As seen in The West Real Estate
Twenty seven suburbs joined Perth’s million dollar club for the first time in 2024-25, taking the total number of suburbs with million-dollar median house sale prices to 113. This means 34 per cent of Perth suburbs now have a median house sale price of $1 million or more.
While it might sound concerning that just over a third of Perth suburbs have a million-dollar median house sale price, it is important to remember the median is the middle and 50 per cent of sales will be below this price.
There will still be affordable options to be found in many of these suburbs but it may take time and patience to find them. And you may need to look at alternatives to houses, such as duplexes, villas and home units.
If you can’t find anything within your price range in these suburbs, you could expand your search to neighbouring areas, which are sometimes called ‘bridesmaid suburbs’. They are near the same desirable features as the million-dollar suburbs but are more affordable.
And while affordability is undeniably a challenge for buyers, the competitiveness of the market also makes finding a home very difficult. Dwellings are selling in a median of two weeks and affordable homes in particular are snapped up very quickly.
With properties selling in such short timeframes, it can be hard to stay on top of new listings, which can lead to missed opportunities. I recommend buyers sign up for property alerts on portals like www.reiwa.com. You will be notified as soon as new listings are advertised online. You can also register your interest with REIWA agents in the suburbs where you are looking to buy. They will contact you as soon as a suitable property becomes available, possibly before it officially hits the market.
You may also want to consider engaging the services of a REIWA buyer’s agent. They can do all the leg work for you and liaise with selling agents when properties that meet your needs become available.
Finally, in a highly competitive market, buyers need to be ready to act when they find a property they like. This means having your finances in order and gaining pre-approval so you can make a confident offer.
You can see which suburbs made REIWA’s million dollar club in 2024-25 here.
Suzanne Brown
REIWA President