Wellington Square Surges 10% Past Other Perth CBD Suburbs

Buyers searching for value in Perth Cbd have zeroed in on Wellington Square, where median apartment prices jumped over 10% this past year, making it the rare affordable enclave pulling ahead of more expensive neighbours like East Perth and Claisebrook.

This surge comes as central city affordability takes centre stage for both investors and first-home buyers, who are increasingly pushed out of pricier high-rise corridors lining Riverside Drive and Mounts Bay Road. As the city wrestles with steady rental demand and a dearth of new supply, up-and-coming hubs with untapped potential are under the spotlight.

Growth Engines in the Heart of the CBD

Wellington Square, often overlooked in favour of waterfront playgrounds and heritage quarters, is now drawing attention for its proximity to cultural touchstones-the State Theatre Centre and Northbridge’s dining lanes lie within a 10-minute walk. The City of Perth’s recent completion of the Wellington Square Playground upgrade, backed by a $17.5 million spend, has led to a revitalised landscape and improved amenity for residents. Shenton Street and Bennett Street, once better known for office blocks and sports fields, are starting to see lifestyle cafés and small bars opening up alongside long-standing venues such as Brown Street Bar.

This repositioning is translating to numbers. Data from CoreLogic shows the median price for a two-bedroom apartment in Wellington Square climbed to $561,000 as at June 2026, up from $509,000 a year prior. By contrast, median values on Adelaide Terrace and Hay Street-just a few blocks south-grew at less than half that rate over the same period. Gross rental yields in the square are tracking above 6%, drawing investors in a market where prime CBD rents have increased sharply but failed to match the suburb’s consistent capital growth.

Potential Upside and What Buyers Need to Know

Analysts point to several drivers underpinning this outperformance. The University of Western Australia’s planned Allied Health campus, scheduled to open on Royal Street in early 2027, is likely to intensify tenant and owner-occupier demand as health and education staff look for walk-to-work convenience. Improved public transport access via Claisebrook Station and new cycle links to Elizabeth Quay are also expanding buyer interest beyond traditional central pockets.

Market watchers say buyers interested in Wellington Square should check body corporate budgets on refurbished builds and be aware that supply remains tight-current listings on Inner Perth Real Estate have rarely topped 20 across all property types since April. Investors, meanwhile, are seeking out developments with proven long-term rental records, especially those close to Wellington Square Playground or within catchment for the Highgate Primary School.

With steady capital gains, improved green spaces, and proximity to the Perth Cultural Centre, Wellington Square appears poised to sustain momentum while offering an accessible price point compared to central city peers. Those seeking to enter before the next wave of development would do well to keep a close eye on the few listings as they hit the market over the coming months.

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.