Perths Newest Million Dollar Suburbs

Perth’s property market has had a record-breaking year, with 37 suburbs officially entering the million-dollar club in 2024. This means that these suburbs now boast a median house price of over $1 million—an incredible milestone for a city that has traditionally been known for its affordability compared to Sydney and Melbourne.

And it’s not just Perth—across Australia, 162 suburbs reached this seven-figure benchmark, highlighting a national trend of skyrocketing property prices. But what’s causing this surge, and what does it mean for buyers, sellers, and investors heading into 2025?

The Suburbs Leading the Charge
Several Perth suburbs saw a sharp increase in median house prices, pushing them past the million-dollar mark. Some of the biggest movers include:

White Gum Valley – A massive 31% increase brought the median price up to $1.3 million
Beaconsfield – Also up 31%, now sitting at $1.2 million
North Perth – A 28% surge raised the median to $1.2 million
Mount Hawthorn – Prices jumped 27%, reaching $1.3 million
Kensington – A 26% growth spurt took prices to $1.2 million
These suburbs have seen incredible demand, driven by their prime locations, lifestyle appeal, and a mix of older character homes and modern redevelopments.

Why Are Prices Soaring?
Several key factors have contributed to this sharp rise in house prices across Perth:

1. Population Growth
Western Australia has seen a significant influx of new residents, both from overseas and interstate. As more people move to the city, demand for housing has increased, pushing prices higher.

2. Investor Activity
With Perth still offering relative affordability compared to the east coast, investors have been snapping up properties, further tightening supply.

3. Limited Housing Supply
A shortage of available homes has led to intense competition among buyers, driving up property values. Many suburbs simply don’t have enough housing stock to meet demand, which naturally inflates prices.

4. Rising Construction Costs
The cost of building new homes has surged, making it more expensive for developers and homeowners alike. This has limited new housing supply and kept prices for existing homes high.

What’s Next for Perth’s Property Market?
While 2024 was a year of rapid growth, experts predict that the trend will continue into 2025—although perhaps at a slower pace. Factors such as potential interest rate cuts, improving investor confidence, and more relaxed lending conditions could further fuel the market.

However, some analysts suggest that growth may stabilise in certain areas, particularly if affordability constraints start to slow buyer demand.

For investors, the key will be to identify suburbs that still have room to grow. While many areas have already hit peak prices, others could see continued appreciation in value, particularly those benefiting from infrastructure upgrades, lifestyle amenities, and ongoing development.

What Does This Mean for Buyers?
If you’re looking to buy in Perth, the competition is fierce—but that doesn’t mean there aren’t opportunities. Here are a few tips:

✅ Act Fast – With supply remaining tight, good properties are getting snapped up quickly.
✅ Do Your Research – Some suburbs may have peaked, while others are just starting their growth cycle.
✅ Consider Emerging Areas – Instead of chasing already expensive suburbs, look at neighbouring areas that could see future price growth.

Whether you’re a homebuyer, an investor, or just keeping an eye on the market, one thing is clear: Perth’s property market is hotter than ever, and 2025 is set to be another exciting year.