One-third of Perth suburbs now million-dollar markets,
The latest CoreLogic Million-Dollar Markets report indicates that the number of Australian suburbs with million-dollar median values hit a record high in August.
Specifically, one-third of the 4,772 suburbs analyzed have current median values at or above $1 million.
This marks a significant increase from a recent low of 21 percent recorded in January 2023.
This change followed the beginning of the rate-tightening cycle, illustrating the evolving real estate landscape in Australia.
CoreLogic economist Kaytlin Ezzy reported that Perth ranked third, with 35 new entrants and one returning to the million-dollar club this year.
Additionally, this was the first instance where unit markets in four Perth suburbs exceeded the million-dollar mark.
Ezzy noted, “Despite the highest annual increase in dwelling values among capitals and state regions, Perth’s low starting point limited seven-figure markets.”
“In contrast, Melbourne and regional Victoria experienced a one percent decline in dwelling values over the past year.”
Factors such as an unfavorable investment tax environment and higher new housing completions have pressured values downwards.
This situation has resulted in fewer new million-dollar entrants in Melbourne and a net decline across Regional Victoria.
Furthermore, Ezzy expressed skepticism about whether Perth has reached its peak in the number of million-dollar markets.
“As of August, there are 24 suburbs with median values exceeding $990,000, which are currently experiencing positive quarterly value growth,” she stated.
“It’s likely that several of these markets will surpass the million-dollar threshold in the coming months.”
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Perth topped the country in value growth, with dwelling values rising by 24.2 percent over the year leading to August.
This increase has resulted in a 56 percent rise in the number of seven-figure suburbs compared to last year.
Notably, 31 house markets and four unit markets entered the million-dollar club for the first time.
Additionally, one house suburb, Highgate, re-entered the club, bringing the total count of million-dollar suburbs to 100.
The news arrivals to Perth’s million-dollar market
| Suburb | Current median value | Annual change in value |
|---|---|---|
| East Perth | $1,031,130 | 20.4% |
| Darlington | $1,036,779 | 19.5% |
| Parkerville | $1,017,235 | 24.8% |
| Doubleview | $1,087,911 | 22.2% |
| Duncraig | $1,204,469 | 23.5% |
| Gnangara | $1,034,114 | 28.3% |
| Mindarie | $1,083,384 | 18.9% |
| Mullaloo | $1,193,983 | 19.6% |
| Scarborough | $1,215,189 | 26.6% |
| Stirling | $1,197,297 | 21.2% |
| Woodvale | $1,021,429 | 20.2% |
| Yokine | $1,012,411 | 24.6% |
| Bedfordale | $1,142,836 | 23.2% |
| Burswood | $1,055,062 | 22.6% |
| Darling Downs | $1,094,932 | 25.1% |
| Gooseberry Hill | $1,123,956 | 26.1% |
| Lathlain | $1,123,956 | 27.0% |
| Riverton | $1,199,517 | 29.5% |
| Serpentine | $1,070,437 | 20.5% |
| Victoria Park | $1,004,511 | 24.2% |
| Suburb | Current median value | Annual change in value |
|---|---|---|
| Willetton | $1,223,273 | 25.0% |
| Bateman | $1,244,124 | 29.2% |
| Beaconsfield | $1,207,327 | 21.6% |
| Brentwood | $1,200,708 | 22.0% |
| Coogee | $1,211,894 | 23.8% |
| Jandakot | $1,100,592 | 20.9% |
| Kardinya | $1,053,476 | 23.1% |
| Lake Coogee | $1,046,391 | 33.4% |
| Leeming | $1,135,252 | 23.2% |
| Myaree | $1,183,325 | 23.3% |
| Palmyra | $1,062,138 | 23.3% |
| Highgate | $1,153,472 | 16.8% |
Perth’s inner, north-west, and south-west regions each had 26 markets with seven-figure median values as of August.
In contrast, the south-east and north-east regions had 19 and three markets, respectively, with million-dollar median values.
Mandurah is currently the only SA4 region in Perth without a million-dollar market, highlighting a distinct disparity.
Nine of Perth’s top ten most expensive house markets are situated in the Cottesloe–Claremont sub-region.
Dalkeith recorded the highest median value at an impressive $3.5 million, showcasing its premium real estate.
Additionally, all four newly minted million-dollar unit markets—Cottesloe, Crawley, Floreat, and Swanbourne—are located in this exclusive beachside neighborhood.
Despite the highest annual value increase of 19 percent across regional markets, regional WA only saw one house market join the million-dollar club.
Dunsborough, with a median value of $1.2 million, increased the total count to three million-dollar markets in the region.
Furthermore, Quindalup ($1,377,367) and Yallingup ($1,654,267) were the only other markets to surpass the $1 million median threshold.
