Perth’s million dollar club reached 100 suburbs in 2024

30 January 2025

"A record 37 suburbs joined Perth’s million dollar club in 2024, taking the total number of suburbs with a median house sale price of $1 million to 100."

A record 37 suburbs joined Perth’s million dollar club in 2024, taking the total number of suburbs with a median house sale price of $1 million to 100.

REIWA CEO Cath Hart said strong price growth over 2024 was behind the significant increase.

“In a typical year, only a handful of suburbs would see their median house sale price rise above $1 million,” she 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.

“As a result, 37 suburbs reached the million dollar mark last year. This compares to just eight suburbs in 2023.

“The previous record for suburbs added to the million dollar club during a calendar year was 14, which was set in 2006.”

No suburbs on the 2023 list saw their median house sale price fall below $1 million in 2024.

Of the 37 suburbs that joined the million dollar club, three returned to the list after exiting in previous years. They were Highgate, Burswood and West Swan.

“Prices fluctuate from year to year, depending on what is selling in that time period, and we regularly see suburbs around the million dollar mark come and go from the list,” Ms Hart said.

West Perth was the top performer among the new entrants, with its median house sale price increasing 48.9 per cent to $1,340,000.

Ms Hart said the suburb was often overlooked for other suburbs on the city fringe, like Leederville and Highgate, but was now getting more attention from buyers.

“Our members tell us this growth has been a long time coming,” she said.

“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.

“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 39.0 per cent).

Peppermint Grove retained its position as Perth’s most expensive suburb, with a median house sale price of $5,035,000 at the end of 2024. The suburb saw median house sale price growth of 23.6 per cent over the year.

Ms Hart said 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.”

Peppermint Grove’s most expensive sale in 2024 was 59 Keane Street, Peppermint Grove, which sold in March for $20,100,000.

Perth’s most expensive sale in 2024 was 177 Wellington Street, Mosman Park, which sold in May for $25,000,000.

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SUBURB2024 MEDIAN HOUSE PRICE 
Peppermint Grove$5,035,000
Cottesloe $3,510,000 
Dalkeith $3,450,000 
City Beach $3,000,000 
Swanbourne $2,750,000 
Applecross $2,504,444 
Claremont $2,320,000 
Nedlands $2,315,000 
Watermans Bay $2,295,000 
Marmion $2,175,000 
Mosman Park $2,150,000 
Shenton Park $2,060,000 
Mount Claremont $2,050,000 
Floreat $2,025,000 
Churchlands $2,000,000 
Subiaco $1,966,800 
Trigg $1,937,500 
Menora $1,927,500 
Daglish $1,900,000 
Jolimont $1,900,000 
East Fremantle $1,850,000 
Attadale $1,840,000 
Salter Point $1,800,000 
South Perth $1,800,000 
West Leederville $1,800,000 
Mount Pleasant $1,780,000 
South Fremantle $1,750,000 
Wembley $1,720,000 
North Coogee $1,700,000 
Wembley Downs $1,685,000 
Rossmoyne $1,676,000 
Coolbinia$1,655,000 
North Fremantle $1,650,000 
North Beach $1,615,000 
East Perth $1,610,000 
Sorrento $1,600,000 
Shelley $1,599,000 
Ardross $1,560,000 
Mount Lawley $1,540,000 
Winthrop $1,500,000 
Woodlands $1,478,000 
Waterford $1,462,500 
Gwelup $1,455,500 
Bicton $1,450,000 
Mount Hawthorn $1,430,000 
Crawley $1,424,000 
Iluka $1,400,000 
North Perth $1,395,000 
Karrinyup $1,377,500 
Como $1,370,000 
Booragoon $1,340,000 
Carine $1,340,000 
West Perth$1,340,000 
Burns Beach $1,330,000 
Leederville $1,310,000 
White Gum Valley $1,302,500 
Fremantle $1,300,000 
Hillarys $1,300,000 
Kensington $1,287,500 
Highgate $1,275,000 
Burswood $1,270,000 
Alfred Cove $1,262,500 
Cardup $1,260,000 
Perth $1,260,000 
Oakford $1,250,000 
Ocean Reef $1,226,750 
Bateman $1,220,000 
Kallaroo $1,220,000 
Coogee $1,215,000 
Stirling $1,210,000 
Inglewood $1,207,500 
Melville $1,205,000 
Mullaloo $1,200,000 
Murdoch $1,200,000 
Willetton $1,200,000 
Duncraig $1,178,000 
Bull Creek $1,172,000 
Manning $1,165,000 
Scarborough $1,165,000 
West Swan $1,165,000 
Bedfordale $1,160,500 
Mariginiup $1,150,000 
Mindarie $1,142,500 
Doubleview $1,137,500 
Darlington $1,135,000 
Beaconsfield $1,130,000 
Leeming $1,126,790 
Hovea $1,105,000 
Carmel $1,100,000 
Riverton $1,076,000 
Gooseberry Hill $1,050,000 
Karawara $1,030,000 
Bickley $1,025,000 
Guildford $1,025,000 
Palmyra $1,025,000 
Ascot $1,022,500 
Millendon $1,012,500 
The Vines $1,010,000 
Casuarina $1,002,500 
Myaree $1,000,000 

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


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