Perth's Million-Dollar Club Hits 100 Suburbs as Mosman Park Tops 2024 Sales

Perth's housing boom reached deep into the city's suburbs in 2024. Figures released by the Real Estate Institute of Western Australia at the end of January 2025 showed a record 37 suburbs joined Perth's million-dollar club during the year, taking the total with a median house sale price of $1 million or more to 100.

The previous record for suburbs added in a calendar year was 14, set in 2006. In 2023, only eight suburbs crossed the line, and none of the suburbs on the 2023 list fell back below $1 million in 2024.

The strongest growth since the 2006-07 boom

REIWA chief executive Cath Hart said the Perth market recorded some of its highest growth since the 2006-07 boom, with annual median house price growth peaking at 24.8 per cent in October. CoreLogic's index, released at the start of January, showed Perth dwelling values up 19.1 per cent over 2024, the strongest result of any capital city.

West Perth was the top performer among the new entrants, with its median house price up 48.9 per cent to $1,340,000. Hart said rising prices in neighbouring Leederville and North Perth had pushed more buyers, particularly young families, towards its small pocket of houses. Riverton, Burswood, Guildford and Highgate followed, each with growth of about 39 to 40 per cent.

A $5 million suburb

Peppermint Grove retained its position as Perth's most expensive suburb, with a median house price of $5,035,000 at the end of 2024 after growth of 23.6 per cent. It was the first time a Perth suburb had recorded a median above $5 million. Hart cautioned that the small riverside suburb has few properties, and the milestone reflected a number of high-priced sales rather than a significant jump in underlying values.

The top five sales of 2024

REIWA's list of the city's most expensive sales was dominated by the western suburbs, with Mosman Park accounting for three of the top five:

• $25 million, Mosman Park, May: a four-bedroom, five-bathroom riverside home with a tennis court and piano room overlooking the river.
• $22 million, Mosman Park, February: a three-bedroom home on more than 3,000 square metres, changing hands for the first time in 100 years.
• $20.1 million, Peppermint Grove, March: a renovated circa-1904 Federation Arts and Crafts home opposite Freshwater Bay.
• $13.5 million, Mosman Park, May: a six-bedroom residence with a resort-style pool, theatre, gym and staff flat.
• $13 million, Applecross, August: a five-bedroom riverfront home on the banks of the Swan.

At the other end of the market, REIWA's most affordable sales of the year were renovation and redevelopment opportunities priced from $289,000 to $300,000 in older outer suburbs and regional centres such as Pinjarra, Midvale, Mandurah and Armadale.

What it signalled

The 2024 results confirmed Perth's transformation from one of the country's most affordable capitals into a market where seven-figure suburbs are commonplace. CoreLogic noted that Perth's annual growth had already peaked mid-year as advertised supply lifted, giving buyers more choice heading into 2025.