Perth’s Top Performing Suburbs For 2024 - 25

As the 2024–25 financial year kicks off, WA’s property market is showing no signs of slowing down. With 2024 behind us, the data reveals a booming year of growth across both house and unit markets – and several suburbs truly stood out.

According to REIWA, the 2024 calendar year delivered the strongest annual price growth since the mid-2000s, fuelled by high demand, low supply, and strong economic conditions. For buyers, sellers, and investors alike, it’s worth knowing which areas saw the biggest jumps in value – and what that might mean for the year ahead.

The Top House Performers

Marmion led the pack for houses in 2024, with its median sale price rising by an incredible 55.3% to $2.17 million. Close behind were West Perth, up 48.9% to $1.34 million, and Riverton, up 39.7% – all enjoying record growth. Other standouts included Trigg, Cottesloe and North Beach, all benefiting from strong lifestyle appeal and low stock levels.

The overall median house price in Perth hit $745,000 by December 2024 – a 24.2% increase year-on-year. Suburbs that entered the million-dollar club for the first time reflect growing confidence in both established and emerging pockets of the metro area.

Standouts in the Unit Market

While houses saw substantial growth, units weren’t far behind. Gosnells recorded the highest rise in median unit sale price at 52.6%, reaching $435,000. The Perth unit market as a whole finished 2024 with a median price of $500,000, a 21.7% increase from the year prior.

Unit price growth is likely linked to affordability pressures and demand from downsizers, investors and first-home buyers looking for more accessible options.

Rental Trends and Yields

Rental prices also hit new highs in 2024. The median weekly house rent ended the year at $670 (up 8.1%), while units reached $650 (up 14%). While these increases mean more income for landlords, they’ve also put rental yields under pressure – especially for houses.

Unlike in 2023, where house yields frequently exceeded 6%, 2024 saw that figure drop, with the highest yield sitting at 5.8%. Unit yields, however, remained comparatively strong.

What’s Ahead for FY25?

As we settle into the 2024–25 financial year, the key drivers of Perth’s growth – including interstate migration, a tight rental market, and limited stock – are still in play. The addition of 37 new suburbs to the million-dollar club in 2024 (bringing the total to 100) shows that buyer appetite remains strong in both prestige and emerging areas.

If you’re thinking about buying, selling, or investing in Perth this financial year, understanding how your suburb is performing – or where new opportunities might be – could give you a clear edge.

If you'd like to talk about how this will affect your property plans, don't hesitate to contact the team at Bellcourt on 08 6141 7848.