27 Sep Perth’s Rising Star: The Next Wave of Million-Dollar Suburbs
Perth is emerging as one of Australia’s most dynamic property markets. A new analysis shows Western Australia is spearheading the next wave of million-dollar suburbs—a development that warrants attention from regional property market observers.
The Million-Dollar Club: Perth at the Forefront
Recent research by Ray White predicts that 78 Australian suburbs are poised to cross the $1 million median house price mark by 2026. Significantly, 22 of these emerging suburbs are located in Perth. This underscores Perth’s accelerating growth relative to other cities, with annual price increases in these areas ranging between 11% and 14%.
This shift follows sustained price pressures that have already pushed every inner Perth suburb above the million-dollar threshold, forcing growth outward into outer-ring areas.
Suburbs Poised to Hit Seven Figures
Several Perth suburbs are advancing rapidly toward the million-dollar mark:
- Roleystone: Currently around $992,000, projected to hit $1.12 million within the next year.
- Bayswater–Embleton–Bedford: Approx. $967,000.
- Padbury: Approx. $969,000.
- Serpentine–Jarrahdale: Approx. $972,000.
- Tuart Hill–Joondanna: Approx. $958,000.
Each of these is expected to exceed $1.08 million within 12 months—a level that outpaces comparable suburbs in other capitals.
Broader Market Trends: Perth’s Massive Momentum
Perth’s property market is not slowing. In the 2024–25 financial year alone, 27 additional suburbs joined the million-dollar club, bringing the total to 113—meaning over a third of Perth’s suburbs now feature million-dollar median prices. This surge is propelled by population growth and persistently low new housing supply, sustaining upward price momentum.
Moreover, Perth’s house values have grown by approximately 90% over the past five years, matching trends seen in Brisbane and Adelaide, and outpacing much of the country.
National Landscape: How Perth Compares
On a national level, Sydney still leads with 322 million-dollar suburbs, but Perth is now leading the charge in creating new entrants. Brisbane follows with 17 projected new suburbs, indicating a notable housing surge in Southeast Queensland. Melbourne, meanwhile, remains stagnant with no anticipated new additions.
What This Means for Regional Property Perspectives
This rapid expansion of million-dollar suburbs in Perth signals several key market dynamics:
- Capital Growth Near Perth: Previously affordable and emerging suburbs now offer appreciable equity gains.
- Supply Constraints: Limited new housing stock continues to fuel demand and push up prices.
- Lifestyle Shifts: Appeal is spreading to greenfield and fringe suburbs that offer space, amenities, and accessibility.
- Resilience: Despite broader market caution, Perth’s suburbs are displaying sustained growth and resilience.
Considerations for Market Observers
- Affordability considerations remain important. Despite rising median prices, properties such as villas, units, or “bridesmaid suburbs” adjacent to million-dollar zones may offer better entry points.
- Timing and momentum matter. Buyers entering suburbs close to the threshold may still benefit from that uplift as they cross the million-dollar mark.
- WATCH FOR INFRASTRUCTURE AND DEMOGRAPHIC DRIVERS. Railway expansions, road upgrades, commercial precincts, and population growth often presage suburb value acceleration.
Summary
Perth is spearheading a new wave of million-dollar suburbs in Australia. That wave extends beyond inner-city precincts to outer areas such as Roleystone, Bayswater–Embleton–Bedford, Padbury, Serpentine–Jarrahdale, and Tuart Hill–Joondanna. As of mid-2025, 22 more suburbs are expected to cross the threshold by 2026, contributing to an expanding high-value map.
This phenomenon reflects broader forces: tight housing supply, sustained demand, price momentum, and lifestyle-driven migration. For stakeholders tracking regional property trends, Perth offers a compelling case study in how suburban expansion can reshape value curves and shift investment landscapes.