median house price: $1,090,000 - Cardup
Annual median house price: $1,090,000 - Scarborough
Annual median house price: $1,067,500 - Duncraig
Annual median house price: $1,060,000 - Darlington
Annual median house price: $1,050,000 - Bedfordale
Annual median house price: $1,025,000 - Gooseberry Hill
Annual median house price: $1,020,000 - Leeming
Annual median house price: $1,020,000 - Willetton
Annual median house price: $1,020,000 - West Perth
Annual median house price: $1,015,000 - Ascot
Annual median house price: $1,000,000
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