How many suburbs in WA have a median value of $1 million or more?

Whether you’re a first home buyer or a seasoned real estate investor, the golden rule of property always applies: location, location, location.

In the past we’ve investigated how population growth may influence the area in which prospective buyers build in Western Australia (WA), but in this article we’re going to take a look at how the state is faring as a whole in the here and now.

Data reveals WA suburbs are retaining their value

Of course, as any media outlet can tell you, WA is going through a period of slow growth, and both existing home owners and potential buyers are feeling the effects. However, as a recent study has shown, there is still a lot to be optimistic about.

Earlier this month, property analyst firm CoreLogic RP released research detailing suburbs across Australia with a median value of $1 million or more. Only areas that had sold at least 10 properties with a value of a million dollars or more were eligible to be counted.

Perhaps unsurprisingly, a Sydney suburb boasts the highest median value in the country, with houses in Point Piper valued at a whopping $5.5 million average.

There are 39 WA suburbs with a median value of at least $1 million.

Nevertheless, when it came to the actual number of suburbs with a median value of $1 million or more, WA held its own against the rest of the country. In 2012, there were only 28 Western Australian suburbs that filled this criteria – now there are 39. While this figure represents a drop from 2014, the overall growth signals an opportunity for anyone seeking to build a custom home in Perth or the surrounding regions.

Looking at the data from a nation-wide perspective, WA has significantly more high-value suburbs than South Australia (12), Queensland (14), Australian Capital Territory (seven), Northern Territory (two) and Tasmania (0).

Where are the high-value suburbs concentrated?

So, which areas are performing the best? The CoreLogic RP data found that 97.7 per cent of the 437 Australian suburbs with a median value of $1 million were situated in a capital city.



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