Perth is strong in 2024. And when it comes to future growth suburbs in Perth, we’re looking at areas such as Armadale and Rockingham.
Population growth, new infrastructure and high demand are pushing prices up. For investors, knowing which suburbs will grow is key.
This guide shows you the Perth suburbs that will perform, focusing on unique growth drivers and investment potential.
What is the Current State of Perth’s Real Estate Market?
The Perth property market has shown impressive trends over the past year. The median house price rose from $600,000 in 2023 to $668,000 by mid-2024, marking a significant increase.
Although the market is showing signs of slowing, prices are projected to rise another 8% by the end of 2024, potentially reaching $740,000.
This growth is driven by limited supply and high demand, offering property investors opportunities to buy into areas with strong growth potential.
How to Find High Growth Suburbs in Perth
Finding high-growth suburbs in Perth involves looking at a few key points. Start with population growth and planned infrastructure.
Suburbs with low vacancy rates and high rental yields are a good sign of demand.
For example, Ellenbrook and Armadale are affordable, have growing amenities and have attractive median prices. These are the perfect combination for capital growth.
These are the perfect combination for capital growth. For those looking to invest, exploring real estate for sale in Perth can help you find properties in these promising areas.
| Suburb | Median Price. | Weekly Median Rent | Gross Rental Yield | Key Features |
|---|---|---|---|---|
| Ellenbrook | $560,000 | $610PW | 5.7% | New train station, family-friendly, well-planned community |
| Armadale | $450,000 | $520PW | 6.5% | Affordability, subdivision potential, strong transport links |
| Quinns Rocks | $701,000 | $620PW | 5.1% | Coastal location, limited housing stock, strong demand |
| Rockingham | $580,000 | $550PW | 5.2% | Affordable beachside living, well-connected by rail |
| Fremantle | $1,100,000 | $795PW | 3.7% | Heritage architecture, vibrant arts scene, prime location |
| Victoria Park | $855,000 | $720PW | 4.4% | Vibrant café strip, well-connected, ongoing gentrification |
Which Suburbs in Perth Are Poised for Future Growth?
Ellenbrook
- Median price: $560,000
- Weekly median rent: $610PW
- Gross rental yield: 5.7%
Ellenbrook is one of Perth’s best suburbs for capital growth. Located 30 km northeast of the CBD, it’s a well-planned community with plenty of amenities.
The new Ellenbrook train station as part of the Metronet project will improve connectivity and likely increase property demand.
The suburb also has several good schools including Ellenbrook Secondary College and Holy Cross College. With ongoing development, Ellenbrook is a good option for both buyers and investors.
You can check out more properties for sale in Ellenbrook WA 6069 here.
Armadale
- Median price: $450,000
- Weekly median rent: $520PW
- Gross rental yield: 6.0%
Armadale 30km southeast of Perth is getting attention for its affordability. The suburb has significant subdivision potential making it a good option for investors.
Armadale is well connected by public transport with a major train station to the CBD. Local amenities include
Armadale Shopping City and several schools including Armadale Senior High and Dale Christian School. With ongoing infrastructure development, Armadale is in a good position to grow.
You can see more properties for sale in Armadale WA 6112 here.
What Emerging Suburbs in Perth’s Real Estate Market Should You Watch?
Quinns Rocks
- Median price: $701,000
- Weekly median rent: $620PW
- Gross rental yield: 4.6%
Quinns Rocks 36km north of the CBD is an emerging suburb with great potential. Its coastal location and affordability make it attractive to buyers.
Quinns Rocks has high demand and limited housing stock which will drive future price growth. The suburb is also well serviced by buses making it a convenient location for commuters.
With its beautiful beaches and growing community Quinns Rocks will grow long term.
You can check out more properties for sale in Quinns Rocks WA 6030 here.
Rockingham
- Median price: $580,000
- Weekly median rent: $550PW
- Gross rental yield: 4.9%
Rockingham is a coastal suburb 40 minutes south of Perth. It’s known for its affordable beachside living and is popular with both buyers and investors.
Rockingham has a shopping centre and plenty of dining options. The suburb is serviced by the Mandurah rail line making it easy to get to the CBD.
With ongoing development and a focus on local amenities Rockingham is poised for future growth.
You can check out more properties for sale in Cooloongup WA 6168 here.
Which Suburbs Have Shown Strong Historical Growth in Perth?
Fremantle
- Median price: $1,100,000
- Weekly median rent: $795PW
- Gross rental yield: 3.7%
Fremantle is an established suburb with a long history. 19km southwest of Perth it’s known for its heritage buildings and arts scene.
Fremantle’s proximity to the Swan River and the Indian Ocean is a bonus. The suburb has several good schools including Fremantle Primary and John Curtin College of the Arts.
With its strong community and ongoing demand, Fremantle will continue to grow.
You can explore more properties for sale in South Fremantle WA 6162 here.
Victoria Park
- Median price: $855,000
- Weekly median rent: $720PW
- Gross rental yield: 4.4%
Victoria Park 5km southeast of the CBD is a suburb that has grown consistently. It’s known for its café strip along Albany Highway and a mix of character homes and apartments.
The suburb is well serviced by public transport with easy access to the city. Schools in the area include Victoria Park Primary and Kent Street Senior High.
With ongoing gentrification, Victoria Park is a popular spot for both buyers and investors.
Explore available real estate for sale in Victoria Park WA.
FAQs About Future Growth Suburbs in Perth
What is the property outlook for Perth in 2025?
By the end of the 2025 financial year, Perth’s median house prices are expected to reach between $840,000 and $856,000. Perth, along with cities like Sydney, Brisbane, and Adelaide, is predicted to lead the price gains in Australia.
What is the fastest-growing city in Perth?
Perth is Australia’s fastest-growing capital city, with an average of 220 new arrivals every day during the 2022-2023 period. If this trend continues, Perth will surpass Brisbane to become Australia’s third-largest city by the end of the decade.
What suburbs in Perth have the lowest vacancy rates?
Suburbs like Bicton (0.1%), Attadale (0.2%), and Alfred Cove (0.1%) have some of the lowest vacancy rates in Perth. Other suburbs with low vacancy rates include Hammond Park (0.4%), Byford (0.5%), and Canning Vale (0.7%).
Is it a good time to buy property in Perth?
Yes, 2024 is considered a good time to buy property in Perth. The market is experiencing strong growth, with affordable prices compared to other major cities and favourable economic conditions. However, it’s important to research local trends and consult a real estate expert before making a purchase.
Sources: Information sourced from www.corelogic.com.au. Compiled on 22/08/2024. Includes median house and unit prices, growth statistics, and market trends from CoreLogic’s latest data on Perth’s suburbs.
