More Perth Suburbs Join the $1 Million Club in 2024
Perth’s property market experienced a significant milestone in 2024, with a record number of suburbs reaching a median house price of $1 million or more. The strong price growth seen throughout the year resulted in 37 additional suburbs crossing the million-dollar threshold, bringing the city’s total to 100. This far surpasses the previous record set in 2006 when just 14 suburbs joined the list in a single year.
Exceptional Growth Across Perth’s Housing Market
The surge in property prices has been driven by a combination of factors, including record population growth, an undersupply of housing, and strong buyer demand. Perth has become one of the standout performers in the Australian property market, outperforming many eastern states that have seen slowing growth or price corrections.
While house prices typically rise and fall depending on various economic conditions, 2024 saw some of the strongest market growth since the 2006–07 boom. The annual median house price growth peaked at 24.8% in October, reflecting high levels of buyer interest and competition.
Which Suburbs Saw the Biggest Gains?
Among the new entrants to the million-dollar club, West Perth recorded the highest growth, with its median house price increasing by 48.9% to $1,340,000. Traditionally overshadowed by neighbouring areas such as Leederville and Highgate, West Perth is now firmly on buyers’ radars, particularly among young families seeking affordable entry into inner-city living.
Other top-performing suburbs included:
- Riverton: Up 39.7% to $1,076,000
- Burswood: Up 39.6% to $1,270,000
- Guildford: Up 39.3% to $1,025,000
- Highgate: Up 39% to $1,275,000
These increases reflect a broader trend of homebuyers and investors shifting their focus towards suburbs offering a combination of lifestyle amenities, strong infrastructure, and potential for further growth.
Perth’s Most Expensive Suburb Breaks the $5 Million Barrier
Peppermint Grove retained its title as Perth’s most expensive suburb, with its median house price increasing by 23.6% to $5,035,000. This marks the first time any suburb in Perth has recorded a median house price above $5 million, largely due to high-end property sales in the area.
While Peppermint Grove has always been a sought-after location, its limited housing stock and ongoing demand continue to drive price growth. However, local agents suggest this figure reflects a handful of high-value sales rather than a sudden surge in overall market prices.
What’s Next for Perth’s Property Market?
The momentum in Perth’s property market remains strong, with expectations of continued price growth in 2025, albeit at a slightly more moderate pace. Several factors will influence market activity in the coming months, including:
- State and federal elections: Historically, buyer and seller activity tends to slow in the lead-up to elections as people wait to see potential policy changes, particularly around housing.
- Interest rates: The ongoing debate about when rates will be cut is causing some hesitation among buyers. If interest rates are lowered in the coming months, we could see another wave of activity pushing prices higher.
- Affordability challenges: As property prices continue to rise, buyers will likely focus more on affordability, increasing demand for suburbs that still offer value for money.
Despite these factors, the underlying fundamentals of the Perth market remain strong. Population growth, a robust local economy, and continued housing shortages suggest that demand for property will remain high.
Final Thoughts
The record number of suburbs joining the $1 million club in 2024 highlights the strength and resilience of Perth’s property market. With demand still outweighing supply, it’s expected that more suburbs will cross this threshold in the near future.
For buyers, this means now is the time to act before affordability becomes an even greater challenge. For sellers, the strong market conditions offer a prime opportunity to achieve outstanding results.
If you’re thinking about buying or selling in Perth’s northern suburbs, now is the time to plan your next move. The market is evolving rapidly, and staying ahead of the trends will ensure you make the most of the opportunities available.
Source: REB (https://www.realestatebusiness.com.au/)