Perth’s property market is showing no signs of slowing down, with REIWA forecasting a substantial expansion of the million-dollar club in 2025. Under current market conditions, 20 new suburbs are predicted to reach this prestigious price point by the end of the year, reflecting the overall strength of Perth’s property market and specific growth trends within these areas.
Drivers of Growth: A Multifaceted Market
REIWA CEO Cath Hart points to a confluence of factors fueling this expansion. The general market growth, projected between five and 10 percent for Perth this year, provides a foundation for price increases across the board. However, it’s the localized demand within specific suburbs that truly accelerates price growth. This demand is often driven by a combination of desirable lifestyle factors, including:
- Proximity to Amenities: Access to quality schools, vibrant shopping and dining precincts, parks, and recreational facilities plays a significant role in attracting buyers and driving up prices.
- Location Advantages: Suburbs close to the city center, the coast, or the river command a premium due to their convenient location and desirable lifestyle offerings.
- Improved Infrastructure: Upgrades to local infrastructure, such as improved transport links, new roads, or enhanced community facilities, can significantly boost an area’s appeal and subsequent property values.
The Ripple Effect: Price Growth Spreads
Another key dynamic at play is the “ripple effect.” As established, highly sought-after suburbs become increasingly expensive, buyers begin to look at neighboring areas, creating a spillover effect that drives up demand and prices in those adjacent suburbs. This phenomenon is clearly illustrated by the suburbs predicted to join the million-dollar club in 2025. Many are located next to existing million-dollar suburbs, demonstrating how price growth radiates outwards.
Spotlight on the Contenders: Suburbs on the Rise
Several suburbs are particularly close to reaching the million-dollar milestone. Connolly, currently at $995,000, is a prime example, benefiting from its proximity to the established million-dollar suburb of Iluka. Similarly, Lathlain ($994,500) and North Lake ($990,000) are also within striking distance, likely influenced by the price growth in nearby areas. The full list of suburbs predicted to join the million-dollar club in 2025, along with their current median house sale prices (December 2024), includes:
- Connolly ($995,000)
- Lathlain ($994,500)
- North Lake ($990,000)
- Boya ($983,000)
- Mahogany Creek ($980,000)
- Woodvale ($980,000)
- Yokine ($975,000)
- Bouvard ($970,000)
- Bushmead ($970,000)
- Jandakot ($965,000)
- Kardinya ($945,500)
- Lake Coogee ($945,500)
- Joondanna ($936,000)
- Kingsley ($935,000)
- Victoria Park ($931,000)
- Glen Forrest ($925,000)
- Bedford ($925,000)
- Willagee ($914,750)
- Jarrahdale ($910,000)
- Padbury ($910,000)
Navigating the Market: Staying Informed is Key
This continued growth and expansion of Perth’s million-dollar club underscores the importance of staying informed and proactive in the property market. Whether you’re a buyer, seller, or simply interested in the market dynamics, understanding these trends is crucial for making sound real estate decisions. Holdsworth Real Estate provides valuable resources, market insights, and expert advice to help you navigate the complexities of the Perth property market and achieve your real estate goals. We encourage you to explore our website and contact our team for personalized guidance.