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Best Suburbs to Invest in Perth in 2024

Industry News 15 Mar 2024
Perth city views from Kings Park

Riding the wave of interest rate rises, Perth’s real estate market has showcased impressive resilience, according to REIWA CEO Cath Hart. 

The Perth property market has seen a modest annual growth, with the median dwelling value now standing at a healthy $600,000 for houses, marking a 1.7 per cent increase from December and 9.9 per cent higher than January 2023. Unit prices have also seen an uptick, reaching a median sale price of $410,000, up 0.5 per cent over the month and 2.2 per cent higher year-on-year.

According to REIWA, house prices are anticipated to experience low to moderate growth this year, while unit prices are predicted to remain stable. Hart noted that the number of sales and new listings rose towards the end of January, but last year’s prices bounced back to pre-Christmas levels by mid-February which indicates a likely repeat this year.  

Hart emphasised the ongoing construction of over 20,000 homes, which, upon completion, will introduce new supply into both the sales and rental markets. However, she assures that this influx won’t significantly dampen prices due to the steady population growth and the staggered completion of these homes.

Properties in Perth and Western Australia have been selling at a brisk pace, with houses selling in a median of nine days in January, one day faster than December and 15 days faster than a year ago. On the rental front, the median dwelling rent rose to $615 per week, 2.5 per cent higher than December and 18.3 per cent higher than a year ago, with houses at a median weekly rent of $640 and units at $580.

The vacancy rate remained steady at 0.7 per cent for the majority of the year, but rose to 0.8 per cent and 0.9 per cent during June and July. Property managers and real estate agents continue to witness high demand, with multiple applications for available properties. This demand is expected to keep rental prices elevated throughout the year, especially as fixed-term leases get renewed at current rates.

So, here’s our Perth investment guide and nine suburbs you may want to watch this year.


Nestled near the convenience of public transportation hubs and roadways, Parmelia acts as a beacon for astute investors and prospective homeowners alike. Boasting a compelling combination of affordability, robust annual growth and impressive rental yields, this standout suburb offers a practical and well-connected area for land developers or families to get their start in. 

With a median house price of $440,000 and an annual median price growth soaring to 25.7 per cent, this suburb stands out as having the second-highest house price growth in its region for 2023. Even its rental market growth is impressive, with a median weekly house rent of $520 and an annual rent growth of 18.2 per cent, culminating in a healthy rental yield of 6.5 per cent. Evidently now is the time to be considering house and land packages within this comfortable community. 

At the heart of Parmelia’s allure is the Cassia Satterley community, a development that mirrors the suburb’s growth trajectory and investment potential. Cassia offers a variety of house and land package options tailored to meet the needs of young families, downsizers, and investors, ensuring there’s something for everyone.

Discover more about what makes Cassia in Parmelia a sought-after destination by visiting Satterley’s land for sale and the detailed suburb profile. Embrace the chance to be part of a community where growth, affordability, and lifestyle converge.

View land for sale in Parmelia. 


Seville Grove in Perth’s south-eastern suburbs is being eyed as an affordable choice for property investors, first homebuyers and families.

Not only has Seville Grove seen 15% per cent price growth in the past year, but REIWA has tagged it as Perth’s fastest selling suburb south of the river in 2023, the highest rent price growth and second highest yield south of the river too. The median price in Seville Grove is now $445,000.

In addition, there are decent rental returns to be had. Data from shows houses are leased for $580 a week with an annual rental yield of 6.8 per cent, and units fetch around $370 a week with a rental yield of 6.8 per cent.

Cassia, Kwinana housing facing the local park

Cassia, Kwinana


Eglinton has shown 19.8 per cent growth in the past year and has a median property price of $545,000. 

Allara, just 20 minutes’ drive to Joondalup, has been recognised by the Urban Development Institute of Australia (UDIA) as an environmentally sustainable development. It is also home to the incredible Kinkuna Park which lays claim to having Australia’s first musical barbecue, which works in conjunction with a unique children’s waterplay area and adventure playground.

The Eglinton train station is expected to be completed in the first half of 2024, promising to enhance connectivity and further boost property values with strong rental price growth and yield. The median weekly house rent has risen to $625, demonstrating a 25 per cent annual rent growth and a rental yield of 6.2 per cent.

View land for sale in Eglinton


Brookdale, located south of Perth CBD, has remarkably claimed the title for the highest 12-month median price growth across the nation in 2023. At a staggering 32.8 per cent leap that firmly establishes its status as a hotspot for investors and homebuyers, those seeking significant returns in a competitive house market won’t be disappointed. 

Boasting more than just capital growth, Brookdale’s solid rental market performance also raises the brows of prospective property investors and in-house finance experts. With a median weekly house rent of $545 and an annual rent growth of 23.9 per cent, resulting in a commendable rental yield of 6.0 per cent, it’s no wonder this suburb is on the rise. 

The extraordinary growth in Brookdale reflects a broader trend of savvy investors turning their gaze towards suburbs that offer both growth potential and stability. With a median house price of $474,532, Brookdale represents a unique opportunity for those looking to diversify their portfolio in markets outside the conventional hotspots. 

The CoreLogic 2023 Best of the Best Report underscores Brookdale’s standout performance, suggesting a combination of strategic investment and the suburb’s inherent appeal. 

For those contemplating their next real estate venture, Brookdale’s compelling growth narrative, underscored by this report, offers a persuasive argument for consideration. As the market continues to evolve, positioning oneself in a suburb with Brookdale’s proven trajectory could be a wise move for the discerning investor.


A serene coastal gem within the City of Mandurah, Madora Bay has witnessed a notable surge in its property market. Boasting a median house price of $669,000, this suburb also enjoys a flourishing rental market, with $627 in weekly rent going for houses—a rental yield of 5.0 per cent.

Renowned for its tranquil aura blended with a community warmth, Madora Bay offers proximity to the bustling heart of Mandurah while preserving its quaint town essence, a legacy that began with its development in the 1960s. It now stands among the top 20 coastal suburbs for median price growth in 2023, further enhanced by the opening of the nearby Lakelands Train Station in mid-2023.

Positioned in the heart of the established Madora Bay neighbourhood, Satterley’s Seaside community promises a dreamy beachside existence, complemented by a range of modern conveniences. Nestled along the captivating shores of Madora Bay, Seaside embodies a blend of beach-inspired elegance, infused with Scandinavian sophistication and the iconic WA coastal charm. 

The community boasts a variety of amenities, including a forthcoming Foreshore Precinct, an upcoming primary school, a myriad of shopping options, and direct access to a kilometre of untouched beachfront.

View land for sale in Madora Bay.


Ellenbrook stands as the key suburb for services and amenities in the high-growth Swan council in Perth’s north-east. Boasting an array of schools, the bustling Ellenbrook Central Shopping Centre, and top-tier sports amenities, it truly is a vibrant epicentre. 

Homes in this area have enjoyed a median valuation of approximately $510,000, complemented by an impressively low vacancy rate of 0.4 per cent and a rental yield of 6.0% per cent, based on figures from The area is now also recognised for its top 10 rental yield north of the river in 2023, with the long-awaited Ellenbrook train station set to open in 2024, promising even greater connectivity and desirability.

A mere 8km north-east of Ellenbrook Shopping Centre, Satterley’s Clementine, Upper Swan community offers a blend of country architecture and urban sensibility. Combining various living options, from larger homestead-style lots to smaller sizes, complete with sprawling green spaces and modern amenities, Clementine is a place to savour life’s little pleasures.

View land for sale near Ellenbrook.

Seaside, Madora Bay


A shining example of Perth’s vibrant property market, Golden Bay is where affordability meets lucrative investment opportunities. With an accessible house price of $430,000, this suburb offers a gateway into home ownership and presents an attractive proposition for investors, courtesy of its strong rental price growth and impressive yields. 

The annual growth rate of 14.6 per cent coupled with a median weekly house rent of $570 and an annual rent growth of 26.7 per cent, culminates in a rental yield of 6.9 per cent. Positioned as a suburb with outstanding potential for short-term and long-term capital appreciation, Golden Bay is one of the best places to be. 

This coastal gem’s affordability is a rare find in today’s competitive housing market, especially considering its substantial rental yield, making it an ideal choice for those looking to invest in Perth’s south-west future. 

According to insights from Canstar, Golden Bay’s performance is not just a flash in the pan but a testament to its enduring appeal and potential for growth. 


Mindarie, with its coastal charm and vibrant community, epitomises the essence of a premium investment opportunity in Perth’s northern corridor. In January 2024, this suburb distinguished itself by recording the highest median house price growth in Perth, an impressive 9.0 per cent annual increase, bringing the median house price to $925,000. This growth is complemented by a robust rental market, where median weekly house rents have soared to $850, underpinned by an annual rent growth of 19.7 per cent, yielding a solid 4.75 per cent. These impressive figures show Mindarie’s appeal as a place to live and as a prudent investment choice. 

At the heart of Mindarie’s allure is the Catalina estate, a Satterley community that offers a lifestyle imbued with the tranquility of coastal living alongside the convenience of urban amenities. Catalina is designed for those who seek a blend of modernity and nature, providing a range of options from scenic lots to family-sized homes. 

View land for sale near Mindarie.

Eden Beach, WA coastline

Eden Beach, Jindalee


New suburbs in Perth’s northern urban fringe are being considered a boon for buyers seeking some seaside solitude and potential price growth this year.

Alkimos, named after the shipwreck of the Greek freighter that ran aground on the coast nearby in 1963 and still sits 400m offshore, has been forecast as one of Perth’s biggest contenders for price growth this year after recording a 78 per cent increase in sales volumes in 2021.

In the past year, Alkimos has seen a 6.4 per cent increase in property values and now has a median price of $500,000.

On the rental front, houses generally rent for $500 a week with an annual rental yield of 6.0 per cent, according to The Alkimos train station, set to open in 2024, is expected to significantly enhance the suburb’s connectivity, further bolstering its appeal as a top choice for investors, with its position in the top 10 for rental yields north of the river in 2023.

Nearby Satterley communities, Eden Beach at Jindalee and Allara at Eglinton are also worthy of consideration.

View land for sale in Jindalee.


Located north of the river is the dynamic suburb of Butler, claiming a position within the top 10 of Perth’s real estate market for both rental yield and speed of sales in 2023.  

With a compelling annual growth rate of 12.8% per cent, Butler presents a median house price of $485,000, a figure that mirrors the suburb’s growing appeal among investors and homebuyers alike. The rental market in Butler is equally impressive, boasting a median weekly house rent of $575, accompanied by an annual rent growth of 19.8 per cent, culminating in a strong rental yield of 6.2 per cent. These statistics not only highlight Butler’s investment potential but also its status as a sought-after residential locale.

Butler’s rapid sales pace and substantial rental yields reflect its vibrant community and strategic location, offering an appealing mix of lifestyle and investment opportunities. 


Choosing where to invest or establish your home is an incredibly important decision and navigating Perth’s dynamic property landscape can be a difficult task. Satterley’s house and land packages offer a unique opportunity for both seasoned investors and first-time buyers. Set in the most promising of suburbs such as Madora Bay or Ellenbrook, Satterley combines lifestyle, growth potential and affordability. 

Satterley’s offerings are positioned as strategic investments in your future. With Perth’s market demonstrating resilience and potential for growth, a Satterley house and land package represents a wise step towards a prosperous future, promising not just a place to live but a community to belong to and an investment that grows over time. Explore our Western Australia listings to discover where your next investment or family home could be in Perth’s vibrant real estate scene or contact us online today.