Perth’s housing market is on the brink of a defining moment. According to the latest Domain House Price Report, the city’s median house price has reached $981,259 after climbing 1.6% in the September quarter. With only a 1.9% lift required to cross the $1 million threshold, Perth is expected to join the nation’s “million-dollar median” club before year’s end.
While the pace of growth has eased compared to the previous quarter, Perth remains one of the country’s most resilient and tightly held markets. The Cotality Million Dollar Markets 2025 report shows the number of Perth suburbs with a median value above $1 million has surged by 41.9% year-on-year, driven by low supply, strong interstate migration, and an value advantage that continues to draw both investors and owner-occupiers.
New entrants to Perth’s “million-dollar club” include Bayswater, Maylands, Noranda, Landsdale and Padbury, alongside established strongholds such as Nedlands, Cottesloe and Mount Lawley. Cotality’s analysis highlights that ten Perth suburbs crossed the million-dollar line in the past year, with average median gains of around 8%, while regional WA saw its count of million-dollar markets more than triple.
Realmark Founder John Percudani said Perth’s position reflects a structural, rather than speculative evolution. “This is not just price momentum, it’s a reflection of Perth’s underlying fundamentals. The city has sustained population growth, strong employment, limited housing supply, and a high level of affordability relative to the East Coast. Those factors continue to attract long-term buyers who are purchasing for lifestyle and stability, not short-term gain.”
The latest data also shows a notable shift in buyer behaviour. Unit prices rose 4% over the quarter to a record $560,471, the tenth consecutive quarter of growth and the longest run since 2007. Domain also noted that first-home buyers are increasingly turning to units as house affordability narrows, while investor activity remains above the decade average.
Despite concerns around affordability and equity, Perth’s property landscape is maturing. With 12 consecutive quarters of house price growth and double-digit annual gains, the market is now entering a new phase defined by sustainability and long-term confidence.
As Perth edges closer to the $1 million median, it signals more than a symbolic milestone, it marks the city’s transformation into a fully-fledged major capital market. Strong fundamentals, steady population inflows, and market accessibility continue to drive confidence across buyers and investors alike. Moving into 2026, Perth stands at a point of opportunity: a market still accessible by national standards, but increasingly recognised for its strength, stability, and long-term capital potential.
Sources:
Million Dollar Markets Report 2025, Cotality
House Price Report September Quarter, Domain
Perth house prices tipped to reach ‘line in the sand’ milestone before year’s end, The Sydney Morning Herald