Published on August 15, 2024

Published by Sanctuary Real Estate

It was recorded that 30 suburbs joined Perth’s million-dollar club in 2023-2024 that brings the total number of suburbs with a median house sale price over $1-87 million.

Joe White, REIWA’s President said the record number of suburbs that joined the club reflected Perth’s extremely high price growth over the past 12 months.

He added, “Under normal market conditions you can expect to see a few new suburbs join the million-club each year as their prices rise due to improved amenity or infrastructure, growing popularity for certain lifestyle features, or as a flow-on effect from price growth in neighbouring suburbs.”

“This financial year, house price growth in Perth has accelerated and the median house price has increased 18.8 %. The high demand for established homes, fueled by population growth and limited new housing supply, has seen strong price growth across the metropolitan area, with nearly a quarter of the suburbs in the million-dollar club recording growth greater than Perth.”

The leading suburb was Karawara, which saw a 43.5% in its median house price to $1,155,000. Mr. White also highlighted that Karawara’s attractiveness stems from its close proximity to the Canning River, the city, and Curtin University, making it appealing to a broad spectrum of buyers.

“The suburb is undergoing a transformation, with upgrades to Waterford Plaza offering residents two supermarkets and a range of new eateries,” he added.

“Properties have also undergone renovation and revitalisation in recent years, helping boost prices in the area.”

The highest-priced sale in Perth for the 2023-24 financial year was 3 Owston Street in Mosman Park, which was sold for $22 million.

Source: REIWA

Visit reiwa.com to view 30 New Entrants