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The record number of new Perth suburbs joining the million-dollar club
A record number of suburbs have joined Perth’s million-dollar club in the past financial year, bringing the total number of suburbs with a median sale price over $1 million to 87.
Only two new suburbs joined the list in 2022-23 but this financial year, 30 new suburbs joined the club.
Perth property prices have continued to grow, but some areas have risen faster than others.
Real Estate Institute WA president Joe White said the record number of new entrants reflected Perth’s strong price growth over the past 12 months.
“Under normal market conditions you can expect to see a few new suburbs join the million-dollar 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.
“This financial year house price growth in Perth has accelerated and the median house price has increased 18.8 per cent.”
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 almost doubled its median house sale price to $1,155,000.
White said Karawara’s appeal lay in its proximity to the Canning River, city and Curtin University, which suited 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 price of $3,700,000 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.
As buyers and sellers head into the spring selling season, CoreLogic data suggests Perth sellers are in a powerful position, with total stock on the market at very depleted levels.
Head of research Eliza Owen said the urgency in the market was particularly evident in days on market, where the median selling time for Perth dwellings was just 10 days in the three months to July.
“The biggest discrepancies between sales and new listings are currently in Melbourne, where there were 5400 more new listings added to the market in the past three months than sales taking place, and Adelaide and Perth were on the other end of the spectrum, where sales vastly outpaced the number of new listings added,” she said.
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