Anyone with even a passing interest in Australian property will have taken note of the Perth market’s recent performance. A few numbers:

  • In the pandemic/post pandemic boom, the Perth median property price rose 25.6% according to CoreLogic, but only suffered a 0.6% dip in the second half of 2022.
  • In the year past, the median value rose 13.5%, with the rate of growth only accelerating.
  • As of November 2023, the number of listings in Perth was nearly 40% lower than the previous five year average.

The undersupply in other cities was partly attributed to low prices at the start of the year, but that clearly isn’t the case in Perth: perhaps property owners have instead been unwilling to cash out early and miss out on more years of huge gains.

That could be a good bet. Louis Christopher of SQM research, who is predicting prices to drop in Sydney, Melbourne, Canberra and Hobart, says Perth still looks set for another big year.

“Perth [is] very likely to record price rises based on super tight rental conditions, a better-than-expected global commodities market and minimal exposure to the financial services sector, where we believe there may be significant job losses,” Mr Christopher said.

Peter Gavalas, buyers agent from Resolve Property Solutions in Perth, said people are compromising more and more to buy Perth property while they can.

“[Buyers are] settling for less desirable homes, such as ones with structural problems, or less desirable locations, such as on noisy main roads, because they fear they’ll never enter the market any other way,” he said.

“C-grade properties, which are really hard to sell during normal markets, are currently finding buyers within weeks or even days of being listed for sale.”

Whether you’re a WA resident anxious to crack into the property market, or an investor salivating at the potential returns in future, these suburbs in particular were highlighted by the experts we consulted.


Buying a home or looking to refinance? The table below features home loans with some of the lowest interest rates on the market for owner occupiers.

Update resultsUpdate
LenderHome LoanInterest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees LVR Lump Sum Repayment Additional Repayments Split Loan Option TagsFeaturesLinkCompare
6.04% p.a.
6.06% p.a.
Principal & Interest
Featured Online ExclusiveUp To $4K Cashback
  • Immediate cashback upon settlement
  • $2,000 for loans up to $700,000
  • $4,000 for loans over $700,000
5.99% p.a.
5.90% p.a.
Principal & Interest
Featured Apply In Minutes
  • No application or ongoing fees. Annual rate discount
  • Unlimited redraws & additional repayments. LVR <80%
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
6.14% p.a.
6.16% p.a.
Principal & Interest
Featured Unlimited Redraws
  • No annual fees - None!
  • Get fast pre-approval
  • Unlimited additional repayments free of charge
  • Redraw freely - Access your additional payments when you need them
  • Home loan specialists available today
Important Information and Comparison Rate Warning

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of . View disclaimer.

Cottesloe (6011)

  • Median price: $3,227,000 for houses, $822,500 for units

  • Median rent: $1,200 pw for houses, $620 for units

Polls from institutions like TripAdvisor and Lonely Planet regularly rank Cottesloe Beach as one of Australia’s finest. In 2009, Lonely Planet ranked it second anywhere in the world, so it follows that the surrounding suburb is among Perth’s most expensive.

It might seem strange for Cottesloe to make its way onto a ‘Suburbs to watch’ list, but Lloyd Edge, Founder and Director of Aus Property Professionals, says those who can afford it could still see strong returns from Cottesloe property.

"Cottesloe's premium coastal location and significant value increase position it as an ideal choice for lifestyle-oriented investments," he told

Cottesloe units in particular look like good value if you look at Australia’s other famous beach spots. In Brighton (Victoria), the median unit price is $1,105,000, while a unit in Bondi costs on average $1,362,500.

While Perth will likely remain discounted compared to east coast capitals, the population is also growing faster than Sydney and Melbourne, according to the ABS. It seems logical that this will continue to drive up the price of real estate in perhaps its most well known coastal location.

Mosman Park (6012)

  • Median price: $1,720,000 for houses, $350,000 for units

  • Median rent: $950 pw for houses, $420 for units

Mosman Park is another one of Perth’s traditionally more affluent suburbs that Mr Edge tipped for continued growth in the coming years, particularly for units.

"Mosman Park is gaining traction in the unit market, becoming increasingly attractive for those seeking entry points into Perth’s property sector,” he said.

Unit prices in Mosman Park rose a modest 2.9% in 2023, remaining at a median price of $350,000, a discount of about 23% from the median unit price in Perth ($457,296).

Flanked by the Indian Ocean and the Swan River, while not far from both the Perth and Fremantle CBD, Mosman Park looks well-poised to become a key beneficiary of the widely anticipated continued surge in property prices in greater Perth.

Ellenbrook (6069)

  • Median price: $500,000 for houses, $389,000 for units

  • Median rent: $550 pw for houses, $420 for units

Prior to the 1990s, the land on which now rests Ellenbrook, about 30kms north-east of Perth, mostly consisted of grazing land and a decommissioned sand quarry. The suburb that exists today is the result of a master planned community, which was crowned the best in the world in 2015.

Ellenbrook was designed to be self sustainable, but it's still little over a half hour drive to the Perth CBD. In 2024, the Ellenbrook railway station is expected to be finished, which will further improve Ellenbrook’s viability for commuting to the capital.

PRD research highlighted Ellenbrook as one of its three picks for ‘Affordable and Liveable Suburbs’ in Perth, for units. Per REA data, Ellenbrook units went up 27.1% in value in 2023, and the underlying numbers remain strong. Vacancy rates are just 0.3%, while the average rental yield is nearly 6%.

Pearsall (6065)

  • Median price: $565,000 for houses, not enough data for units

  • Median rent: $577 pw for houses

Pearsall, about 26 kilometres north of Perth CBD, was another of Mr Edge’s top picks.

"For those seeking more affordable investment options, Pearsall offers substantial growth potential at a more accessible price point," he said.

Demand indicators for Pearsall during 2023 were strong: house prices rose 8.7% through the year, while according to CoreLogic, houses spend an average of just 12 days on the market before being snapped up.

Kenwick (6107)

  • Median price: $470,000 for houses, $315,000 for units

  • Median rent: $477 pw for houses, not enough data for units

Kenwick, about 16km inland from the city centre, was another suburb highlighted by PRD research for both affordability and liveability.

Despite rising 16% and 5.4% respectively in 2024, both house and unit prices in Kenwick remain attractive compared to elsewhere in Perth. Both are more than 30% cheaper than the median for the Perth area, according to CoreLogic.

As of September 2023, vacancy rates in Kenwick were just 0.3%, rental yields were at 4.9%, and the PRD research team also pointed to nearly $50 million worth of infrastructure projects scheduled for the area in the coming years, which could further boost both demand for property and liveability.

Gosnells (6110)

  • Median price: $440,500 for houses, $310,000 for units

  • Median rent: $460 pw for houses, $400 for units

Arjun Paliwal, Founder & Head of Research at InvestorKit, identified three potential hotspots near Perth for 2024. The first of which was Gosnells and its surrounding suburbs, one of several significant urban areas south of Perth.

Vacancy rates in Gosnells are particularly low, at just 0.2%, which Mr Paliwal called “practically nothing”, and he pointed to other demand indicators that look strong.

“Vendor discounting [is] positive with days on market falling too,” Mr Paliwal said.

Rockingham (6168)

  • Median price: $660,000 for houses, $451,000 for units

  • $550 pw for houses, $470 for units

Matt Knight, Buyers Agent at Precium, is another expert who highlighted the investment potential of WA property markets to the south of the capital

“Suburbs with the lowest stock and tightest vacancy rates included regional coastal markets south of Perth including Rockingham, Mandurah, Bunbury, Busselton and Margaret River. Lifestyle locations with close proximity to jobs, quality beaches and transport corridors seem to be performing the strongly at present,” he told

Rockingham is the closest of these picks to Perth, about 47 kilometres from the city centre. House prices rose 8.7% over 2023, while units gained 9.7% through the year. Rockingham was another area to make the REA Top 100 list, and was called “ideal for buyers seeking a beachside home at an affordable price point.”

Mandurah (6210), Bunbury (6230), Busselton (6280)

If you’re prepared to live away from Perth, or you’re looking for strong investment returns, these were among the other southern areas highlighted by Mr Knight.


  • Median price: $390,000 for houses, $320,000 for units

  • Median rent: $450 pw for houses, $400 for units

  • Distance from CBD: 70kms

Mandurah was also picked out by Mr Paliwal. He pointed to the vacancy rate of just 0.4%, the “crazy high rental yield in surrounding suburbs,” and also said the days on market are currently “ripping down”.


  • Median price: $660,000 for houses, $451,000 for units

  • Median rent: $550 pw for houses, $470 for units

  • Distance from CBD: 170 kms


  • Median price: $710,500 for houses, $504,000 for units

  • Median rent: $600 pw for houses, $515 for units

  • Distance from CBD: 225 kms.

Picture by Urlaubstracker on Unsplash

Ready, Set, Buy!

Learn everything you need to know about buying property – from choosing the right property and home loan, to the purchasing process, tips to save money and more!

With bonus Q&A sheet and Crossword!

By subscribing you agree to our privacy policy