Meanwhile two other suburbs see median prices dip below $1 million
The latest additions to Perth's million-dollar club include Iluka, Shelley, Alfred Cove, Coogee, Melville, Bedfordale, Ocean Reef, and White Gum Valley, according to the Real Estate Institute of Western Australia. These subdivisions join returning million-dollar-club members Peppermint Grove, Cottesloe, Dalkeith, and City Beach.
According to REIWA CEO Cath Hart (pictured above), these eight suburbs have been gradually approaching the million-dollar mark over the past decade.
“Many of these suburbs have seen expansion and development in recent years, driving up prices in these areas,” Hart said. “Shelley saw the highest sales price growth of the newcomers, with its median house sale price rising 30.9 per cent from $897,000 in December 2022 to $1,175,000 in December 2023.”
Shelley's most expensive sale for 2023 was 225 Riverton Drive North, which sold for $3,150,000 in March. Iluka followed as the next best performing newcomer, with 19.1% annual growth, trailed by Coogee (14.1%), Bedfordale (11.4%), and Ocean Reef (8.9%).
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Peppermint Grove claimed the top spot in this year's million-dollar club, boasting an annual median house sale price of $4 million and experiencing a sales price growth of 23.5% over the year. Hart noted that Peppermint Grove has consistently secured the number-one spot over the past decade, with the exception of 2022 when it placed second to Dalkeith. The suburb's most expensive sale in the 12 months to the end of December 2023 was 41 Keane Street, which sold for $11,350,000 in January.
On the other hand, two suburbs, Burswood and Highgate, saw their median sale price drop below $1 million in 2023, leading to their departure from the million-dollar club.
“Prices fluctuate from year to year, depending on what is selling in that time period, and we regularly see suburbs around the million dollar mark come and go from the list,” Hart said. “With Perth expecting strong price growth around 10% this year, it will be interesting to see which suburbs make the list next year.”
The most expensive sale in Perth for 2023 was 18 Richardson Avenue, Claremont, which sold for $13,300,000 in August, REIWA reported.
Perth’s housing market is currently facing significant pressure due to Western Australia’s robust population growth.
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