30 suburbs join Perth’s million-dollar club in 2023-24

15 August 2024

"A record 30 suburbs joined Perth’s million-dollar club in 2023-24, bringing the total number of suburbs with a median house sale price over $1 million to 87."

A record 30 suburbs joined Perth’s million-dollar club in 2023-24, bringing the total number of suburbs with a median house sale price over $1 million to 87. Only two new suburbs joined the list in 2022-23.

REIWA President Joe White said the record number of new entrants reflected Perth’s extremely strong price growth over the past 12 months.

“Under normal market conditions you can expect to see a few new suburbs join the million-club each year as their prices rise due to improved amenity or infrastructure, growing popularity for certain lifestyle features, or as a flow-on effect from price growth in neighbouring suburbs,” he said.

“However, this financial year house price growth in Perth has accelerated and the median house price has increased 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.”

Of the 87 suburbs on the list, 23 recorded price growth over 20 per cent in the 12 months to June. Leading the charge was Karawara, which saw a 43.5 per cent in its median house sale price to $1,155,000.

Mr White said Karawara’s appeal lay in its proximity to the Canning River, city and Curtin University, which appealed 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 said.

“Properties have also undergone renovation and revitalisation in recent years, helping boost prices in the area.”

Peppermint Grove retained its place at the top of the million-dollar list with a median house sale price of $3,700,000 in the 12 months to June, followed by Cottesloe and Dalkeith at $3,500,000.

Perth’s most expensive sale in the 2023-24 financial year* was 3 Owston Street, Mosman Park, which sold for $22 million.

Million-dollar club list

SUBURB	ANNUAL MEDIAN HOUSE PRICE
Peppermint Grove	$3,700,000
Cottesloe	$3,500,000
Dalkeith	$3,500,000
City Beach	$2,775,000
Swanbourne	$2,405,000
Claremont	$2,300,000
Nedlands	$2,300,000
Jolimont	$2,000,000
Applecross	$2,000,000
Mosman Park	$1,955,000
Floreat	$1,910,000
Shenton Park	$1,882,500
Subiaco	$1,850,000
Mount Claremont	$1,820,000
Churchlands	$1,802,500
Marmion	$1,790,000
Trigg	$1,790,000
South Perth	$1,784,500
Attadale	$1,750,000
North Fremantle	$1,700,000
Daglish	$1,677,500
North Beach	$1,677,500
East Fremantle	$1,650,000
North Coogee	$1,650,000
Coolbinia	$1,630,000
Mount Pleasant	$1,607,500
Rossmoyne	$1,580,000
Wembley	$1,560,000
Watermans Bay	$1,545,000
Menora	$1,517,500
Sorrento	$1,507,500
East Perth	$1,500,000
Oakford	$1,490,000
Wembley Downs	$1,475,000
Mount Lawley	$1,470,000
South Fremantle	$1,440,000
Salter Point	$1,430,000
West Leederville	$1,410,000
Gwelup	$1,400,000
Bicton	$1,380,000
Winthrop	$1,376,500
Woodlands	$1,360,000
Crawley	$1,300,000
Booragoon	$1,277,500
Leederville	$1,270,000
Shelley	$1,260,000
Highgate	$1,252,500
Ardross	$1,250,000
Mount Hawthorn	$1,250,000
Karrinyup	$1,235,000
Iluka	$1,225,000
North Perth	$1,225,000
Kallaroo	$1,221,000
Alfred Cove	$1,215,000
Burns Beach	$1,215,000
Carine	$1,214,000
Waterford	$1,210,000
Kensington	$1,201,000
Como	$1,200,000
Fremantle	$1,200,000
Hillarys	$1,200,000
White Gum Valley	$1,182,500
Karawara	$1,155,000
Melville	$1,150,000
Coogee	$1,135,000
Perth	$1,130,000
Stirling	$1,125,000
Mullaloo	$1,120,000
Inglewood	$1,117,500
Manning	$1,115,000
Myaree	$1,105,000
Carmel	$1,100,000
Murdoch	$1,100,000
West Swan	$1,100,000
Bull Creek	$1,095,000
Burswood	$1,095,000
Ocean Reef	$1,090,000
Cardup	$1,067,500
Scarborough	$1,067,500
Duncraig	$1,060,000
Darlington	$1,050,000
Bedfordale	$1,025,000
Gooseberry Hill	$1,020,000
Leeming	$1,020,000
Willetton	$1,020,000
West Perth	$1,015,000
Ascot	$1,000,000

Source: REIWA. Filtered for suburbs with median house sale prices greater than $1,000,000 for the 12 months to June 2024. Suburbs in bold indicate those that are new to the list.

* Houses on less than one hectare of land that sold in the year to 30 June 2024.