Number of Perth property millionaires has surged dramatically

Perth’s property boom has reached another remarkable milestone, with more than four in every 10 suburbs now boasting a median house sale price above $1 million and a record number of prestige suburbs crossing the $2 million threshold.

The latest figures from REIWA reveal the city’s extraordinary price growth has fundamentally reshaped Perth’s residential landscape, prompting the Institute to split its long-running Million Dollar Club into two separate categories for the first time.

The new format reflects just how quickly Perth has moved from being Australia’s affordable capital city to one where seven-figure price tags have become increasingly commonplace.

At the end of June, 167 Perth suburbs had a median house sale price of at least $1 million, representing 41.4 per cent of all suburbs across the metropolitan area. Five years ago, just 42 suburbs had reached that milestone.

In an extraordinary six months, 38 suburbs joined Perth’s million-dollar club for the first time, while another five suburbs reclaimed their place after previously slipping below the threshold.

REIWA President Suzanne Brown said the pace of change had surprised even seasoned market observers.

“We have seen significant growth in the number of suburbs with million-dollar median house sale prices over the past few years, but it’s been figures such as 34 new entrants over a 12-month period, not 38 over a six-month period,” she said.

Property prices still edging upwards

The surge follows one of Perth’s strongest periods of price growth on record.

During the March quarter this year, Perth’s median house sale price climbed 5.3 per cent in just three months as stock shortages pushed competition to extreme levels and the median selling time fell to only eight days.

Although growth moderated during the June quarter to 3.9 per cent, values continued rising across much of the metropolitan area.

Ms Brown said the rapid expansion of Perth’s million-dollar suburbs was largely a consequence of those exceptionally tight market conditions experienced earlier this year.

She does expect the pace of change to slow as market conditions gradually normalise.

“Market conditions are easing and, if they continue to do so, we expect to see a much smaller number of new entrants when we review the million-dollar club in early 2027,” she said.

Among the newest million-dollar suburbs, Embleton recorded the strongest annual growth, with its median house sale price rising almost 30 per cent over the year to reach $1,078,500.

The changing market has also fuelled rapid growth at the upper end.

A record 31 Perth suburbs now have median house sale prices exceeding $2 million, up from 22 suburbs just six months ago and only three suburbs five years ago.

Ten suburbs crossed the $2 million mark for the first time during the latest reporting period, namely Attadale, Bicton, Daglish, Jolimont, Marmion, North Beach, Rossmoyne, Salter Point, Wembley Downs and West Leederville.

The expansion of Perth’s prestige market illustrates how broadly price growth has spread beyond the city’s traditional blue-chip suburbs.

While riverfront and coastal locations continue to dominate the top end, premium pricing is becoming increasingly common across a much wider range of established family suburbs.

Peppermint Grove retained its position as Perth’s most expensive suburb, recording a median house sale price of $6.575 million.

It also became the first suburb in REIWA’s records to surpass the $6 million mark after posting annual median price growth of 68.2 per cent. Ms Brown cautioned, however, against reading too much into headline median price movements in prestige suburbs.

She said median sale prices can fluctuate significantly depending on the mix of homes sold during a reporting period, particularly in suburbs where relatively few properties change hands each year.

In Peppermint Grove’s case, REIWA members reported several large landholding sales had contributed to the exceptionally high median figure.

The distinction is particularly important for homeowners attempting to estimate the value of their own property.

A sharp increase in a suburb’s median sale price does not necessarily mean every home has appreciated by the same amount, just as a softer median result does not automatically indicate individual properties have lost value.

Instead, Ms Brown encouraged homeowners considering a sale to seek advice from local agents who understand the nuances of their neighbourhood and can compare individual properties against recent comparable sales.