Perth's property boom has pushed a record 38 suburbs into the million-dollar bracket for the first time in just six months.
Rising medians cut both ways. Embleton was the standout performer among new entrants, with its median house price climbing 29.9% over the year to $1,078,500.
That same growth has a downside: under the federal 5% Deposit Scheme, Perth's price cap sits at $850,000, meaning suburbs newly entering the million-dollar club now sit above the cap for scheme-eligible buyers without a larger deposit.
The Real Estate Institute of Western Australia (REIWA) has overhauled how it tracks the milestone, splitting its million-dollar club reporting into two separate lists: one for suburbs with median house prices between $1 million and $1.99 million, and a new list for those above $2 million.
The change reflects just how many Perth suburbs have crossed the threshold, with 167 suburbs — 41.4% of the total — now recording median house prices of $1 million or more, up from just 42 suburbs, or 10.4%, five years ago.
Under the new format, 136 suburbs sit in the $1 million-to-$1.99 million tier as at the end of June, up from 104 at the end of December 2025.
REIWA president Suzanne Brown (pictured) said the scale of recent growth was unprecedented.
"We have seen significant growth in the number of suburbs with million-dollar median house sale prices over the past few years, but it's been figures such as 34 new entrants over a 12-month period, not 38 over a six-month period," Brown said.
She linked the surge to tightly constrained market conditions earlier in the year, and pointed to signs it's now easing.
"This reflects the extremely constrained market conditions experienced in the first quarter of 2026, which saw Perth's median house sale price rise 5.3% over three months and the median time to sell a house drop to eight days in February," Brown said.
Growth has since moderated to 3.9% over the June quarter, and Brown expects the pace of new entrants to slow further.
"Market conditions are easing and, if they continue to do so, we expect to see a much smaller number of new entrants when we review the million-dollar club in early 2027," she said.
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