Perth Retail Figures Q4 2025

Key Points: 

• Monthly household expenditure in Western Australia remains robust, rising 8.9% y-o-y (seasonally adjusted) as of November 2025, driven by infrastructure investments and demographic trends.
• Retail development supply remained subdued in Q4 2025, with c.14,600 sqm of total supply anticipated for the year. Neighbourhood centres made up nearly 52% of this total.
• Super prime CBD incentives have decreased to an average of 17.5% from 25.0% a year ago, leading to average net effective rent growth of 10.0% y-o-y.
• Large format retail net face rents increased 2.0% q-o-q and 4.5% y-o-y to an average of $255/sqm. Population growth, tight supply and strong performance in the top-tier centres are driving growth.
• Regional centre net face rents increased by 1.0% q-o-q and 3.2% y-o-y to reach an average of $1,398/sqm.
• Regional centre yields fell by 13 bps q o q and 30 bps y o y, while large format retail yields declined by 5 bps q o q and 16 bps y o y.
• After a record $2 billion in retail investment transactions in 2024, 2025 has seen a more subdued total of c.$502.1 million (for transactions ≥ $5 million).