Cottesloe's median topped the list at $1 million, followed by Port Hedland ($770,000) in second place and Nedlands ($685,000) in the fifth spot on the list.
But at the other end of the market, WA has the highest rate of mortgages in arrears in the country.
Mr Oliver said WA's economy was at times a "mystery" because it had the fastest rate of decline in property values, yet the lowest unemployment.
