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.
| SUBURB | 2024 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.
