Seven suburbs join Perth’s $1 million property club

Seven Perth suburbs have joined a club that just a generation ago was considered the height of luxury.

And a suburb in the city’s north traditionally known for its affordability could soon join them.

WATCH THE VIDEO ABOVE: New Perth suburbs join the million-dollar club.

A 40-year-old four-bedroom, two-bathroom home in Beldon has sold for an eye-watering $1 million.

The figure was a record for the suburb which was historically within reach of most West Australians.

Haiven Property’s Chris Lovell said his agency expected offers to rise rapidly in the area.

He believes larger blocks, proximity to the coast and the upcoming Ocean Reef Marina will continue to drive sales upwards.

In the last three months, not a single Perth suburb in the metro area has declined.

The only price falls were modest drops in regional areas.

Beechboro has led the state with a rise of 7.9 per cent since August.

Michael Sammut from Sammut Real Estate believes recent zoning changes have triggered the surge, with many blocks now subdividable.

New $1 million club members

In October, seven suburbs — Mariginiup, Mindarie, Hovea, Beaconsfield, Doubleview, Riverton and Palmyra — joined the coveted seven-figure club as their median prices soared.

But agents say there is a silver lining for those trying to get into the property market.

As Perth’s median overtook Melbourne’s in September, interstate investors started to retreat, turning their attention east.

Even so, there are still only 5000 properties listed for sale this week in Perth.

It is believed that listings need to double for the market and prices to stabilise.