The cheapest homes sold in Perth’s most expensive suburbs

Trophy home sales in Perth’s most exclusive western suburbs neighbourhoods significantly increased during 2024 due to the continued strength and confidence in the booming Perth property market.

And prices are tipped to continue to rise this year, with dozens of suburbs predicted to join Perth’s million-dollar set.

This house along Albion Street was the cheapest sale in Cottesloe last year.Credit: Domain

In 2024, select properties sold for a fraction of the suburb’s median house price, according to Domain data, amid higher-for-longer interest rates, affordability constraints and hefty construction costs.

We take a look at the cheapest sales in the state’s most expensive suburbs.

Cottesloe

The median house price in Perth’s most expensive suburb sits at $3.4 million which is unaffordable for many. But this three bedroom, one bathroom home on 37 Albion Street sold for $1.27 million in August. The 80s property on a 408 square metre block last sold in 1993 for $160,000.

Dalkeith

This home in Dalkeith was the cheapest to sell in 2024. Credit: Domain

Dalkeith is regarded as the crown jewel of the city’s “golden triangle”, carrying a hefty median house price of $3.39 million.

Bounded on three sides by the Swan River, it is home to many of Perth’s most notable and wealthy residents, ranging from mining tycoons to A-list celebrities – those who happily reside in some of the city’s most impressive mansions, lapping up the luxury that befits its prestigious postcode.

However, a three-bedroom, two-bathroom duplex built after World War II along Genesta Crescent sold for $1.7 million in July last year.

The home is described as a “character gem” with scope for a value lift and modernisation with a few simple renovation tweaks.

City Beach

This was the cheapest sale in City Beach last year.Credit: Domain

With a median house price of $2.9 million, this affluent suburb along the coast is renowned for commanding top dollar for residential real estate.

A five-bedroom, three-bathroom mansion designed to look like a slice of cheese – with a rind-like white exterior and buttery timber details inside – sold through private treaty in December for $6.4 million.

But that wasn’t the most expensive sale. That went to 28 Challenger Parade which sold for a hefty figure of $11.1 million in March 2024.

On the other end of the scale, this home along Kilpa Court sold for $1.1 million just before Christmas. Quite the jump from when it sold in 2020 for a mere $690,000, after originally being listed for $750,000.

The three-bedroom, two-bathroom property was built in 1988 and sits on 408 square metres.

Swanbourne

This coastal suburb is smaller and quieter than its well-heeled neighbour Cottesloe and is home to one of Perth’s two nudist beaches.

While you can expect to pay around $2.37 million for a home in this postcode, this semi-detached house along Saladin Street sold for $1.18 million in March 2024.

The house, which sits on 717 square metres, was built in 1964 and features two bedrooms, one bathroom, and one parking space. It was asking $800 a week in rent in August.

It was advertised as a surprisingly “bigger than it looks” home, perfect for first time buyers, couples or small families wanting to get a foothold into the popular suburb.

Nedlands

Nedlands’ cheapest home sale in 2024.Credit: Domain

With a median price of $2.3 million in Nedlands, someone nabbed a bargain with their $840,000 purchase of this home along Stirling Highway.

The 1950s-built two-bedroom, one-bathroom home has changed hands frequently, selling nine times in the past.

Floreat

Floreat’s cheapest home sale last year.Credit: Domain

Known for its tree-lined streets, lush green parks, and strong sense of community, trying to buy a home for less $1 million in Floreat can seem like mission impossible.

The median house price in the lush western suburb hovers at $1.8 million. But this home on Turriff Road sold for $950,000 in July.

Situated on a large 1000-square-metre block, it was advertised as an opportunity to live in a private estate on valuable land.

REIWA chief executive Cath Hart while property prices were tipped to continue to grow at a slower pace this year, more price growth was expected for the luxury market, but likely at a lower rate than the broader market.

“Demand will remain strong for affordable suburbs like Armadale and Brabham, and they are likely to grow at a higher rate than Greater Perth,” she said.

“However, the FOMO seen in 2024 has eased, and further growth is likely to be more moderate.”

Hart pointed to comments from the Reserve Bank board predicting it could take one to two years for changes to interest rates to affect the economy.

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