House prices continue to soar in Perth
Real Estate Institute launches $2 million club on the back of record growth in many of Perth's suburbs.
DESPITE a nationwide slowdown in property prices, Perth remains a residential hotspot with annual growth nudging 24 per cent.
Median home values in the Western Australian capital are over $1 million but now a record 31 suburbs have median values of $2 million or more.
That’s up from 22 suburbs last year and just three suburbs five years ago.
The Real Estate Institute of WA has now launched a “$2 million club” on top of its million-dollar club.
“Ten suburbs saw their median house sale price exceed $2 million for the first time since the end of 2025,” REIWA president Suzanne Brown said.
“They were Attadale, Bicton, Daglish, Jolimont, Marmion, North Beach, Rossmoyne, Salter Point, Wembley Downs and West Leederville.
“Oakford exited the club, with its median house sale price falling below $2 million.”
Brown said, as Perth’s market eases, there may be fewer new entrants when the REIWA reviews the list in early 2027.
“There may also be several suburbs that see their median house sale prices fall back below $2 million,” she added.
“However, we believe Perth’s strong price growth over the past few years warrants an ongoing separate list for suburbs with median house sale prices of $2 million or more.”
Perth’s most expensive suburb remains Peppermint Grove, with a median house sale price of $6,575,000 at the end of 2025-26.
The suburb recorded median house sale price growth of 68.2 per cent over the year.
Perth now has 136 suburbs with a median house value between $1 million and $1.99 million as at the end of June 2026.
A record 38 suburbs joined that club for the first time since the end of 2025. Ten departed the list.
“There are now 167 suburbs with a median house sale price of $1 million or more,” Brown said. “This is 41.4 per cent of Perth’s suburbs.”
