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A record number of suburbs have joined Perth’s million-dollar club in the past financial year, bringing the total number of suburbs with a median sale price of more than $1 million to 87.
Only two new suburbs joined the list in 2022-23, but this financial year, a total of 30 new suburbs joined the club.
House prices continue to rise in Perth, but some areas are rising faster than others.
Real Estate Institute of WA president Joe White said the record number of new migrants reflected the strong growth in Perth house prices over the past 12 months.
“Under normal market conditions, you would expect to see a number of new suburbs join the million-dollar club each year as their prices rise due to improvements in amenities or infrastructure, the increasing popularity of certain lifestyles, or as a knock-on effect of price growth in neighbouring suburbs,” he said.
“Perth house price growth has accelerated this financial year, with the median house price up 18.8 per cent.”
Of the 87 suburbs on the list, 23 saw house prices rise by more than 20 per cent in the 12 months to June.
Leading the way was Karawara, where the median house sale price almost doubled to $1,155,000.
Mr White said Karawala’s appeal was its proximity to the Canning River, the city and Curtin University, making it suitable for a wide range of buyers.
“The suburb is undergoing a transformation and the upgrade of Watford Plaza provides residents with two supermarkets and a range of new restaurants,” he said.
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