In 2024, Perth achieved a significant milestone in its real estate landscape, recording its highest-ever number of $5 million-plus home sales.
This surge, representing a 69% increase year-on-year according to Westpac’s Prestige Property Report, underscores the city’s emergence as a strong player in Australia’s luxury property market.
Figures from Knight Frank’s most recent Prime Global Cities Index tell a similar story, ranking Perth as the country’s best-performing luxury market in the 12 months to March, with prices up 3.8% compared to the 2.8% average across 44 global cities.
So what’s driving this surge?
1. Strong performance of WA’s resource sector
WA’s mining and petroleum industries are powering the state’s economy and boosting buyer confidence.
In 2024 alone, more than $32 billion flowed into projects, with another $48 billion on the way or already under construction, according to the WA government. That strength has lifted employment in the sector to record highs, and a lot of that wealth is finding its way into high-end property.
2. Rising wealth and lifestyle appeal
WA has now topped the Commonwealth Bank’s State of the State report for four quarters in a row, ranking first in retail spending, equipment investment, population growth and dwelling starts.
This economic strength is creating a growing group of buyers who want more than just a luxury home – they want one that reflects their lifestyle and success.
3. Geographical shift in buyer behaviour
While Sydney and Melbourne have long dominated the prestige market, Perth’s relative affordability is attracting high-net-worth buyers from across the country. Suburbs like Cottesloe and South Perth, with their coastal views and large blocks, are becoming more popular, especially when buyers realise they can get more for their money than in the eastern capitals.
4. Limited supply
Like many established premium suburbs, Perth’s luxury property segment has been constrained by limited supply. The scarcity of these properties, which are often tightly held and rarely come on the market, is creating a high-stakes environment where demand far outstrips supply.
This competition is a major force putting upward pressure on prices and contributing to the record-breaking sales volumes.
With Perth’s market showing strong growth across both standard and luxury segments, now could be the right time to make your move. Resolve Property Solutions is a local buyer’s agent that helps clients secure the best opportunities in a competitive market. Book a free discovery call today for expert, tailored advice.
