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A record-breaking financial year saw 11 Perth suburbs enter the $1 million price category for the first time in their history.
Five suburbs — Marmion, Mount Hawthorn, North Perth, Fremantle and Kensington — saw their median house prices rise above $1.1 million, while the remaining six that broke the seven-figure barrier were Gwelup, Booragoon, Karrinyup, Leederville, Iluka and Como.
Real Estate Institute of Western Australia (REIWA) president Damian Collins said sales at the top end of the market had dominated the state capital, which experienced strong property growth during the last financial year.
“People have started to gain confidence in WA’s strong economy and property market, which we have seen translate into more sales at the top end of the market, pushing these suburbs’ median house sale prices into the million-dollar club,” Mr Collins said.
Mr Collins explained that “all of these suburbs have had medians hovering below $1 million for quite some time”. He noted that demand remained strong in these suburbs throughout the previous financial year, which now places them in Perth’s luxury market.
In addition to breaking into the $1 million club, six of the suburbs recorded more than 20 per cent price growth during the 2021–22 financial year.
He added that with Perth’s premium market attracting a lot of interest, now would be an opportunistic time to capitalise on this demand for anyone looking at selling in one of these suburbs.
“Given Perth has a housing shortage, the cheapest median house price of any capital city in the country, a growing population and strong economy, we anticipate house prices to continue to rise as we enter the back end of 2022,” he added.
“As more suburbs reap the benefits of our strong market conditions, Perth’s million-dollar club is likely to continue to grow over the next 12 months.”
The 11 suburbs to crack the $1 million dollar club in Perth are:
- Marmion:
Median house price FY 20–21: $965,000
Median house price FY 21–22: $1.27 million
12-month percentage change: 32 per cent
- Mount Hawthorn:
Median house price FY 20–21: $950,000
Median house price FY 21–22: $1.25 million
12-month percentage change: 32 per cent
- North Perth:
Median house price FY 20–21: $1.13 million
Median house price FY 21–22: $900,000
12-month percentage change: 26 per cent
- Fremantle:
Median house price FY 20–21: $1.1 million
Median house price FY 21–22: $850,000
12-month percentage change: 29 per cent
- Kensington:
Median house price FY 20–21: $1.1 million
Median house price FY 21–22: $922,000
12-month percentage change: 19 per cent
- Gwelup:
Median house price FY 20–21: $1.06 million
Median house price FY 21–22: $815,000
12-month percentage change: 30 per cent
- Booragoon:
Median house price FY 20–21: $1.03 million
Median house price FY 21–22: $850,000
12-month percentage change: 21 per cent
- Karrinyup:
Median house price FY 20–21: $1.02 million
Median house price FY 21–22: $880,000
12-month percentage change: 16 per cent
- Leederville:
Median house price FY 20–21: $1.02 million
Median house price FY 21–22: $890,000
12-month percentage change: 15 per cent
- Iluka:
Median house price FY 20–21: $1 million
Median house price FY 21–22: $845,000
12-month percentage change: 18 per cent
- Como
Median house price FY 20–21: $940,000
Median house price FY 21–22: $1 million
12-month percentage change: 6 per cent
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