Perth Cbd Property Surge: Quarterly Price Growth Outpaces Last Year’s Figures

Perth Cbd’s property market staged a sharp rebound in the June quarter, with median sales prices rising 4.3% compared with the same period last year, according to new figures released by property data provider CoreLogic on Friday. The uptick marks the fastest annualised quarterly growth recorded in the city centre since pre-pandemic highs, with investor demand and new city retail opening driving buoyant conditions across the market.

The renewed price momentum has caught the attention of agents, buyers, and developers. The resurgence matters now as several flagship developments, including Elizabeth Quay’s new apartment towers and upgrades along Hay Street, are drawing both owner-occupiers and interstate investors. After several years of tepid growth and high vacancy rates, especially in commercial sectors, momentum is returning to city addresses.

City Core Rebounds on Rejuvenation, New Completions

St Georges Terrace, the Cbd’s commercial spine, and adjacent Murray Street have both recorded notable turnover this quarter, with Prestige Realty reporting several mid-tier office assets changing hands as confidence returns to the leasing market. At the residential end, new housing supply at projects like Civic Heart, a 39-level tower opposite Perth Town Hall, spurred increased activity. The newly completed Ritz-Carlton at Elizabeth Quay is drawing high-income renters and international buyers, underpinning price strength in the immediate vicinity.

Property advisory firm Herron Todd White noted that vacancy rates for Perth Cbd apartments remain below 2.1%, down from 3.6% a year ago, as population growth spurs rental demand for city living. Several active apartment projects on Adelaide Terrace have registered off-the-plan price increases of up to 6% on last year’s contracts, data from the Urban Development Institute of Australia shows.

Median Prices and Volume Climb

CoreLogic’s quarterly figures show the median price for residential property in Perth Cbd climbed to $749,000 in the three months to June 30, up from $718,500 in the same quarter last year. Commercial sales volume also grew, with 37 city office and mixed-use properties changing hands over the quarter, compared with just 24 sales in the 2025 June quarter. The strongest gains were recorded along Mounts Bay Road, where refurbished office stock has attracted renewed attention from local syndicates and family offices.

Meanwhile, JLL’s office snapshot for Q2 found that average incentives offered to tenants fell by 2%, as landlords sense greater negotiating power in a tightening leasing market. Development activity is expected to remain strong through the remainder of 2026, with active tower projects including The Precinct and Quay Central scheduled for completion over the next 18 months.

Mixed Prospects and Buyer Advice

While growth has returned to the city centre, local property advisers warn buyers to pay close attention to building quality and ongoing strata fees, especially in older apartment stock. Investors should monitor the government’s urban renewal incentives, particularly planned street upgrades connecting Yagan Square and the Cultural Centre by early 2027. For would-be buyers eyeing the next quarter, open-home turnout remains high for properties along Wellington Street and Pier Street, and most agents expect steady, if slower, growth heading into spring. The city’s property cycle appears set for another turn, with new completions and shifting demand patterns likely to shape price movements through the remainder of this year.

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.