Perth Property Investment Suburbs 2024: Best Yields

Perth is currently one of Australia's most performing property markets, with the combination of the WA resources boom driving strong employment and population growth, historically low vacancy rates (under 1% in 2023-2024), and the affordability relative to eastern capital city markets attracting significant interstate and overseas investment interest. Perth's median house price remains well below Sydney and Melbourne, with the greater Perth market providing rental yields that have not been achievable in the eastern capitals for many years.

Northern Suburbs (Joondalup, Wanneroo, Alkimos, Yanchep) — the northern coastal suburban corridor from Joondalup to Yanchep provides Perth's strongest combination of rental yield and capital growth, with the Yanchep Rail Extension (opened 2022) improving CBD connectivity and driving renewed investor and developer activity in the outer northern suburbs. Gross rental yields of 5-6% are achievable on detached housing stock across the northern corridor, with capital growth underpinned by population growth and ongoing infrastructure investment.

South-East suburban corridor (Armadale, Cannington, Gosnells, Maddington) — the south-east corridor provides Perth's highest rental yields (5.5-7% gross in some suburbs), reflecting the affordability of the housing stock and the strong rental demand from the blue-collar and trades population that services the Kwinana Industrial Area and the Cockburn Sound industrial corridor. The Armadale Rail Line upgrades and the planned METRONET extensions to the south-east provide improving connectivity.

Fremantle and the inner south-west (Fremantle, East Fremantle, North Fremantle, White Gum Valley) — the Fremantle and inner south-west suburban market provides Perth's most lifestyle-focused investment corridor, with the heritage port city character, the Fremantle Doctor sea breeze culture, and the strong owner-occupier demand creating a constrained and premium residential market. Gross yields are lower (3.5-4.5%) but capital growth has been strong, with Fremantle's median house price rising significantly as the inner south-west becomes increasingly desirable.

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