Twenty-seven Perth suburbs joined the city’s “million-dollar club” for the first time in 2024-25, bringing the total to 113 suburbs with a median house sale price of $1 million or more.
That’s 34% of Perth suburbs now sitting at or above the seven-figure mark.
While that may sound daunting for buyers, REIWA president Suzanne Brown (pictured) stressed that the median is the middle – meaning half of all sales are below that price point.
“There will still be affordable options to be found in many of these suburbs but it may take time and patience to find them,” Brown said.
She added that alternatives such as duplexes, villas, and home units may provide more accessible entry points in these high-demand areas.
The growth in million-dollar suburbs comes amid a sharp drop in new property listings in July, with REIWA data showing active listings at a 12-month low. Brown said seasonal factors, seller hesitation, and the fear of being temporarily without a home were all amplifying the shortage – a supply squeeze that is keeping prices under upward pressure.
If buyers can’t secure a home within their budget in a million-dollar suburb, Brown suggested expanding searches to neighbouring “bridesmaid suburbs.”
“They are near the same desirable features as the million-dollar suburbs but are more affordable,” she said.
The challenge is not only price but also speed.
“Dwellings are selling in a median of two weeks, and affordable homes in particular are snapped up very quickly,” Brown said.
In such a fast-moving market, Brown advised buyers to stay on top of new listings.
“With properties selling in such short timeframes, it can be hard to stay on top of new listings, which can lead to missed opportunities,” she said.
Her tips include signing up for property alerts on reiwa.com, registering interest directly with REIWA agents, and considering a buyer’s agent to handle the search and negotiations.
In today’s competitive market, buyers need to be ready to make an offer as soon as they find the right property.
“This means having your finances in order and gaining pre-approval so you can make a confident offer,” Brown said.
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