- Perth's property market is booming, with a 21.1% annual growth in median values.
- Mindarie and Beaconsfield are 2 of the suburbs expected to hit $1m in their median property value.
- Key factors driving suburb growth include location, schools, infrastructure, and high incomes.
Perth’s property market is experiencing a remarkable surge, with CoreLogic reporting a staggering 21.1% annual increase in median property values over the year to April. This impressive growth, fueled by soaring demand and limited supply, has positioned several suburbs to join the exclusive million-dollar club.
The city’s population grew by an impressive 3.6% during the 2022-23 financial year, according to the Australian Bureau of Statistics. This growth, coupled with an incredibly tight rental market with a citywide vacancy rate of just 0.6% in April (SQM Research), has created a perfect storm for property price appreciation.
The rise of million-dollar suburbs
Peter Gavalas from Resolve Property Solutions noted that seven-figure price tags are becoming increasingly common across Perth suburbs. “Cracking the $1 million median price barrier is a big deal, that shows a suburb has become highly sought after and upscale. We’re seeing this happen in more areas as the market continues to grow,” he said.
According to the Real Estate Institute of Western Australia (REIWA), the number of suburbs in the million-dollar club grew 14.5% in 2023, totaling 63 suburbs.
Key factors driving suburb growth
Mr Gavalas highlighted several key factors that signal a suburb’s potential to break into the million-dollar median category:
- Proximity to the city, river, or beach
- Adjacency to more affluent suburbs
- Good schools
- Strong infrastructure.
Mr Gavalas also emphasised the importance of high median incomes in sustaining higher property values. “Areas with high median incomes are crucial because they underpin the borrowing capacity needed to sustain higher property values. As incomes grow, so does the ability of residents to invest in real estate in these areas.”
Eight suburbs poised for million-dollar status
Based on these criteria and REIWA data, Mr Gavalas identified eight suburbs likely to join the million-dollar club soon.
| Suburb | Median Property Value |
| Mindarie | $960,000 |
| Beaconsfield | $950,000 |
| Leeming | $940,000 |
| Connolly | $900,000 |
| Bedford | $870,000 |
| Victoria Park | $865,000 |
| Riverton | $838,000 |
| Padbury | $805,000 |
Each of these suburbs offers a unique mix of lifestyle offerings, strategic location, and community infrastructure that enhances their appeal to buyers. Many of these, like Beaconsfield and Leeming, have already seen recent house sales consistently go for six figures.
Weekly asking prices for Beaconsfield, 6162
Weekly asking prices for Leeming, 6149
Investor and homebuyer opportunity
“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,” Mr Gavalas said.
“Savvy investors and homebuyers are already recognising the potential for significant returns.”
Peter Gavalas, Resolve Property Solutions
As Perth’s property market continues its upward trajectory, these eight suburbs are well-positioned to offer both lifestyle appeal and strong investment potential. With the million-dollar milestone on the horizon, now may be the ideal time to explore these property powerhouses.
