Property prices in the Greater Perth region continue to surge. Based on the latest data from REIWA, 32 suburbs joined Perth’s ‘million-dollar club’ in 2025. This takes the total number of suburbs with a median house sale price of $1 million or more to 126. (this is staggering when you consider Perth’s median house price was around $540,000 only three years ago).
Interestingly, the rate of growth varied according to the type of dwelling. For example, the median house price growth was around 10% for houses in 2025. Whereas the median unit price growth was closer to 15% for the same period.
Property price growth is not confined to the Greater Perth region either. Key regional markets like Albany, Geraldton and Esperance recorded faster growth than WA’s capital city in the last 12 months. This shows the demand for property in WA is far and wide.
So what’s driving the phenomenal growth in the WA property market at a time when other markets are losing steam? (well, there’s quite a few reasons actually).
Population Growth & Migration
At the end of the 2025, Western Australia had the fastest population growth of any state or territory in Australia – up 2.4%. This translates to around 75,000 people in a 12-month period, driven by net overseas migration, internal migration, and natural increases (ie, births minus deaths). And guess what – they all need somewhere to live.
Low Supply verse High Demand
When you have more buyers chasing fewer homes, prices inevitably will rise. This has been the case in WA for some time – and there is no quick fix to the housing shortage. Instead, there are land supply issues, construction bottlenecks, a lack of qualified tradespeople, and limited new completions that are all contributing to the lack of housing. An indication of the housing imbalance can be seen in the time it takes to sell a property. In Greater Perth, the median time is currently around 9 days, especially in the $600k–$1.5m range. Compare this with 10 years ago when the median selling time for properties in Perth was around 50 days.
Government Incentives
The 5% Deposit First Home Guarantee is an Australian Government Scheme that was introduced in early 2020. With the government guaranteeing up to 15% of the loan, successful applicants avoid paying Lenders Mortgage Insurance. The scheme has helped eligible first-home buyers get into the market sooner. But it has also increased competition, and one of the unintended consequences is that it contributes to house prices going up.
Relative Affordability
Despite 126 suburbs now breaking the $1 million median average sales price in Greater Perth, the city remains cheaper than Sydney and Melbourne when it comes to housing. This has enabled tens of thousands of interstaters the ability to take advantage of WA’s relative affordability, which is appealing to first-home buyers, downsizers, and investors alike.
Industry commentators point out that the affordability gap encourages people priced out of Sydney or Melbourne to consider Perth, which in turn pushes up local competition and prices.
Boom Economy
Western Australia’s economy is firing on all cylinders. The standout sector is mining. Official state government data shows record employment in WA’s mining industry, with mining jobs continuing to expand year after year. (and the mining industry pays very well indeed).
High-paying jobs attract workers, support household formation, and boost buyer confidence. There are thousands of ‘Fly In Fly Out’ workers (FIFO) living all over Greater Perth, and just as many who are looking at moving over to WA, putting on a high-vis vest, and living the good life.
THERE’S A TRUCKLOAD OF REASONS TO CHOOSE C & R SETTLEMENTS IN MANDURAH.
Here at C & R Settlements in Mandurah, we’re renown for our hard work, attention to detail, and going the extra mile for our clients. We’re Mandurah’s Number One independent settlement agent with over 80,000 settlements under our belt (and still going strong).
As an added bonus, when you choose C & R Settlements, you can use our free courtesy truck when it’s time to make the move. All you’ll need is a standard driver’s licence (and perhaps a few strong mates to lend a hand on moving day). Just be aware that our free courtesy truck is very popular, and bookings are essential. Just another reason to make the move to C & R Settlements in Mandurah. For details, call us on 9581 2148. Or email mandurah@crsetts.com.au