As we step into 2024, Perth's property landscape continues to evolve, with eight new suburbs joining the prestigious million-dollar club. This change underscores the dynamic nature of Perth's real estate market and reflects the growing appeal of these areas.
The latest additions to this exclusive club are Iluka, Shelley, Alfred Cove, Coogee, Melville, Bedfordale, Ocean Reef, and White Gum Valley. These areas have gradually been inching towards the million-dollar threshold over the past decade and have finally made their mark this year. REIWA CEO Cath Hart notes the significant expansion and development in these suburbs, contributing to the surge in property values.
Shelley leads the newcomers with an impressive 30.9% growth in its median house sale price, jumping from $897,000 in December 2022 to $1,175,000 by December 2023. Its most notable sale was 225 Riverton Drive North, fetching a whopping $3,150,000 in March 2023. Following closely are Iluka and Coogee, with 19.1% and 14.1% growth, respectively.
Despite the new entries, Peppermint Grove retains its crown in the million-dollar club with an annual median house sale price of $4,000,000. It's been a consistent chart-topper for a decade, with the exception of 2022, where it was slightly overshadowed by Dalkeith.
It's not all upward trends, however. Burswood and Highgate have seen their median sale prices dip below the million-dollar mark, exiting the club this year. According to Ms Hart, this fluctuation is typical, as prices vary based on the properties sold in a given year.
With Perth's property market expected to grow by around 10% this year, it remains to be seen which suburbs will rise to the occasion next. The year's most expensive sale was at 18 Richardson Avenue, Claremont, sold for an eye-watering $13,300,000 in August 2023.
This reshuffling of Perth's million-dollar club underscores the vibrancy and the ever-changing nature of the property market. For those interested in investing in Perth's real estate, the current trends offer exciting opportunities. At Emerald Property Estate, we're here to help you navigate these dynamic waters and find your dream property in one of Perth's most coveted suburbs.
Perth's million dollar list for 2023
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
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