Figures
Perth Retail Figures Q4 2024
January 20, 2025 8 Minute Read
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- Due to a strong population growth rate and jobs market, retail sales growth in WA is buoyant, increasing by 4.0% y-o-y in the three months ending November 2024.
- About 7,000 sqm of new retail development supply was recorded during Q4 24 and c.25,000 sqm for 2024, well below the 10-year average of c.110,000 sqm.
- Super prime net face rents in the Perth CBD remained stable q-o-q and increased 3.7% y-o-y.
- Regional shopping centre net face rents increased 1.1% q-o-q and 4.0% y-o-y. Large format retail centres recorded the strongest face rent growth over the past year increasing by 1% q-o-q and 8.5% y-o-y.
- Yields were largely stable across all retail asset types during Q4 2024. Average yields are currently 6.0% for CBD super prime, 6.3% for regional centres, 6.0% for neighbourhood centres, 6.8% for sub-regional centres and 6.5% for large format retail.
- Driven by the sale of regional and sub regional centres, retail investment transaction volumes for 2024 reached a decade high of c.$1.9 billion.