10 best suburbs in Perth to invest in 2024
Perth was the national leader on price growth in 2023, according to CoreLogic figures published on 2 January 2024. Its median house price rose 15.6%, compared to the national average of 8.6%, and its median unit price increased 12.4%, well ahead of the national average of 6.4%.
20 Mar 2024
Perth was the national leader on price growth in 2023, according to CoreLogic figures published on 2 January 2024. Its median house price rose 15.6%, compared to the national average of 8.6%, and its median unit price increased 12.4%, well ahead of the national average of 6.4%.
We are now seeing the first signs of moderation in the three-year Perth property boom after a prolonged downturn, as sales activity starts to taper off from the recent highs. The market-share of suburbs with positive rankings dropped notably in the second half of 2023, and for the first time in three years, suburbs with negative classifications are almost as numerous as the positive ones. And whilst the Perth market remains vibrant, it’s no longer a national leader in sales momentum. Prices will likely rise again in 2024, but the West Australian (WA) capital probably won’t be the national leader this year.
Canstar’s overall ranking for Perth in our Rising Stars Australian Property Market Report is fourth; scoring highly on three of our metrics, but relatively weak on two others. Perth is close on the heels of our top three: Brisbane, Adelaide and Sydney
The 10 Best Suburbs in Perth to consider investing in
- Balcatta
- Banksia Grove
- Belmont
- Bentley
- Golden Bay
- Gosnells
- Harrisdale
- Midland
- Greenwood
- Wellard
Balcatta
The City of Stirling is consistently among the best performers among the Perth
property markets and the suburb of Balcatta provides a worthy case study. This middle ring
suburb, which is north of the Perth CBD, has commercial and retail sectors as well as residential, access to the Mitchell Freeway, multiple parks and reserves, and several schools. Homes typically sell in two weeks and prices rising at 10%.
Banksia Grove
The City of Wanneroo in Perth’s far north has featured among the nation’s
leading population growth areas. Banksia Grove recorded 240
house sales in the past year, with the median price lifting 11% to $495,000 and houses
typically selling in less than a fortnight. Rent prices are high, with vacancies just 0.3%. This suburb has a backdrop of major green spaces and there are numerous schools and shopping centres.
Belmont
A median house price of $545,000 represents good value, considering Belmont’s
proximity to both the Perth CBD and the Perth Airport. Belmont also has frontage to the
Swan River and access to extensive green spaces. Over 200 homes have sold in the past 12 months, usually within three weeks and the vacancy rate is among the lowest in a tight Perth rental market.
Bentley
The Canning LGA offers a series of affordable and well-located suburbs in the
inner south of Perth. The suburb of Bentley attracts demand for the nearby education precinct including Curtin University, with houses selling within three weeks and the median house price rising 10% in the past 12 months to reach $535,000, following around 250 dwelling sales. Vacancies at 0.3% indicate strong rental demand also.
Golden Bay
The City of Rockingham has been a leader in Perth’s recent boom, offering
bayside suburbs at affordable prices. This means suburbs like Golden Bay have the best long-term capital growth rates in Greater Perth. Golden Bay has averaged over 10% per year, helped by 14% uplift in the past year – but its median house price remains below $500,000. Demand remains high, with homes typically selling in under 10 days.
Gosnells
Home-buyers and investors seeking affordable homes generally look south in
Perth, with the City of Gosnells a prime target. The suburb of Gosnells remains popular, with
buyer demand rising, homes selling generally in 10 days and the median house price rising
16% in 12 months – but still lower than the average at $420,000. Gosnells has train and motorway links,
multiple schools, shopping centres and lots of green space areas.
Harrisdale
Another popular precinct heavily targeted is the City of Armadale in Perth’s far south.
Harrisdale is popular for its access to large green spaces and its good basic infrastructure and amenities, including the Tonkin Highway link to central Perth. House prices have grown
10% in the past year, based on more than 200 house sales, with average time on market just
10 days. The vacancy rate is 0.6%.
Midland
The City of Swan in the north-east is one of Perth’s growth areas and Midland is a
key hub, with a train station, commercial and retail precincts, schools, TAFE campus and
extensive sports amenities. Yet Midland remains one of Perth’s most affordable suburbs, with a median price still in the $300,000s. There were close to 400 house and unit sales in the past 12 months and the vacancy rate is just 0.3%.
Greenwood
This middle-ring suburb in Perth’s north is surrounded by extensive green
spaces and has multiple shopping and school options, plus train and Mitchell Freeway links
to central Perth. It’s also just a few kilometres to the beach. Average time on market for
Greenwood houses is just 10 days and there is strong rental demand, with vacancies 0.3%,
having been below 1% since 2020.
Wellard
The Kwinana LGA has been heavily targeted by buyers for its affordability, good
basic amenities and proximity to major employment nodes, including major industrial
enterprises on the coast nearby. Around 350 homes have sold in Wellard in the past 12
months and the median house price has lifted 15% to $490,000 – with train links, the
Kwinana Freeway and massive green space areas along the attractions.
Compare Home Loans (Refinance with variable rate only) with Canstar
If you’re currently considering a home loan, the comparison table below displays some of the variable rate home loans on our database with links to lenders’ websites that are available for homeowners looking to refinance. This table is sorted by Star Rating (highest to lowest), followed by comparison rate (lowest to highest). Products shown are principal and interest home loans available for a loan amount of $500,000 in NSW with an LVR of 80% of the property value. Consider the Target Market Determination (TMD) before making a purchase decision. Contact the product issuer directly for a copy of the TMD. Use Canstar’s home loans comparison selector to view a wider range of home loan products. Canstar may earn a fee for referrals.
Our metrics
Sales volumes
This is the weakest category for Perth in an otherwise strong result. Sales activity declined (from the previous very high levels) in the second half of 2023, providing early indications that the Perth boom has passed its peak. In our latest analysis, only 21% of Perth suburbs have a trend of rising sales activity, which ranks the city ninth in the nation (down from second in the 2023 edition of Rising Stars).
Quarterly price growth
Perth continues to record high price growth data. In the December Quarter, seven out of 10 Perth suburbs recorded median price growth above 2%, the second highest results in the nation, marginally behind Adelaide.
Vacancy rates
Most parts of Australia have low vacancies but Perth has been at another
level, consistently below 0.5% as the average for Greater Perth. In this analysis, virtually
every suburb of Perth has a vacancy rate below the benchmark of 1%, giving it the top
ranking among the 14 jurisdictions, marginally ahead of Adelaide.
Rental growth
With vacancies at ridiculously low levels, population growth strong and the economy performing well; rents inevitably are rising in Perth. Nine out of 10 suburbs recorded rental increases above 10% in the past 12 months, which ranks Perth second in the nation, slightly behind Sydney.
Infrastructure spending
Perth certainly has a busy program of investment in infrastructure (including upgrades to road and rail links) and commercial enterprises (with resources-related projects prominent), though not as prolific as the three biggest cities and regional locations like Queensland and New South Wales. We rank Perth seventh in the nation on this metric.
The 10 best suburbs in Perth to invest in
← Mobile/tablet users, scroll sideways to view full table →
| Suburb | Median price |
1-yr growth |
10-yr average annual growth (%pa) |
Vacancy rate |
Median rental yield |
Initial Outlay (no concessions) on 20% deposit |
Monthly repayments |
|---|---|---|---|---|---|---|---|
| Balcatta | $650,000 | 10.7% | 5.9% | 0.5% | 4.9% | $155,426 | $3,287 |
| Banksia Grove |
$495,000 | 11.2% | 7.2% | 0.3% | 6.2% | $117,024 | $2,503 |
| Belmont | $545,000 | 3.8% | 5.1% | 0.2% | 5.1% | $129.419 | $2,756 |
| Bentley | $535,000 | 10.3% | 4.5% | 0.3% | 5.2% | $126,944 | $2,705 |
| Golden Bay |
$485,000 | 14.4% | 10.1% | 0.4% | 5.3% | $114,549 | $2,452 |
| Gosnells | $420,000 | 16.1% | 6.3% | 0.4% | 6.1% | $98,461 | $2,124 |
| Harrisdale | $625,000 | 10.1% | 4.7% | 0.6% | 4.9% | $149,239 | $3,160 |
| Midland | $380,000 | 4.3% | 4.4% | 0.3% | 6.0% | $88,541 | $1,921 |
| Greenwood | $665,000 | 7.3% | 6.2% | 0.3% | 4.9% | $159,139 | $3,363 |
| Wellard | $490,000 | 15.3% | 7.9% | 0.4% | 5.6% | $115,786 | $2,478 |
Source: www.canstar.com.au. Prepared on 22/01/2024. Based on a selection of suburbs’ median prices, growth and rent figures provided by Hotspotting by Ryder. Initial outlay figures include the deposit, stamp duty, mortgage registration and transfer fees; and lenders’ mortgage insurance (LMI) premium for the 10% deposit scenarios. Stamp duty calculated based on an owner occupier purchase of an established dwelling. LMI premium based on Helia LMI Premium Calculator for an owner occupier borrower and a loan term of 30 years. Monthly repayments calculated based on the average variable interest rates of 6.5% (20% deposit) and 6.8% (10% deposit) and a loan term of 30 years. Interest rates based on the average owner occupier, principal and interest variable rate for a loan of $600,000 over the past year, rounded to the nearest 0.1%. Percentage of income based on the average total income by Greater Capital City Statistical Area (ABS Personal Income, 2020-21), adjusted by the ABS Wage Price Index (Sep-2023)
Cover image source: Andy Lim/Shutterstock.com
Thanks for visiting Canstar, Australia’s biggest financial comparison site*
This article was reviewed by our Content Production Assistant, Canstar Ena Warner before it was updated, as part of our fact-checking process.
AD
$0 ANZ set up or ongoing fees
Competitive interest rates
Try our Home Loans comparison tool to instantly compare Canstar expert rated options.
