Strong price growth across the upper end of the Perth market has seen 11 new suburbs join the million-dollar price bracket for the first time.
According to the Real Estate Institute of Western Australia (REIWA), Marmion, Mount Hawthorn, North Perth, Fremantle and Kensington all saw their median house prices jump above $1.1 million at the end of June 2022.
While Gwelup, Booragoon, Karrinyup, Leederville, Iluka and Como saw their median house prices reach $1 million or more.
REIWA President Damian Collins said the Perth property market had seen strong growth in the past 12 months led by strong demand for higher-priced homes.
“People have started to gain confidence in WA’s strong economy and property market, which we have seen translate into more sales at the top end of the market, pushing these suburbs’ median house sale prices into the million-dollar club,” Mr Collins said.
“All of these suburbs have had medians hovering below $1 million for quite some time.
“It is impressive to see the demand for houses in these suburbs hold strong throughout the 2021-22 financial year, now placing them in Perth’s luxury market.”
Over the last financial year, six out of the 11 suburbs recorded more than 20 per cent price growth underpinning the recent strength in the market.
“Perth’s premium market is attracting a lot of interest from buyers leading to strong price growth,” Mr Collins said.
“If you are considering selling in one of these suburbs, now would be an opportunistic time to capitalise on this demand.”
Mr Collins said he expected solid growth to continue for the rest of the year.
“Given Perth has a housing shortage, the cheapest median house price of any capital city in the country, a growing population and strong economy, we anticipate house prices to continue to rise as we enter the back end of 2022,” he said.
“As more suburbs reap the benefits of our strong market conditions, Perth’s million-dollar club is likely to continue to grow over the next 12 months.”
