July 13, 2026 — 6:28pmWhile property prices continue to rise across Perth, it doesn’t seem to have impacted prospective buyers looking to spend more than $2 million on a new home.The median house sale price increased by 16.3 per cent over the past financial year to $930,000 with the time to sell properties also increasing from just over a week, to 18 days.But properties in affluent suburbs including North Beach, City Beach, Bicton and Mosman Park are seeing homes fly off the market in the same amount of time as those half the price.Viveash topped the list of suburbs with the highest sale price growth – the median house sale price was $855,000 and increased by 45.5 per cent. Its median time to sell a house was 14 days.In second place was North Beach which increased by 38 per cent to a median house sale price of $2,208,000 and took around 13 days to sell.Fourth was Bicton, where properties were on the market for a median of 10 days despite property prices increasing by 35 per cent to $2,255,000.The most expensive suburb in the top 10 list was City Beach, which ranked fifth for median house sale price growth. Median houses sold for $4.1 million – up by 34 per cent – and sold in around 17 days.Excellence Property Specialist managing director Vangelis Katsaitis said the median sale price over the past five years had increased by 85 per cent, which he believes is partly due to the limited supply of housing in the area.“City Beach has the lowest density code. That means that you cannot subdivide unless you have more than 1400 square metres of land, and that’s why we have big blocks,” he said.“We have massive houses, we don’t have traffic, no off-street parking because everybody has got parking and everything inside. So this makes it stand out among any other suburb in the west, and for that reason, more and more people have been realising over the last few years that it’s special.”With the average demographic of buyers being families and people in their mid-40s, Katsaitis said living in the suburb feels like “living in a time warp”.“It’s like back to the basics, Christmas parties in the parks, cocktails in people’s gardens among the neighbours, and a lot of caring for the neighbours,” he said.Unsurprised to hear that City Beach was in the top five suburbs, Katsaitis said the coastal suburb will only continue to rise in price.“City Beach, as you can see and this comes as proof, is the only suburb among the western suburbs, which has been ranked as the highest growth suburb in the top five, which means that this momentum continues,” he said.“So [many people are] talking about a financial slowdown, a crisis in the property market ... but nothing like that is happening, especially for some good suburbs like City Beach. It’s proof that the fundamentals of this suburb have really pushed it to the top position among many of the suburbs in growth.“I always say ‘Those who buy in City Beach win; those who sell lose, regardless of the price’. Even if you sell for $10 million today, you’re still losing a piece of land which is the land of gold.”Real Estate Institute of WA president Suzanne Brown said the established homes market was characterised by lower-than-average new listings and ongoing strong demand for most of the financial year, which saw both house and unit markets record very strong price growth.“The median house sale price increased 16.3 per cent over the financial year to $930,000, while the median unit sale price recorded 21.8 per cent growth to reach a high of $670,000,” she said.“This was due to low listing levels in the first three quarters of the financial year and ongoing strong demand.”Brown said the market shifted in the recent June quarter which saw the number of new listings come to market increase and marking a five-year record.“Demand also eased as a result of three consecutive interest rate increases, the rising cost of living, ongoing uncertainty surrounding the conflict in the Middle East, and the Federal Government’s changes to taxation policy,” she said.“This has eased the upward pressure on property prices, and we expect to see the rate of price growth slow significantly over 2026-27.”East Fremantle was the top-performing suburb in the unit market, with its median sale price rising 51.6 per cent over the financial year to $897,500. The median time a unit remained on the market was 11 days.This was followed by Highgate, where unit prices rose by 41.3 per cent to $692,500 and sold in seven days.“We saw the time to sell a property drop to just over a week for a number of months in 2025-26,” Brown said.“By the end of the financial year, the median days on market was 18 days for both houses and units.“While this is a significant change over the course of a few months, selling timeframes are still well below the 50-day average seen in the five years preceding COVID.”Of the suburbs where houses sold the quickest, Stratton topped the list selling in a median of six days, followed by; Mirrabooka and Alkimos both with a median selling time of seven days.The fastest selling suburb for units was Yokine, where properties sold in a median of five days, closely followed by Cockburn Central where units sold in six days.On Monday morning, Western Australian Premier Roger Cook said he was at the helm of “the strongest economy in the country.”“We are the fastest growing economy in the country. We are the fastest growing population in the country. One thing that you can be sure of is that there’s going to be strong demand for housing, even with our record build of residential homes at the moment,” he said.“WA is a great place to live. Don’t listen to the economic naysayers on the East Coast. WA is steaming ahead, and we need to continue to make sure that we grow our housing stock, not so that we reduce house prices, but just so we can moderate any increases in house prices and give people an opportunity to get into their first home.”Cook said one way the state government was helping first home buyers get into the market was through a targeted stamp duty relief program introduced in May as part of the state budget.“One of the things we’ve done is made targeted stamp duty relief to ensure that young people and first home buyers get the opportunity to get into the housing market. We’re very proud of that program,” he saidMore:Property marketProperty pricesSalesPerthNorth BeachProperty listingsFrom our partners