A 2025 forecast said 20 Perth metropolitan suburbs could join the million-dollar club within 12 months. It was conditional, not a guarantee. REIWA’s June 2026 update later reported median house sale prices above $1 million in Connolly, North Lake, Lathlain and Willagee.
What the 2025 forecast actually said
In a report published on 15 February 2025, PerthNow attributed the forecast to the Real Estate Institute of Western Australia (REIWA). The “million-dollar club” meant suburbs with a median house sale price of at least $1 million—not a minimum value for every home. The forecast was that 20 Perth metropolitan suburbs could cross that median threshold within 12 months.
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REIWA’s forecast depended on Perth property prices rising by an expected 5–10 per cent and on the individual growth trends in the named suburbs. REIWA chief executive Cath Hart described the estimate this way: “Based on the overall expectation for Perth property prices to increase 5 to 10 per cent this year, and these suburbs’ individual growth trends, we are likely to see 20 new suburbs join the million-dollar club by the end of the year.” The statement was reported by PerthNow on 15 February 2025.
Which 20 suburbs were named?
The 2025 report listed these suburbs as forecast entrants and gave their 2024 median house prices. The values are suburb medians reported by PerthNow, not individual-property valuations.
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| Suburb | 2024 median house price |
|---|---|
| Connolly | $995,000 |
| Lathlain | $994,500 |
| North Lake | $990,000 |
| Boya | not stated in the PerthNow report |
| Mahogany Creek | not stated in the PerthNow report |
| Woodvale | not stated in the PerthNow report |
| Yokine | not stated in the PerthNow report |
| Bouvard | not stated in the PerthNow report |
| Bushmead | not stated in the PerthNow report |
| Jandakot | not stated in the PerthNow report |
| Kardinya | not stated in the PerthNow report |
| Lake Coogee | not stated in the PerthNow report |
| Joondanna | not stated in the PerthNow report |
| Kingsley | not stated in the PerthNow report |
| Victoria Park | not stated in the PerthNow report |
| Glen Forrest | not stated in the PerthNow report |
| Bedford | not stated in the PerthNow report |
| Willagee | $914,750 |
| Jarrahdale | $910,000 |
| Padbury | $910,000 |
The reported 2024 prices ranged from $995,000 in Connolly to $910,000 in Jarrahdale and Padbury. That made Willagee further from the threshold than the other three suburbs highlighted in the headline.
Did the four headline suburbs later pass $1 million?
Yes. REIWA’s June 2026 update reported annual median house sale prices above $1 million in all four. The figures below are REIWA’s reported prices for that update, not current valuations for individual homes.
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| Suburb | 2024 median reported by PerthNow | June 2026 annual median reported by REIWA |
|---|---|---|
| Connolly | $995,000 | $1,380,500 |
| North Lake | $990,000 | $1,350,000 |
| Lathlain | $994,500 | $1,260,000 |
| Willagee | $914,750 | $1,067,500 |
REIWA’s June 2026 update said a record 38 suburbs had joined Perth’s million-dollar club. The later figures confirm that all four named suburbs were above the threshold in that reporting window; they do not show that every home in any of those suburbs was worth more than $1 million.
How to interpret the forecast and later figures
The 2025 call was an outlook built on an expected citywide price rise and suburb-level trends. The later medians show the outcome reported for June 2026, but they do not make the original assumptions certain or establish exactly how each suburb’s median changed over time.
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REIWA’s later update also described changing market conditions. It reported Perth median house sale-price growth of 5.3 per cent over three months in February 2026, with a median time to sell of eight days that month, and growth of 3.9 per cent in the June 2026 quarter. REIWA said conditions were easing, expected fewer new suburbs to enter the club if that continued, and planned another review for early 2027. These are time-specific market figures and an outlook from that update, not a forecast beyond it.
When comparing suburb figures, keep the measure and period consistent: a median house sale price is not the same as an asking price, a dwelling-value estimate or a valuation of a particular property. The available reports do not provide enough transaction-level methodology to treat suburb medians as individual-home estimates.
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Why might suburbs move into the club?
Hart’s comments, as reported by PerthNow, pointed to factors that may influence buyer interest: proximity to schools, lifestyle hubs, the city, coast and river; improvements in local amenity; and buyers looking at nearby suburbs when a popular area becomes less affordable. These are explanatory observations, not a quantified study showing that any one factor caused a suburb’s price change.
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