Perth's New Development Projects Will Transform Local Housing and Environment

Perth City Council has approved plans for a new $200 million development on St Georges Terrace, which will feature a mix of residential, commercial, and retail spaces.

The approval of this project comes at a time when Perth's property market is experiencing a surge in demand, driven by the mining boom and a shortage of housing supply. With the WA median house price sitting at around $680,000, many buyers are looking to areas like Joondalup and Wanneroo, which are experiencing rapid growth. The sub-1% vacancy rate in Perth is also putting pressure on renters, who are facing increased competition for limited properties.

In terms of local detail, the new development on St Georges Terrace will be just a stone's throw from Elizabeth Quay and the Perth Convention and Exhibition Centre. The project is being led by developer Brookfield Properties, in partnership with the City of Perth and the Metropolitan Redevelopment Authority. Other notable developments in the area include the redevelopment of the old East Perth power station site, which is being transformed into a vibrant waterfront precinct by developer Blackburne. The City of Joondalup is also investing in new infrastructure, including the expansion of the Joondalup Shopping Centre and the development of a new community hub in the suburb of Wanneroo.

New Projects and Investment

According to data from the Real Estate Institute of Western Australia, the median house price in Perth has increased by 10% over the past 12 months, with some suburbs experiencing even higher growth. The suburb of Hillarys, for example, has seen a 15% increase in median house price over the same period, with the median now sitting at around $920,000. In terms of rental yields, the suburb of Scarborough is currently offering some of the highest returns in Perth, with a gross rental yield of around 4.5%. As of June 2026, the City of Perth has reported a total of 25 new development projects in the pipeline, with a combined value of over $1.5 billion.

So what does the future hold for these new development projects and the impact they will have on the area? With construction set to commence on the St Georges Terrace project in early 2027, residents and businesses can expect to see significant changes to the local landscape over the coming years. The City of Perth is advising residents to stay informed about the projects and to get involved in the planning process wherever possible. The Metropolitan Redevelopment Authority is also offering guidance and support to developers and residents, to ensure that the new developments are integrated into the existing community and environment. As the property market continues to evolve, it will be important for buyers, renters, and investors to stay up-to-date with the latest news and developments in the area.