REIWA CEO Cath Hart attributed the significant increase to strong price growth throughout 2024.
“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, compared to just eight in 2023.
“The previous record for suburbs added to the million-dollar club in a calendar year was 14, set in 2006.”
No suburbs from the 2023 list saw their median house sale price drop below $1 million in 2024.
Among the 37 new additions, three suburbs—Highgate, Burswood, and West Swan—returned to the list after previously falling below the threshold.
“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 recorded the highest price growth among Perth’s newest million-dollar suburbs, with its median house sale price rising by 48.9% to $1,340,000.
REIWA CEO Cath Hart said West Perth had long been overlooked in favor of neighboring city-fringe suburbs like Leederville and Highgate but was now gaining traction among buyers.
“Our members tell us this growth has been a long time coming,” she said.
“As prices rise in neighboring suburbs like Leederville and North Perth, more buyers are turning to West Perth. Young families, in particular, are purchasing at the lower end of the market.
“With only a small pocket of houses available, this increased demand has put strong upward pressure on house prices.”
Riverton followed as the next best-performing newcomer, recording 39.7% annual growth, while Burswood (39.6%), Guildford (39.3%), and Highgate (39.0%) also saw significant gains.
Peppermint Grove maintained its status as Perth’s most expensive suburb, reaching a record median house sale price of $5,035,000 by the end of 2024. The suburb’s median price rose 23.6% over the year, marking the first time a Perth suburb has exceeded the $5 million threshold.
REIWA CEO Cath Hart attributed the price milestone to high demand in the exclusive suburb.
“Peppermint Grove is a very desirable but small suburb, with limited properties available. When homes hit the market, competition drives prices up,” she said.
“However, our members believe the $5 million median is more reflective of several high-priced sales rather than a broad market surge.”
The suburb’s highest sale in 2024 was 59 Keane Street, which sold for $20,100,000 in March. Meanwhile, Perth’s overall most expensive sale was 177 Wellington Street, Mosman Park, which sold for $25,000,000 in May.
SUBURB
2024 MEDIAN HOUSE PRICE
Peppermint Grove
$5,035,000
Cottesloe
$3,510,000
Dalkeith
$3,450,000
City Beach
$3,000,000
Swanbourne
$2,504,444
Claremont
$2,320,000
Nedlands
$2,315,000
Watermans Bay
$2,295,000
Applecross
$2,000,000
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.