More than 200 suburbs in Perth now have homes fetching a price over $1 million, and real estate experts expect the list to continue to grow.

The Real Estate Institute of WA has released new figures which reveals an additional 40 suburbs joined the list over the past year.

The new suburbs include Bassendean, Rockingham, Bayswater, Canning Vale and Innaloo.

REIWA's David Airey told 720 ABC Perth demand for properties within traditionally cheaper, blue-collar suburbs has pushed up their value over time.

"I think the big value proposition in Perth is probably going to be settled between $800,000 and $1.5 million, that's going to be a pretty popular price range," he said.

Mr Airey said that range would be the new growth market for the next year or two.

"Just six years ago, in 2008, we had just 122 Perth suburbs on the million list and now there's just over 200 - so it is amazing," he said.

"Things are just creeping over the million-dollar mark and this is in what's been a relatively quiet market for the last three or four years with relatively low growth."

Mr Airey attributed the figures to what he called the "wave" effect.

"As cheaper properties start to jump in value, and cheaper properties always move up in value more quickly percentage-wise, for example $400 becomes $450 and then $500 a lot more quickly than $1 million becomes $1.2 million," he said.

"The jump in lower property values, particularly properties under $1 million or under $800,000 has been quite steady and that's pushed these more traditional suburbs, notionally called blue-collar areas, even light industrial areas as they've had more residential activity, they've just snuck into the million-dollar market."

The real estate expert said there were 21 sales in Iluka - a northern coastal suburb with some properties close to the ocean - over $1 million.

"If you're going to [buy in] Illuka, you're probably going to spend over $1 million and I can guarantee people who built there five or 10 years ago wouldn't have thought that," Mr Airey said.