A record number of Perth suburbs are now part of the $2 million club, highlighting how dramatically the city’s housing market has shifted. But with growth easing, the next phase could test pricing strategies and vendor expectations.
The rapid growth in Perth’s property market in recent years has seen more than 30 suburbs’ median values enter the $2 million club.
According to the Real Estate Institute of Western Australia’s (REIWA) latest data, more than 31 suburbs across the city boasted a median house price of more than $2 million, with 10 reaching the mark for the first time in June 2026.
REIWA president Suzanne Brown said the number of suburbs at the price point had seen a significant increase in recent years, rising from 22 in January 2026 and just three five years ago.
She said that with conditions easing across Perth, there may be fewer new entrants to the list when it is reviewed in early 2027.
“There may also be several suburbs that see their median house sale price fall back below $2 million,” she said.
“However, we believe Perth’s strong price growth over the past few years warrants an ongoing separate list for suburbs with median house sale prices of $2 million or more.”
The suburbs to reach the benchmark for the first time were Attadale, Bicton, Daglish, Jolimont, Marmion, North Beach, Rossmoyne, Salter Point, Wembley Downs, and West Leederville.
The data showed Peppermint Grove retained its position as Perth’s most expensive suburb, recording a price growth of 68.2 per cent over the year and a median of $6,575,000.
Additionally, 167 suburbs across Perth were found to have a median house price above $1 million, accounting for 41.4 per cent of the city.
Brown said that five years ago, that number was just 42, or 10.4 per cent.
While Perth had benefited from very strong rates of growth, Brown said the median house sale price reflected the overall increase in property value.
“Median house sale prices can fluctuate from year to year, depending on the type of property that sold in that time period.”
“This means you will sometimes see large increases or decreases in median house sale prices, particularly in suburbs with low numbers of sales in a reporting period.
According to Brown, while property markets often fluctuated, vendors could still achieve strong results despite the conditions of the suburb around them.
She said that while market analysis could identify trends in property markets, vendors should note that they are not always guaranteed to experience the same results.
“For example, a 25 per cent jump in the median house sale price doesn’t guarantee your home will experience a similar increase.
“Likewise, a 10 per cent fall doesn’t mean you cannot achieve a good price result for your home.”
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