Insights H1 2025 | 57 Anthony Vulinovich of Commercial WA says, “The industrial land market in Perth thrived in 2024, with recent sales indicating a roughly 20% annual increase in land prices from 2023 to 2024, which was on the back of substantial growth in preceding years, albeit prices seem to have now peaked. “Our office has been contacted with numerous demands for land requirements ranging from 1,500 to 10,000 sqm that we cannot fulfill due to the limited supply of land for sale. We hope that the recent increase in land values and what can be seen as peak pricing will encourage some owners to sell, leading to an increase in the supply of land and properties.” Leasing demand for industrial assets has also remained strong, especially for high quality properties, and this is pushing vacancy rates down to record lows - Perth now leads the Australian market in industrial occupation rates. The office market also saw significant, albeit niche, growth across both rentals and sales, trending above 5% year on year in 2024. The retail investment market has experienced strong sales interest over the past year, with investors favouring sites leased to national brands on long term agreements. Terry Menage terry.menage@rhcwa.com.au Perth Office Industrial Retail Rents p/m² n/a Vacancy n/a Yields n/a Rates p/m² n/a Six-month market outlook Office Industrial Retail Rents p/m² $250-$4,550 $130-$160 n/a Vacancy 5% <2% n/a Yields 6.5-8% 5.75-6.5% n/a Rates p/m² $3,500-$5,500 $2,300-$3,000 n/a Current market conditions $7,300,000 10 Keegan Street, O’Connor Recent Notable Transactions SOLD $4,650,000 2 Craft Street, Canning Vale SOLD For more information, contact: Anthony Vulinovich anthony.vulinovich@rhcwa.com.au
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