Perth Retail Figures Report Q4 2023

February 14, 2024 6 Minute Read

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Key Points:


  • WA’s retail sales growth have remained relatively resilient, despite higher interest rates and rising cost of living continuing to pressure consumer spending. WA retail sales grew 2.4% y-o-y in December, aided by strong population growth driven by international and interstate migration.
  • Approximately 6,900 sqm of new retail space was added in 4Q23, with the extension of Yanchep Shopping Centre completing in the period. There is limited new supply scheduled to complete in the near-term, with just c. 31,500 sqm of new retail stock scheduled to complete in 2024.
  • Net face rents held steady q-o-q across the majority of retail categories. LFR continued to see the greatest rental growth in 4Q23, increasing 1.4% q-o-q and 6.1% y-o-y.
  • Retail yields continue to expand from the lows in mid-2022 but at a slowing pace. Yields at regional centres expanded 7 bps q-o-q, while sub-regional and neighbourhood centres yields remained unchanged in the period.
  • Retail investment transaction volumes were relatively muted in 4Q23, with c.$55 million in retail transactions. The largest transaction in 4Q23 was the sale of 255 Murray Street Mall for $48 million, representing an initial yield of 4.80%