Perth Retail Strips - September 2024

The Perth retail strip market has seen a notable uptick in occupancy across the eight surveyed areas. This improvement comes amid a favourable economic climate in Western Australia, characterized by robust economic performance, low unemployment rates, and a significant boost in population growth.

These positive economic indicators have had a ripple effect on the residential market, which had previously been stagnant for an extended period. The Perth housing sector has experienced substantial price increases and rental growth rivalling all other Australian markets. This surge in residential sales prices can be attributed to two main factors: growing interest from investors attracted by low vacancy rates and high rental yields, and the need to accommodate the expanding population during a period of limited housing supply.