With the Australian property market softer than in recent years, the number of million dollar suburbs has declined and Western Australia is in line with the national trend. Whilst Western Australia is home to Australia’s most expensive suburb, it seems that the million plus elite is down a member from 2007.
Million plus suburbs down on 2007
Based on Q1 data released by the Real Estate Institute of Western Australia (REIWA), Western Australia had 20 suburbs / towns with a median house price in excess of $1 million. Whilst the riches of the mining boom have obviously contributed to increasing property values in the more exclusive suburbs / towns, it is interesting to note the total number of million dollar suburbs in Q1 2007 was 21 – 1 more than in 2011.
The Who’s Who of Million Dollar Suburbs
At $3,790,000 Peppermint Grove’s median house price tops the list of median house prices in Western Australia. As one of Perth’s premium riverfront suburbs, Peppermint Grove has topped the list of Australia’s most expensive suburbs for the last 3 consecutive years.
Rounding out the top 10 of million dollar suburbs in Western Australia, are mostly those along or near the Swan river bays of Perth which include;
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Although not featured in the top 10, Baynton in Karratha is also a notable million dollar suburb. Situated in the state’s Pilbara desert, the lack of housing and the mining boom have resulted in this North West town recording a median house price of $1,030,000.