Perth’s residential property prices have gained a staggering 21% over the 12 months to the end of November, with some suburbs seeing prices rise closer to 50% over a year.
While property analysts agree Australia’s home value growth is slowing, some tip there are still another 14% to 19% of price gains to be seen in the Perth market in 2025.
The city is riding a wave brought by strong population growth, limited housing stock, affordable housing prices on a national basis, and WA's stable economic conditions.
Perth’s more affordable suburbs saw the most price growth in 2024 and Real Estate Institute of Western Australia (REIWA)'s Cath Hart said those areas remain the ones to watch into 2025, with houses performing particularly well.
Ms Hart said Perth’s median house sale price has achieved growth of around 25% over the past 12 months while units have seen median prices rise around 20%.
According to CoreLogic data, the median house value in Perth is $842,227 and the median unit value is $584,959 as at the end of November 2024.
But not all Perth suburbs have experienced a value growth spurt.
REIWA figures show some inner suburbs have seen prices flounder, while apartment-dense Burswood on the Swan River has seen unit prices collapse more than 21% over the last year.
So, what suburbs do experts like for 2025?
All median house and unit price data is from realestate.com.au and was accurate as at December 2024
Redcliffe, 6104
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Median price: $710,000 for houses, $425,000 for units
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Median rent: $620 pw for houses, $560 pw for units
Redcliffe’s appeal is “undeniable”, according to Momentum Wealth managing director and former REIWA president Damian Collins.
The suburb, located next to Perth International Airport, is a mix of residential, semi-industrial, and retail properties and a short walk from the Swan River.
“Redcliffe is positioned as a growth hotspot with investors already eyeing the suburb’s potential,” Mr Collins told Savings.com.au.
Indeed, prices in the suburb have already jumped, with Redcliffe’s median house price growing more than 28% over the past 12 months.
Mr Collins said Perth’s infrastructure developments will continue to drive home values in the suburb.
“The ongoing $5 billion redevelopment of Perth Airport and the completion of the Redcliffe train station as part of the Forrestfield-Airport Link are expected to boost demand in both the residential and commercial sectors,” he said.
Redcliffe is in close proximity to shopping centres, including DFO, Costco, and Woolworths, with easy access to major highways, Mr Collins said.
The area is ideal for airport and FIFO workers and within an easy commute to the Perth CBD, about eight kilometres away.
Victoria Park, 6100
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Median price: $890,000 for houses, $430,000 for units
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Median rent: $700 for houses, $520 for units
Victoria Park, better known as Vic Park to locals, is an inner suburb of Perth, located on the Swan River.
It's a residential suburb with riverfront parkland and, with its median house price rising 11% over the past 12 months, Victoria Park has seen more modest growth than other areas of the city.
This makes it a prime pick of Peter Gavalas, head buying agent of Resolve Property Solutions.
“It’s close to the city and amenities, close to the river, has great public transport options, and is a gentrifying suburb,” Mr Gavalas told Savings.com.au.
He likes its location next to the more expensive suburbs of South Perth (with a median house price around $1.8 million) and Kensington (median house price $1.26 million).
Victoria Park is a major transit hub with ready access to Perth CBD (about five kilometres away via the Causeway over the Swan River) as well as easy access to highway connections to Fremantle and Perth Airport.
The Victoria Park railway station is also serviced by two lines with good accessibility to walking and bicycle paths.
Heathridge, 6027
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Median price: $770,000 for houses, no data for units
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Median rent: $650 for houses, no data for units
Heathridge, in Perth’s fast-growing northwest corridor, remains one of the more affordable options in the Joondalup area, according to Mr Collins.
“But its appeal is growing fast thanks to its proximity to beaches, Edith Cowan University, its connectivity, and the future Ocean Reef Marina,” he said.
Work is underway on a new marina at nearby Ocean Reef, about three kilometres from Heathridge, which will also see the construction of commercial and residential areas at the existing Ocean Reef Boat Harbour.
“The completion of the marina will drive further interest, not just for homebuyers but for investors looking to capitalise on future growth,” Mr Collins said.
“With its close access to retail and industrial hubs, plus the development of the marina, Heathridge offers a mix of lifestyle and investment opportunities.”
Mr Collins said he’s seeing noticeable uptick in demand, given it’s one of the more affordable suburbs in the corridor.
Heathridge has also seen more than 28% median price growth in the past 12 months.
Hilton, 6163
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Median price: $895,000 for houses, no data for units
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Median rent: $650 for houses, no data for units
Hilton is located within the City of Fremantle and is currently undergoing considerable urban renewal.
Its median house price has already jumped more than 23% in the past year, but Mr Gavalas believes there’s more to come.
“It’s a gentrifying area with lots of character homes and a good mix of larger and smaller blocks,” he said.
“It’s also got a good local community that puts high importance on environmental sustainability.”
Hilton was created post-World War Two under the Western Australian government’s ‘garden suburbs’ initiative that gave rise to residential areas with signature wide verges and large block sizes.
The suburb features an eclectic mix of weatherboard, fibro, and brick homes and in more recent times, Hilton has seen the construction of many newer homes in its streets.
It is about four kilometres from the Fremantle CBD and the Indian Ocean.
Mr Gavalas likes Hilton’s easy proximity to Fremantle and the more expensive suburbs of White Gum Valley (median house price $1.295 million) and Beaconsfield (median house price $1.2 million).
Brentwood, 6153
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Median price: $929,000 for houses, no data for units
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Median rent: $700 for houses, $650 for units
The southern suburb of Brentwood is about 10 kilometres from the Perth CBD and is another pick of Mr Gavalas for its proximity to the river and the city.
“It’s got great access to the freeway and public transport and has some of the best public school catchments in Perth,” he said.
Brentwood is a relatively small suburb, around one square kilometre in size, making it something of a hidden gem.
Mr Gavalas likes its location next to more expensive suburbs like Mount Pleasant (median house price $1.85 million), Andross ($1.38 million), and Booragoon ($1.35 million).
Brentwood is described as a “quiet and convenient” suburb that’s home to a number of parks, reserves, and a lake.
Padbury, 6025
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Median price: $885,000 for houses, no data for units
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Median rent: $650 pw for houses, no data for units
Padbury is northern suburb in the Joondalup area that Mr Gavalas likes for its proximity to the beach and good access to freeways and public transport.
Padbury is a couple of kilometres from the ocean, around 18 kilometres from the Perth CBD, and offers easy access to the popular Mullaloo Beach, the marina and tourist precinct of Hillarys Boat Harbour, and Westfield Whitford City.
“It’s also within one of the most popular high school catchments for Duncraig High School and much more affordable than surrounding suburbs,” Mr Gavalas said.
The median house price in Padbury has increased 18% in the past 12 months but remains well below the asking prices in neighbouring suburbs including Hillarys (median house price $1.4 million) and Duncraig ($1.17 million).
Currambine, 6028
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Median price: $862,000 for houses, $425,000 for units
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Median rent: $700 pw for houses, $530 for units
This is another suburb in the Joondalup area that Mr Gavalas earmarks as having the capacity for further growth in 2025.
“It's very close to the beach, has good access to the new Ocean Reef Marina, and close to the major centre of Joondalup with the employment and amenities it offers,” he said.
Currambine took the honour of being one of four Perth suburbs tied for having the nation’s quickest home sales during 2024, with listings typically selling in just nine days according to property marketplace Domain.
As such, it’s not surprising Currambine’s median house price has increased by 23% over the past 12 months.
Currambine is around 29 kilometres north of the Perth CBD and was developed as a residential suburb in the mid-1990s on land surrounding the Currambine train station.
The suburb is about a half-hour train ride to Perth and has good access to the Mitchell Freeway that links central Perth with the city of Joondalup.
Again, Mr Gavalas likes that Currambine offers better affordability compared to neighbouring suburbs including Iluka (median house price $1.425 million) and Connolly ($995,000).
Morley, 6062
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Median price: $750,000 for houses, $512,000 for units
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Median rent: $650 pw for houses, $590 for units
Finally, the suburb of Morley is about 10 kilometres northeast of Perth’s CBD and home to one of Perth’s largest shopping centres, Galleria.
Mr Gavalas said Morley is benefiting from the brand-new Morley to Ellenbrook train line, which has brought increased public transport links to the city.
“Morley has great amenities and good access to the popular Swan Valley and NorthLink transport link,” he said.
“It’s also great value compared to surrounding suburbs and has big blocks with redevelopment potential.”
Morley 's median house price has shot up by 25% in 12 months but it still offers better affordability than neighbouring Bedford (median house price $997,500), Dianella ($897,500), and Noranda ($855,000).
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