The West Australian capital has also been home to some of the country’s most high-profile rich and famous, so it’s no stranger to hefty property prices.
So where are the most expensive suburbs to buy in Perth?
Peppermint Grove topped the list of Perth’s most expensive suburbs with a median price of $3.6 million, data from CoreLogic for the 12 months up to 30 April 2017 shows.
1. Peppermint Grove – $3.6 million
Peppermint Grove is sometimes called ‘Australia’s Monaco’ for its small size and concentration of wealth.
Named after its local peppermint trees, the suburb has historically been associated with WA’s wealthy families and features historic homes such as St Just and The Cliffe.
2. Dalkeith – $2.4 million
Surrounded on three sides by the Swan River, Dalkeith is home to many multimillion dollar estates.
Its most famous resident, the late Alan Bond, once lived in Jutland Parade, the suburb’s most exclusive street.
Just six kilometres from the Perth CBD, Dalkeith is a much sought-after, leafy suburb, boasting amazing views to the Swan River.
3. Cottlesloe – $1.9 million
Close to the city, but with that famous stretch of beach, Cottesloe residents can boast an enviable lifestyle.
With lots of cafes, restaurants and local landmark, the Cottesloe Hotel, the suburb has a lot to offer.
4. City Beach – $1.63 million
City Beach lies just 10km from the Perth CBD and is renowned for its beautiful beaches and foreshore that is lined with cafes and restaurants.
The homes in the area are mostly contemporary, and mostly in the expensive bracket, not surprisingly.
5. Swanbourne – $1.62 million
The western coastal suburb of Swanbourne is home to many older Federation style houses, with many being updated and renovated.
Established in the late 19th century, it has seen newer housing estates established in more recent years.
6. Nedlands – $1.45 million
Located seven kilometres from the Perth CBD, Nedlands is a mix of upmarket homes, with lower cost housing for students at the neighbouring University of Western Australia.
The suburb will soon be home to the new Perth Children’s Hospital.
7. Churchlands – $1.34 million
Located eight kilometres from the city centre, Churchlands boasts prestige homes and a great lifestyle.
The suburb is named Churchlands because the area was bought by the Catholic Church in 1891 from a local family. After the closure of Edith Cowan University in 2008, the site was redeveloped as a housing estate, while nearby Herdsman Lake is popular for bird watchers.
8. Shenton Park – $1.31 million
Well located with great public transport, Shenton Park features renovated heritage homes.
The suburb has good proximity to Perth’s city centre and Subiaco, and families will love its great parks.
9. Mount Claremont – $1.3 million
Formerly known as Graylands, Mount Claremont has transformed over the years, with a mix of new housing estates and higher-density townhouse developments, along with many homes built in the 1940s and 50s.
10. Claremont – $1.27 million
In the heart of Perth’s western suburbs, Claremont has great proximity to the beach, CBD and river, and has a mix of character homes and newer properties.
The suburb boasts several private schools including Methodist Ladies’ College and Christ Church Grammar School.