Twenty Perth suburbs are on track to join Perth's million dollar club in 2025, under current conditions, according to REIWA.
"Based on the overall expectation for Perth property prices to increase five to 10 per cent this year, and these suburbs' individual growth trends, we are likely to see 20 new suburbs join the million dollar club by the end of the year," REIWA CEO Cath Hart said.
"Our predictions include suburbs north and south of the river and in the Hills.
"The suburbs currently closest to the mark are Connolly ($995,000), Lathlain ($994,500) and North Lake ($990,000) which were just short of joining the list in 2024."
Ms Hart said price growth was affected by a number of factors.
"An overall growth environment, as we're experiencing now, will see prices increase in general," she said.
"A more specific factor is the demand to live in a particular area. The greater the demand, the greater the upward pressure is on prices.
"Demand can be driven by a suburb's proximity to schools, lifestyle hubs, the city, coast and river. An improvement in local amenity can boost demand."
Ms Hart said prices can also increase as a flow-on effect from price growth in neighbouring suburbs.
"As a popular area becomes less affordable, buyers turn their attention to adjacent suburbs," she said.
"Many of the suburbs on track to join the million dollar club in 2025 are located next to existing members of the club," she said.
"For example, Iluka joined the million dollar club in 2023, and neighbouring Connolly is one of the suburbs on track to see its median house sale price reach the $1 million threshold this year.
"South of the river, Winthrop and Murdoch are fairly new entrants to the million dollar club, and nearby North Lake and Kardinya are now approaching the million-dollar mark."
Suburbs that may join the million dollar club in 2025 and median house sale price (December 2024)
| SUBURB | 2024 MEDIAN HOUSE PRICE |
| Connolly | $995,000 |
| Lathlain | $994,500 |
| North Lake | $990,000 |
| Boya | $983,000 |
| Mahogany Creek | $980,000 |
| Woodvale | $980,000 |
| Yokine | $975,000 |
| Bouvard | $970,000 |
| Bushmead | $970,000 |
| Jandakot | $965,000 |
| Kardinya | $945,500 |
| Lake Coogee | $945,500 |
| Joondanna | $936,000 |
| Kingsley | $935,000 |
| Victoria Park | $931,000 |
| Glen Forrest | $925,000 |
| Bedford | $925,000 |
| Willagee | $914,750 |
| Jarrahdale | $910,000 |
| Padbury | $910,000 |
Source: REIWA. Median house sale price for the 12 months to December 2024.
