Perth’s property market has witnessed remarkable growth in 2024, resulting in a significant expansion of its prestigious “million-dollar club.” A record 37 suburbs joined the ranks of those with a median house sale price of $1 million or more, bringing the total to an impressive 100.

Unprecedented Growth Drives Expansion

REIWA CEO Cath Hart attributed this surge to the strong price growth experienced throughout 2024. “In a typical year, only a handful of suburbs would see their median house sale price rise above $1 million,” she explained. “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% in October.” This exceptional growth propelled 37 suburbs into the million-dollar club, a stark contrast to just eight in 2023 and surpassing the previous record of 14 set in 2006.

No Retreat for Million-Dollar Suburbs

Importantly, no suburbs that were on the 2023 list fell below the $1 million median house sale price in 2024. Among the new entrants, three – Highgate, Burswood, and West Swan – rejoined the list after previously exiting. “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 commented.

West Perth Leads the Charge

West Perth emerged as the top performer among the new million-dollar suburbs, recording an impressive 48.9% increase in its median house sale price, reaching $1,340,000. Ms. Hart noted that West Perth, often overlooked in favor of neighboring suburbs like Leederville and Highgate, is now attracting significant buyer interest. “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 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.”

Other top-performing newcomers included Riverton (up 39.7%), Burswood (up 39.6%), Guildford (up 39.3%), and Highgate (up 39.0%).

Peppermint Grove Remains at the Pinnacle

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, representing 23.6% growth over the year. Notably, this marks the first time a Perth suburb has broken the $5 million barrier. “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,” Ms. Hart explained. She added, however, that the record-breaking median price was likely influenced by a number of high-priced sales rather than a significant increase in prices across the board. The most expensive sale in Peppermint Grove in 2024 was 59 Keane Street, which fetched $20,100,000 in March. The highest sale price in Perth for 2024 was 177 Wellington Street, Mosman Park, which sold for $25,000,000 in May.

A Comprehensive List

The following table lists all 100 Perth suburbs with a median house sale price of $1 million or more for the 12 months to December 2024. Suburbs in bold indicate those that are new or have returned to the list:

• 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

At Holdsworth Real Estate, we closely monitor these market trends to provide our clients with the most up-to-date and insightful advice. Contact us today to discuss your real estate needs in this dynamic market.