Once upon a time forking out a million dollars on a house in Perth would guarantee you waterfront views and a pool.
For buyers now, that’s merely a fairytale.
In fact, the property market is so strong right now that you would need to cough up that much money to secure a home in a whopping 87 Perth suburbs.
That’s after a record-breaking 30 suburbs were added to the city’s million-dollar club — including inland suburbs such as Murdoch, Bull Creek, West Swan and Oakford.
Data from the Real Estate Institute of WA shows that about a quarter of all Perth suburbs now have a median house price tag of $1 million or more, thanks to the unprecedented number of new entrants in the last financial year.
To put the 30 new entrants in context, only two suburbs joined the list in 2022-23.
REIWA President Joe White said the latest list of million-dollar suburbs reflected Perth’s extremely strong price growth over the past 12 months.
“Under normal market conditions, you can expect to see a few new suburbs join the million club each year as their prices rise due to improved amenity or infrastructure, growing popularity for certain lifestyle features, or as a flow-on effect from price growth in neighbouring suburbs,” he said.
“However, this financial year, house price growth in Perth has accelerated, and the median house price has increased 18.8 per cent,” he added.
Among the new entrants, Manning easily secured its spot on the list among affluent neighbours Salter Point and Como after recording an incredible 26 per cent growth in property values.
Just last year, the southern suburb hadn’t cracked a median of $900,000, and in the early stages of the pandemic, before Perth’s property boom took hold, its median house price was $738,000.
Its median house price is now $1.115 million.
Manning resident Jacinta Thorne, who purchased in the area about eight years ago, said its growth potential wasn’t a factor when they decided to buy a property there, but she didn’t think prices were likely to go backwards any time soon.
“We were looking for somewhere that was relatively central to the Perth area, and we wanted to be somewhere with good facilities,” she said.
“There’s a great little shopping complex just up the road from us, and we’re within walking distance of good facilities. And also, our kids were primary school-aged at the time, and the local primary school was really good. There are plenty of good high schools in the area, too.”
Eaton Property director Jarrad Eaton, who lives and sells in Manning, said the area was attracting upsizers, downsizers, and investors as it still offered great value for money compared to higher-priced neighbouring suburbs.
“It’s long been the forgotten cousin within the City of South Perth for a while now, with most of the interest and popularity being in Como, Salter Point, and Waterford,” he said.
“Areas like Manning over the last few years have gone under the radar with development and amenities that cover everything from quality cafes and restaurants, a local wine bar, a 24-hour gym, a local shopping strip and an abundance of medical practitioners on your doorstep,” he said.
Mr Eaton said the area’s zoning had also ensured Manning hadn’t been overly developed, retaining tree-lined streets and plenty of parks.
“It doesn’t matter what part of Manning you live in; a nice park is only a few minutes walk away, and the river is closer than most might think,” he said.
Highlighting Manning’s phenomenal growth, Mr Eaton referenced a three-by-two house on a subdivided block sold for $600,000 in 2014. Last month, his agency sold an almost identical one for $998,000.
“That property had over 100 enquiries, 18 offers in about a week. The $998,000 wasn’t a standout, with a few offers just a few thousand off,” he said.
“As a buyer’s agent, we helped a client purchase a duplex potential block for just over $1 million in 2023, which would be around $1.4 million today.”
Of the 87 suburbs on the list, Manning was among 23 to record price growth of over 20 per cent in the 12 months to June.
But leading the charge was Karawara, which saw a staggering 43.5 per cent in its median house sale price to $1,155,000.
Mr White said Karawara’s proximity to the Canning River, the city, and Curtin University appealed to a wide range of buyers.
“The suburb is undergoing a transformation, with upgrades to Waterford Plaza offering residents two supermarkets and a range of new eateries,” he said.
“Properties have also undergone renovation and revitalisation in recent years, helping boost prices in the area.”
Peppermint Grove — a long-standing member of the million-dollar club — retained its place at the top of the list with a median house sale price of $3.7 million in the 12 months to June.
It was followed by other affluent western suburbs, Cottesloe and Dalkeith, at $3.5 million.
Perth’s Million Dollar Club
Peppermint Grove $3,700,000
Cottesloe $3,500,000
Dalkeith $3,500,000
City Beach $2,775,000
Swanbourne $2,405,000
Claremont $2,300,000
Nedlands $2,300,000
Jolimont $2,000,000
Applecross $2,000,000
Mosman Park $1,955,000
Floreat $1,910,000
Shenton Park $1,882,500
Subiaco $1,850,000
Mount Claremont $1,820,000
Churchlands $1,802,500
Marmion $1,790,000
Trigg $1,790,000
South Perth $1,784,500
Attadale $1,750,000
North Fremantle $1,700,000
Daglish $1,677,500
North Beach $1,677,500
East Fremantle $1,650,000
North Coogee $1,650,000
Coolbinia $1,630,000
Mount Pleasant $1,607,500
Rossmoyne $1,580,000
Wembley $1,560,000
Watermans Bay $1,545,000
Menora $1,517,500
Sorrento $1,507,500
East Perth $1,500,000
Oakford $1,490,000
Wembley Downs $1,475,000
Mount Lawley $1,470,000
South Fremantle $1,440,000
Salter Point $1,430,000
West Leederville $1,410,000
Gwelup $1,400,000
Bicton $1,380,000
Winthrop $1,376,500
Woodlands $1,360,000
Crawley $1,300,000
Booragoon $1,277,500
Leederville $1,270,000
Shelley $1,260,000
Highgate $1,252,500
Ardross $1,250,000
Mount Hawthorn $1,250,000
Karrinyup $1,235,000
Iluka $1,225,000
North Perth $1,225,000
Kallaroo $1,221,000
Alfred Cove $1,215,000
Burns Beach $1,215,000
Carine $1,214,000
Waterford $1,210,000
Kensington $1,201,000
Como $1,200,000
Fremantle $1,200,000
Hillarys $1,200,000
White Gum Valley $1,182,500
Karawara $1,155,000
Melville $1,150,000
Coogee $1,135,000
Perth $1,130,000
Stirling $1,125,000
Mullaloo $1,120,000
Inglewood $1,117,500
Manning $1,115,000
Myaree $1,105,000
Carmel $1,100,000
Murdoch $1,100,000
West Swan $1,100,000
Bull Creek $1,095,000
Burswood $1,095,000
Ocean Reef $1,090,000
Cardup $1,067,500
Scarborough $1,067,500
Duncraig $1,060,000
Darlington $1,050,000
Bedfordale $1,025,000
Gooseberry Hill $1,020,000
Leeming $1,020,000
Willetton $1,020,000
West Perth $1,015,000
Ascot $1,000,000
Source: REIWA