Perth's New Developments Transform Property Market for Residents, Investors

A major new development project has been announced for the Joondalup area, with plans to build over 500 new apartments and townhouses along Grand Boulevard. This project is one of several new developments underway in Perth, which is expected to have a significant impact on the local property market.

The current state of the Perth property market, with a median house price of around $680,000 and a sub-1% vacancy rate, makes new developments like this particularly significant. The mining boom has driven up demand for housing in Perth, and areas like Joondalup and Wanneroo are seeing significant growth. The City of Joondalup and the City of Wanneroo are working to accommodate this growth, with initiatives like the Joondalup City Centre Structure Plan and the Wanneroo Housing Diversity Strategy.

Local Developments and Initiatives

In addition to the new development project in Joondalup, there are several other initiatives underway in Perth that are worth noting. The Metronet project, a major public transport initiative, is expected to improve connectivity between Perth's suburbs and the city centre. The University of Western Australia and Curtin University are also investing in new infrastructure and developments, which is expected to drive up demand for housing in areas like Nedlands and Bentley. The Perth City Link project is another major development that will see the creation of a new public space and the redevelopment of the Perth City Rail Link.

According to data from the Real Estate Institute of Western Australia, the median house price in Perth has increased by over 10% in the past year, with some areas seeing even higher growth. The suburb of Hillarys, for example, has seen a 15% increase in median house price over the past year, with the median now sitting at around $820,000. As of June 2026, the rental yield for apartments in the Perth CBD is around 4.5%, making it an attractive option for investors.

So what does this mean for local residents and investors? With new developments underway and a growing population, it's likely that we'll see continued growth in the Perth property market. However, it's also important to consider the potential impacts on traffic, infrastructure, and local amenities. The City of Perth and other local governments will need to work to ensure that these new developments are well-planned and sustainable, and that they meet the needs of the local community. As the market continues to evolve, it will be important for buyers, sellers, and investors to stay informed and adapt to the changing landscape.