The West

Outer suburbs join $1m club
Hidden gem: Steven Burnell on his Mariginiup property. Picture: Bill Hatto/The West Australian

A record number of Perth homeowners are sitting on at least $1 million.

From the city's golden triangle to the growing urban fringe, close to 50 suburbs now have a seven-figure median price tag.

Figures collated by RP Data-Rismark show a sharp lift in the number of suburbs and towns in the $1 million bracket.


The most expensive, and the eighth-dearest in the country, remains Peppermint Grove where the median price for a house has edged down slightly to more than $3.7 million.

Dalkeith ($2.5 million), Cottesloe ($2 million), City Beach ($1.8 million), Applecross ($1.6 million), Swanbourne ($1.6 million) and Mosman Park ($1.4 million) all remain among the most expensive parts of the State in which to buy a house.

But the figures show there have been price rises over the past 12 months well outside the "golden triangle".

Mariginiup, more than 30km from central Perth and on the city's northern fringe, was the highest-ranked new suburb in the million-dollar club. The median price for a house in the area reached $1.3 million over the past 12 months.

Father-of-two Steven Burnell has just bought his second property in Mariginiup, a suburb he calls a "hidden gem" among the urban sprawl.

He paid $4.1 million for two adjoining properties which cover 8.1ha near Lake Mariginiup.

The land has lucrative subdivision potential, but for now Mr Burnell said he was looking forward to enjoying the serenity and running a horse agistment facility.

"It's tenanted at the moment but we're planning to move in over the next two or three years," he said. "We live in Mindarie so we'll be going from sea change to tree change.

"Mariginiup is just a nice, tranquil suburb with that rural feel. The views are magnificent, but at the same time Joondalup's only 10 minutes away and Wanneroo's only five minutes away."

Deb Treloar, the Peard Real Estate agent who sold both properties, said people had started taking notice of Mariginiup over the past five years.

"Wanneroo itself has largely been sold up to developers now, so Mariginiup is the next one down the track and the latest and greatest," she said.

Other new suburbs in the list include Belhus and Pickering Brook, both on Perth's urban fringe.

Some high-priced suburbs have enjoyed big lifts in prices.

The single biggest increase was in Jolimont where the median price was just over $1 million last year. This year it is 28 per cent higher at almost $1.3 million.

Outside the city, the slowdown in the mining sector is reflected in a near 12 per cent fall in Port Hedland's median price, which now stands at almost $1.1 million

RP research analyst Cameron Kusher said low interest rates were feeding into higher prices.

"This encourages people to look to upgrading to bigger homes and in more ideal locations," he said.

The West Australian

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