Perth CBD Property Prices Surge 4.2% as Investors Target Core Postcodes

Residential property values in Perth CBD climbed 4.2% in the second quarter of 2026 compared to the same period a year earlier, according to fresh data from Landgate and local agency figures collated last night. The median apartment price now sits at $654,000, breaking through the $650,000 threshold for the first time since late 2022, as steady demand and a squeeze in listings keep pressure on prices.

Supply Squeeze in the Heart of the City

The price movement comes at a time when the CBD’s rental market remains fiercely competitive, with leasing agents on St Georges Terrace and Barrack Street reporting vacancy rates below 1.3% for June. Demand remains especially strong for two-bedroom units within walking distance of Elizabeth Quay and the Murray Street Mall, drawing a new wave of younger professionals and city-based downsizers. Local development group Finbar reported its recently completed Civic Heart tower in South Perth sold out all of its one-bedroom stock within three weeks, highlighting the spillover effect into near-city precincts.

Activity hasn’t been limited to residential buyers. Angelo Street’s prominent commercial block was snapped up last month for $21.5 million by a Singaporean syndicate, reflecting ongoing international interest in CBD asset fundamentals. The influx of office workers returning to William Street and the Queen Street Quarter has also provided a lift for strata office values, according to analysis by CoreLogic Perth CBD MarketTrack, released on 3 July.

Numbers Tell the Story

Landgate’s June 2026 transfer records show the Central City precinct recorded 172 settled unit sales in the April-June quarter, up from 136 a year prior. Median values climbed from $627,500 in Q2 2025 to $654,000 in the latest tally, a rate markedly outpacing the local inflation index, which tracked at just 2.1% for the same period. Notably, the pockets surrounding Wellington Square and the Riverside precinct outperformed, with Riverside’s newly minted apartments at The Towers building fetching a median of $710,000, 8% higher than in mid-2025.

Among house and townhouse stock, Venn Street and Milligan Street listings saw the steepest gains. RealestateWA’s City Pulse June survey picked up a 5.3% annual price increase across postcodes 6000 and 6004, despite a 14% reduction in the number of properties hitting the market compared with last winter.

For first-home buyers, the upward track represents a growing entry challenge even as the WA First Home Owner Grant remains static at $10,000. The ever-diminishing pool of older apartments priced below $500,000 means competition is fiercest for dated units in heritage blocks near the State Library on James Street and the Horseshoe Bridge area.

What to Expect Into the Spring Quarter

Local agents from Montclare Realty and CityLiving Group anticipate a modest uptick in supply heading into August, with several larger developments due for settlement around the Hay Street Plaza corridor. Investors looking to capitalise on tight rental yields are scouring lower floor units in the recently refurbished Royale Apartments, where last week’s highest lease was $980 per week for a furnished two-bedroom.

Practical advice for buyers: stay prepared with pre-approved finance and watch daily updates for off-market unit launches, especially in precincts flanking the Perth City Link. For sellers, the high clearance rates at in-room auctions-86% in June, according to the City of Perth’s monthly report-suggest scope for strong winter outcomes. The next quarterly review, due in October, will reveal whether the current price momentum is sustainable as new supply, rising borrowing costs and global uncertainty play out in the heart of the CBD.

This article is general information only and is not personal financial or investment advice. Consider your own circumstances and seek licensed professional advice before making financial decisions.