Perth's emerging million-dollar suburbs

Perth’s property values have seen a substantial upswing, with a 21.1% annual increase reported by CoreLogic up to April this year.

This surge, combined with a growing population and a tight rental market, is setting the stage for more suburbs to breach the million-dollar median price mark, transforming the local real estate landscape.

Factors fuelling price growth in Perth

According to Peter Gavalas (pictured above) from Resolve Property Solutions, a mixture of high demand and low supply is driving up property prices across Perth.

“Cracking the $1 million median price barrier is a big deal, that shows a suburb has become highly sought after and upscale,” Gavalas said. “We’re seeing this happen in more areas as the market continues to grow.”

The Real Estate Institute of Western Australia (REIWA) supports this observation, indicating a 14.5% increase in the number of million-dollar suburbs in 2023 alone.

Predictions for new million-dollar suburbs

Gavalas anticipates several more suburbs will soon exceed the million-dollar median price threshold. He cites proximity to the city, good schools, and strong infrastructure as key indicators of a suburb's potential.

“Areas with high median incomes are crucial because they underpin the borrowing capacity needed to sustain higher property values,” he said. “As incomes grow, so does the ability of residents to invest in real estate in these areas.”

Gavalas has pinpointed eight suburbs poised to join the million-dollar club, including:

• Connolly: Known for its golf course and coastal proximity, with a current median sales price of $900,000.
• Padbury: Popular for its community feel and excellent schools, with a median of $805,000.
• Mindarie: A coastal suburb with a vibrant local life and a median price of $960,000.
• Victoria Park: Close to Perth’s CBD and known for its eclectic shopping and dining, with a median of $865,000.
• Riverton: Offers a tranquil environment near the Canning River, with a median of $838,000.
• Leeming: Noted for its schools and family-oriented community, with a median of $940,000.
• Beaconsfield: Known for its mix of old and new homes near Fremantle, with a median of $950,000.
• Bedford: Appreciated for its large blocks and character homes, with a median price of $870,000.

“These suburbs are showing all the right signs, from escalating sales figures that are tipping over the million-dollar mark to a steady increase in demand,” Gavalas said. “Their rising popularity and property values are supported by a mix of lifestyle offerings, strategic location, and community infrastructure, making them prime candidates for future growth.”

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