Perth Investors Reap Robust Yields as Vacancy Rates Hit Historic Low: What the Numbers Show

Rental returns for Perth investors have surged to some of the highest levels in the nation, with the city’s median gross yield topping 5.2% last quarter—the strongest showing since the start of the mining boom, according to this week’s figures from CoreLogic and WA’s Real Estate Institute.

These numbers matter now more than ever. Renters continue to face relentless competition amid a sub-1% vacancy rate across the city, pushing rents to new highs. Investors, watching mortgage rates edge upward, are recalculating where to park their money—and for those who bought in prime suburbs, the numbers suggest there’s rarely been a more attractive landscape for yields in two decades.

Joondalup and Wanneroo Shine Amid Squeeze

Joondalup and Wanneroo have emerged as two bright spots in Perth’s northern corridor. According to Eview Group’s recent sales data, median rental yields in Joondalup are now touching 5.5% for units and 4.7% for houses. Wanneroo, boosted by population growth and fresh infrastructure—like the extension of Joondalup Drive and continued employment demand from nearby mining service hubs—has posted 4.9% yields for houses. Some landlords along Lakeside Drive are averaging rent increases of $55 per week over the past twelve months. Agents at Ray White Wanneroo say tenant applications in June regularly numbered over 20 per listing, driving up investor returns and keeping turnover minimal.

But it’s not only the outer north. In East Victoria Park, where the state government’s Metronet upgrades are reshaping the rail corridor and drawing in new residents, yields on renovated character houses now exceed 5.1%—confirming a broader pattern across well-located suburbs with access to jobs, shops, and transport.

Numbers Reveal Investor Advantage

The citywide median dwelling price remains anchored around $680,000, yet weekly advertised rents now average $635—up from $540 one year ago, according to REIWA’s June market report. That’s a 17% annual jump. At just 0.9%, Perth’s vacancy rate is the lowest in the country, tying with Adelaide. The Real Estate Institute of Western Australia (REIWA) says that out of 12,900 advertised properties tracked last month, less than 1200 were vacant for longer than three weeks.

For investors, those hard numbers mean cash flow is healthy even after recent Reserve Bank rate hike pressures. Data from the latest CoreLogic report show rental yields in suburbs like Clarkson and Balga now regularly exceed 6% for units—a distinction few other capitals can match. Growth corridors such as Baldivis and Ellenbrook have also performed strongly. The ongoing resources boom continues to fuel migration and sustain demand, especially among FIFO workers and young families priced out of inner-city postcodes.

What’s Next for Perth Landlords?

Industry groups predict a stubbornly tight market until at least mid-2027. Marketers at LJ Hooker and Acton | Belle Property report frustration from would-be buyers locked out by competition, but for landlords, the practical advice is to act with urgency: consider upgrades or compliance work aimed at attracting higher-paying tenants, and closely monitor council changes—such as the City of Stirling’s zoning review—that could allow further strata subdivisions or granny flats.

With Joondalup City Council forecasting another 2,700 new residents by the end of the year, and strong rental population growth in places like Morley and Cannington, investors still have a window to ride the current wave. But as ever, local expertise and careful suburb selection will be key to maximising yields as the market cycle continues to evolve.