Eleven suburbs have joined the $1m median house price club as values continue to climb in Perth.
While other states are seeing house prices fall, Perth has lagged behind most of the other capitals.
It means despite rising interest rates and cost of living pressures, the housing market in WA has soared in the past year.
Six of the 11 suburbs recorded more than 20 per cent price growth during the 2021-22 financial year, according to the Real Estate Institute of Western Australia.
Marmion, Mount Hawthorn, North Perth, Fremantle and Kensington had their median house prices tip above $1.1m at the end of June.
Gwelup, Booragoon, Karrinyup, Leederville, Iluka and Como reached $1m or more.
The top suburb is Marmion, which now has a median price of $1.27m — an increase of 32 per cent in the past year.
REIWA president Damian Collins said people had started to gain confidence in WA’s strong economy and property market, which had translated into more sales at the top end.
“All of these suburbs have had medians hovering below $1m for quite some time,” he said.
“It is impressive to see the demand for houses in these suburbs hold strong throughout the 2021-22 financial year, now placing them in Perth’s luxury market.”
Mr Collins said Perth’s premium market was attracting a lot of interest from buyers leading to strong price growth.
“If you are considering selling in one of these suburbs, now would be an opportunistic time to capitalize on this demand,” he said.
REIWA predicts house prices will continue to rise in Perth for some time.
“Given Perth has a housing shortage, the cheapest median house price of any capital city in the country, a growing population and strong economy, we anticipate house prices to continue to rise as we enter the back end of 2022,” Mr Collins said.
“As more suburbs reap the benefits of our strong market conditions, Perth’s million-dollar club is likely to continue to grow over the next 12 months.”
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