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.

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