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Repair Windows errors before they cause bigger problemsFix Now →Scan for outdated or missing drivers - takes under a minuteDriver Scan →Clear out junk files and repair common Windows errorsFree Scan →In REIWA’s 2023 annual list, Iluka’s median house sale price was $1,190,000 and Ocean Reef’s was $1,005,000, putting both above the million-dollar mark. Kallaroo followed in a separate rolling 12-month measure: PerthNow reported a median of $1,085,000 through January 2024, up 23.3% year on year. Because the periods differ, Kallaroo’s figure is not a like-for-like entry in the 2023 list.
What the original million-dollar comparison showed
REIWA’s annual 2023 list recorded median house sale prices for homes sold through 18 December 2023, excluding pending sales. Iluka’s median was $1,190,000 and Ocean Reef’s was $1,005,000. These are medians of houses sold during that period—not valuations of every home, and not unit prices.
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| Suburb | Median house sale price | Measurement period |
|---|---|---|
| Iluka | $1,190,000 | 2023 sales through 18 December; pending sales excluded (REIWA, 2024) |
| Ocean Reef | $1,005,000 | 2023 sales through 18 December; pending sales excluded (REIWA, 2024) |
Source: REIWA’s 2023 million-dollar suburb list.
Why Kallaroo’s January figure is a different comparison
PerthNow reported REIWA CEO Cath Hart’s figure for Kallaroo as a $1,085,000 median and 23.3% annual growth in the rolling 12 months ending in January 2024. That reading came after the calendar-year 2023 list and uses a different window, so it should not be ranked directly against Iluka’s and Ocean Reef’s 2023 figures as if all three covered the same sales.
Hart also offered local context for the area’s growth. She said Ocean Reef Marina had played a role, particularly for Ocean Reef, where residents had previously needed to go to Mindarie or Hillarys marinas. She also pointed to Ocean Reef’s large blocks and local services, and to Iluka’s new local shopping centre and nearby Burns Beach Primary School. These are her explanations, not a quantified analysis establishing how much any one factor changed prices.
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Source: PerthNow, 10 February 2024.
Where the three suburbs stood in 2026
REIWA’s annual June 2026 list gives a consistent comparison across the three suburbs. Its figures are annual median house sale prices as of June 2026:
| Suburb | Annual median house sale price at June 2026 |
|---|---|
| Iluka | $1,695,000 |
| Ocean Reef | $1,512,500 |
| Kallaroo | $1,452,500 |
Source: REIWA’s June 2026 suburb list.
REIWA’s suburb profiles show a second, more recent snapshot for the 12 months to September 2026. Those figures are not identical to the June list because the periods and update dates differ.
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| Suburb | Median house sale price, 12 months to September 2026 | Profile last updated |
|---|---|---|
| Iluka | $1,697,500 | 8 October 2026 |
| Ocean Reef | $1,615,000 | 7 October 2026 |
| Kallaroo | $1,500,000 | 8 October 2026 |
REIWA says profile data may be revised as more transactions settle. The reviewed profiles do not state transaction counts for these medians, so the figures alone do not establish that each suburb had an equally sized sales sample.
What “million-dollar club” means now
In July 2026, REIWA split its club into a $1 million-to-under-$2 million tier and a separate $2 million club. At the end of June 2026, 136 suburbs were in the lower tier; 167 had medians of at least $1 million across both tiers. REIWA President Suzanne Brown said those 167 suburbs represented 41.4% of Perth suburbs.
That change matters when reading older headlines: “million-dollar club” may mean the broad $1 million-or-more threshold used in the 2023 story, or the current $1 million-to-under-$2 million tier. The figures above use the definitions and date windows stated alongside them.
Source: REIWA, 22 July 2026.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How to use suburb medians when comparing homes
A suburb median is a useful summary of recent completed sales, but it cannot tell you what a particular property is worth. The mix of houses sold and the number of sales can affect the median, and the source profiles may be revised as transactions settle.
Quick Recap
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- Compare the same property type and the same sales period; do not combine a calendar-year figure with a rolling 12-month measure without noting the difference.
- Check annual price change alongside the median if you need a sense of movement over time.
- Look for the number of sales behind the median before treating two suburb figures as equally reliable; the cited current profiles do not provide those counts.
- Use property-specific information for a purchase decision rather than treating a suburb median as an estimate for an individual home.
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