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.

SUBURB	2023 MEDIAN HOUSE PRICE
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