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Perth’s property landscape welcomes eight new million-dollar suburbs


The real estate tapestry of Perth has expanded its million-dollar enclave with the addition of eight new suburbs to its prestigious ranks. Iluka, Shelley, Alfred Cove, Coogee, Melville, Bedfordale, Ocean Reef, and White Gum Valley have all crossed the threshold, entering the market’s upscale territory alongside perennial high performers such as Peppermint Grove, Cottesloe, Dalkeith, and City Beach.

Cath Hart, CEO of the Real Estate Institute of Western Australia (REIWA), highlighted the long-term trend that brought these suburbs to the seven-figure bracket. “All eight suburbs have been edging closer to the million dollar mark over the past decade,” Hart explained. She pointed to infrastructural developments and urban expansion as primary catalysts for the escalated property values within these areas. Specifically, Shelley has led the charge among the new entrants, with its median house sale price skyrocketing by 30.9 per cent from $897,000 in December 2022 to $1,175,000 by the end of 2023.

The most notable sale in Shelley for 2023 was a property at 225 Riverton Drive North, which went for $3,150,000 in March. Following Shelley, Iluka recorded a 19.1 per cent increase in its annual growth, with Coogee, Bedfordale, and Ocean Reef also posting significant gains. On the upper echelons, Peppermint Grove retained its spot atop the leaderboard with a median house sale price of an impressive $4 million, marking a 23.5 per cent growth over the year.

Hart reminisced that the suburb has been a consistent front-runner, with the last ten years only seeing it drop to second place once, behind Dalkeith in 2022. The most extravagant transaction in Peppermint Grove was the sale of 41 Keane Street for $11,350,000 in January. Contrasting this prosperity, Burswood and Highgate saw their median prices descend below the million-dollar mark, thus exiting the exclusive club. “Burswood departs the million dollar club after having appeared twice prior, and Highgate once prior in the past 10 years,” Hart said, acknowledging the dynamic nature of the property market.

She commented that yearly fluctuations are normal, as varying types of properties get sold. Looking to the future and considering an estimated 10 per cent overall price growth in Perth, Hart expressed curiosity about the potential new entrants to the million-dollar club next year. Additionally, Hart called attention to Perth’s most expensive sale* of the year, which saw 18 Richardson Avenue, Claremont, change hands at an astonishing $13,300,000 in August.

Peppermint Grove $4,000,000 
Cottesloe $3,300,000 
Dalkeith $3,300,000 
City Beach $2,580,000 
Swanbourne $2,315,000 
Nedlands $2,000,000 
Applecross $1,925,000 
Mosman Park $1,910,000 
Claremont $1,825,000 
South Perth $1,800,000 
Trigg $1,773,000 
Mount Claremont $1,765,000 
Churchlands $1,722,500 
Floreat $1,703,000 
Shenton Park $1,685,000 
North Fremantle $1,665,000 
Subiaco $1,643,000 
East Fremantle $1,635,000 
Daglish $1,570,000 
North Beach $1,520,000 
Attadale $1,500,000 
Wembley Downs $1,492,500 
Rossmoyne $1,480,000 
Jolimont $1,465,000 
Wembley $1,464,000 
Mount Pleasant $1,450,000 
Salter Point $1,425,000 
North Coogee $1,420,000 
Menora $1,407,500 
Coolbinia $1,400,000 
Marmion $1,395,000 
Sorrento $1,375,000
East Perth $1,370,000 
West Leederville $1,350,000 
South Fremantle $1,337,500 
Bicton $1,310,000 
Crawley $1,300,000 
Mount Lawley $1,300,000 
Winthrop $1,282,500 
Watermans Bay $1,275,000 
Gwelup $1,225,500 
Mount Hawthorn $1,210,000 
Woodlands $1,210,000 
Iluka $1,190,000 
Kensington $1,180,000
Shelley $1,175,000 
North Perth $1,170,000 
Hillarys $1,151,000 
Booragoon $1,150,000 
Karrinyup $1,150,000 
Carine $1,140,000 
Waterford $1,137,500 
Leederville $1,125,000 
Fremantle $1,102,500 
Como $1,075,000
Alfred Cove $1,057,500 
Ardross $1,050,000 
Burns Beach $1,050,000 
Coogee $1,050,000 
Melville $1,032,500 
Bedfordale $1,025,000 
Ocean Reef $1,005,000 
White Gum Valley $1,005,000 
Filtered for suburbs with median house prices greater than $1,000,000 for the 12 months to December 2023.

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