New Opportunities for Investors as Perth’s Million Dollar Club Grows
A record 30 suburbs have joined Perth’s ‘million-dollar club’ over the past year giving property owners in these areas additional investment opportunities.
The data from REIWA shows the 30 new suburbs that now have a median house sale price of more than $1 million are spread right across the Perth metropolitan area, from Shelley to Highgate, and Coogee to Mullalloo.
New entrant Karawara recorded the biggest increase in the median house sale price up 43.5% to $1.155 million.
Rent Choice general manager Clare Christiansen said the uplift in property values provided investment opportunities for homeowners and investors alike.
“If you own a property in one of these million-dollar suburbs, either your own home or an investment, there’s a good chance your property has also increased in value.”
“This means you may be able to access the additional equity in the property to use as a deposit to buy another property and grow your investment portfolio.”
“If you’re considering accessing your property’s equity, it’s best to speak to a mortgage broker to help understand your budget and financial opportunities.”
Record Rise in Million-Dollar Suburbs
With a record 30 new suburbs added to the million-dollar club in 2023-24, REIWA President Joe White said the trend 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.”
This trend is not limited to traditional affluent areas of Perth. Many new million-dollar suburbs have seen significant development and gentrification in recent years, making them attractive to buyers looking for modern amenities, convenient city access, and a high quality of life.
Total list of 30 new entrants into Perth’ million-dollar club
- Oakford - $1,490,000
- Shelley - $1,260,000
- Highgate - $1,252,500
- Kallaroo - $1,221,000
- Alfred Cove - $1,215,000
- 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
Source:
30 suburbs join Perth’s million-dollar club in 2023-24. REIWA. 30 suburbs join Perth’s million-dollar club in 2023-24 (reiwa.com.au)
