Western Australia rental yields in 2024
Western Australia rental yields are among the strongest in Australia. Both units (with a yield of 8.3%) and houses (6.7%) in regional WA have higher yields than anywhere else in the nation, including capitals. In Perth, houses and units are behind only Darwin as far as capital cities go.
As of August '24, the average sale price, asking rent and rental yield in WA were as follows:
| Median price | Median rent | Median rental yield | |
|---|---|---|---|
| Houses (Perth) | $745,000 | $650 | 4.9% |
| Units (Perth) | $520,000 | $600 | 6.6% |
| Houses (Rest of WA) | $476,000 | $600 | 6.7% |
| Units (Rest of WA) | $350,000 | $550 | 8.3% |
Source: CoreLogic. Data reported to the period ending August 2024. Median values account for sales transactions over three months.
Highest rental yields in Western Australia
The highest rental yields for houses in Western Australia are to be found in Coolgardie (17.3%), Kambalda East (13.2%), and South Boulder (12.4%). These aren’t just the top three for WA - but also the three highest average rental yields for houses in the nation.
It’s a similar story for units. The three suburbs with the highest average yield were Baynton (15.1%), Broome (12.9%) and Port Hedland (12.8%), which again were also the top three in the whole of Australia.
Houses
| Rank | Suburb (Postcode) | LGA | Median Price ($) | Weekly Advertised Rent ($) | Gross Rental Yield (%) |
|---|---|---|---|---|---|
| 1st | Coolgardie (6429) | Coolgardie | $120,000 | $400 | 17.3% |
| 2nd | Kambalda East (6442) | Coolgardie | $142,000 | $360 | 13.2% |
| 3rd | South Boulder (6432) | Kalgoorlie-Boulder | $205,000 | $490 | 12.4% |
| 4th | Moora (6510) | Moora | $180,000 | $410 | 11.8% |
| 5th | Millars Well (6714) | Karratha | $487,500 | $1,100 | 11.7% |
| 6th | Kambalda West (6442) | Coolgardie | $175,000 | $380 | 11.3% |
| 7th | Port Hedland (6721) | Port Hedland | $719,000 | $1,500 | 10.8% |
| 8th | Derby (6728) | Derby-West Kimberley | $202,500 | $420 | 10.8% |
| 9th | Nickol (6714) | Karratha | $560,000 | $1,150 | 10.7% |
| 10th | Baynton (6714) | Karratha | $685,000 | $1,400 | 10.6% |
| 11th | Boulder (6432) | Kalgoorlie-Boulder | $275,000 | $550 | 10.4% |
| 12th | Pegs Creek (6714) | Karratha | $507,500 | $1,000 | 10.2% |
| 13th | Merredin (6415) | Merredin | $190,000 | $370 | 10.1% |
| 14th | Newman (6753) | East Pilbara | $325,000 | $625 | 10.0% |
| 15th | South Hedland (6722) | Port Hedland | $470,000 | $900 | 10.0% |
| 16th | Bulgarra (6714) | Karratha | $510,000 | $950 | 9.7% |
| 17th | Kalgoorlie (6430) | Kalgoorlie-Boulder | $342,500 | $600 | 9.1% |
| 18th | Djugun (6725) | Broome | $692,500 | $1,200 | 9.0% |
| 19th | Hopetoun (6348) | Ravensthorpe | $260,000 | $450 | 9.0% |
| 20th | West Lamington (6430) | Kalgoorlie-Boulder | $409,500 | $698 | 8.9% |
| 21st | Karloo (6530) | Greater Geraldton | $260,100 | $425 | 8.5% |
| 22nd | Piccadilly (6430) | Kalgoorlie-Boulder | $368,000 | $600 | 8.5% |
| 23rd | Bilingurr (6725) | Broome | $675,000 | $1,075 | 8.3% |
| 24th | Katanning (6317) | Katanning | $252,000 | $400 | 8.3% |
| 25th | Somerville (6430) | Kalgoorlie-Boulder | $523,500 | $825 | 8.2% |
Source: CoreLogic. Data reported to the period ending August 2024. Median values account for sales transactions over 12 months.
Western Australia dominates the top suburbs in the nation for yields. For example, with a yield of 8.5% Picadilly has the 25th highest average annual return for houses in WA. In the national rankings, it is 46th. Nearly half (44%) of all the suburbs in the top 100 are in WA.
Mining is perhaps the defining theme of these high yield areas. Many of these suburbs are in the Pilbara region, atop one of the world’s largest deposits of iron ore. Mining towns tend to have strong rental demand from workers moving temporarily to the area that often doesn’t translate to an equivalent demand to buy. Hence the discrepancy between the two and subsequent higher than average yields.
With much more demand to buy, suburbs in and around major cities tend to have lower yields. No Perth suburbs made the top 25 for WA despite having a higher median yield than most of the other capitals.
Units
| Rank | Suburb (Postcode) | LGA | Median Price | Weekly Median Advertised Rent ($) | Gross Rental Yield |
|---|---|---|---|---|---|
| 1st | Baynton (6714) | Karratha | $456,000 | $1,325 | 15.1% |
| 2nd | Broome (6725) | Broome | $262,500 | $650 | 12.9% |
| 3rd | South Hedland (6722) | Port Hedland | $294,500 | $725 | 12.8% |
| 4th | Pegs Creek (6714) | Karratha | $413,500 | $950 | 11.9% |
| 5th | Somerville (6430) | Kalgoorlie-Boulder | $273,500 | $600 | 11.4% |
| 6th | Newman (6753) | East Pilbara | $195,000 | $428 | 11.4% |
| 7th | Bulgarra (6714) | Karratha | $282,000 | $600 | 11.1% |
| 8th | Cable Beach (6726) | Broome | $355,000 | $750 | 11.0% |
| 9th | Beresford (6530) | Greater Geraldton | $222,500 | $450 | 10.5% |
| 10th | Port Hedland (6721) | Port Hedland | $426,413 | $813 | 9.9% |
| 11th | Piccadilly (6430) | Kalgoorlie-Boulder | $270,000 | $480 | 9.2% |
| 12th | Boulder (6432) | Kalgoorlie-Boulder | $265,000 | $450 | 8.8% |
| 13th | Sorrento (6020) | Joondalup | $335,000 | $560 | 8.7% |
| 14th | Orelia (6167) | Kwinana | $240,000 | $400 | 8.7% |
| 15th | Yangebup (6164) | Cockburn | $366,000 | $600 | 8.5% |
| 16th | Kalgoorlie (6430) | Kalgoorlie-Boulder | $313,000 | $500 | 8.3% |
| 17th | Bayswater (6053) | Bayswater | $374,500 | $590 | 8.2% |
| 18th | Withers (6230) | Bunbury | $210,000 | $330 | 8.2% |
| 19th | Thornlie (6108) | Gosnells | $335,000 | $520 | 8.1% |
| 20th | Wembley Downs (6019) | Stirling | $420,000 | $650 | 8.0% |
| 21st | Bluff Point (6530) | Greater Geraldton | $233,000 | $360 | 8.0% |
| 22nd | Bilingurr (6725) | Broome | $411,000 | $629 | 8.0% |
| 23rd | Wembley (6014) | Cambridge | $356,250 | $520 | 7.6% |
| 24th | East Cannington (6107) | Canning | $395,000 | $575 | 7.6% |
| 25th | Hamilton Hill (6163) | Cockburn | $380,000 | $550 | 7.5% |
Source: CoreLogic. Data reported to the period ending August 2024. Median values account for sales transactions over 12 months.
Mining also dominates the list for units, with Karratha and other mining hubs featuring prominently. Perth fared better for units than for houses with nine suburbs cracking the top 25.
Highest rental yields in Perth
Midvale is currently the Perth suburb with the highest median rental yield for houses (6.4%). Sorrento took top spot for units at a median yield of 8.7%.
Houses
| Rank | Suburb (Postcode) | LGA | Median Price ($) | Weekly Advertised Rent ($) | Gross Rental Yield (%) |
|---|---|---|---|---|---|
| 1st | Midvale (6056) | Swan | $490,000 | $600 | 6.4% |
| 2nd | Cannington (6107) | Canning | $550,000 | $650 | 6.1% |
| 3rd | Hilbert (6112) | Armadale | $570,000 | $650 | 5.9% |
| 4th | Osborne Park (6017) | Stirling | $661,400 | $750 | 5.9% |
| 5th | Brookdale (6112) | Armadale | $500,000 | $560 | 5.8% |
| 6th | Brabham (6055) | Swan | $618,500 | $690 | 5.8% |
| 7th | Armadale (6112) | Armadale | $495,000 | $550 | 5.8% |
| 8th | Medina (6167) | Kwinana | $451,000 | $500 | 5.8% |
| 9th | Queens Park (6107) | Canning | $615,000 | $680 | 5.7% |
| 10th | Kwinana Town Centre (6167) | Kwinana | $500,000 | $550 | 5.7% |
| 11th | Stratton (6056) | Swan | $500,000 | $550 | 5.7% |
| 12th | Banksia Grove (6031) | Wanneroo | $590,000 | $649 | 5.7% |
| 13th | Dayton (6055) | Swan | $620,000 | $680 | 5.7% |
| 14th | Calista (6167) | Kwinana | $460,000 | $500 | 5.7% |
| 15th | Midland (6056) | Swan | $460,000 | $500 | 5.7% |
| 16th | Champion Lakes (6111) | Armadale | $600,000 | $650 | 5.6% |
| 17th | Camillo (6111) | Armadale | $510,000 | $550 | 5.6% |
| 18th | Middle Swan (6056) | Swan | $538,000 | $580 | 5.6% |
| 19th | Kenwick (6107) | Gosnells | $560,000 | $600 | 5.6% |
| 20th | Balga (6061) | Stirling | $525,000 | $560 | 5.5% |
| 21st | Ellenbrook (6069) | Swan | $610,000 | $650 | 5.5% |
| 22nd | Haynes (6112) | Armadale | $615,000 | $650 | 5.5% |
| 23rd | Merriwa (6030) | Wanneroo | $561,500 | $590 | 5.5% |
| 24th | Bennett Springs (6063) | Swan | $652,500 | $683 | 5.4% |
| 25th | Gosnells (6110) | Gosnells | $550,000 | $575 | 5.4% |
Source: CoreLogic. Data reported to the period ending August 2024. Median values account for sales transactions over 12 months.
Midvale and Cannington both have a median rental yield above 6%. That’s a threshold cracked by no suburbs in Sydney, Melbourne, Brisbane, Adelaide, Hobart or Canberra.
Units
| Rank | Suburb (Postcode) | LGA | Median Price ($) | Weekly Median Advertised Rent ($) | Gross Rental Yield (%) |
|---|---|---|---|---|---|
| 1st | Sorrento (6020) | Joondalup | $335,000 | $560 | 8.7% |
| 2nd | Orelia (6167) | Kwinana | $240,000 | $400 | 8.7% |
| 3rd | Yangebup (6164) | Cockburn | $366,000 | $600 | 8.5% |
| 4th | Bayswater (6053) | Bayswater | $374,500 | $590 | 8.2% |
| 5th | Thornlie (6108) | Gosnells | $335,000 | $520 | 8.1% |
| 6th | Wembley Downs (6019) | Stirling | $420,000 | $650 | 8.0% |
| 7th | Bluff Point (6530) | Greater Geraldton | $233,000 | $360 | 8.0% |
| 8th | Bilingurr (6725) | Broome | $411,000 | $629 | 8.0% |
| 9th | Wembley (6014) | Cambridge | $356,250 | $520 | 7.6% |
| 10th | East Cannington (6107) | Canning | $395,000 | $575 | 7.6% |
| 11th | Hamilton Hill (6163) | Cockburn | $380,000 | $550 | 7.5% |
| 12th | Glendalough (6016) | Stirling | $365,000 | $525 | 7.5% |
| 13th | Redcliffe (6104) | Belmont | $397,750 | $565 | 7.4% |
| 14th | Wellard (6170) | Kwinana | $375,250 | $530 | 7.3% |
| 15th | Northbridge (6003) | Perth | $462,500 | $650 | 7.3% |
| 16th | Ascot (6104) | Belmont | $420,000 | $590 | 7.3% |
| 17th | Morley (6062) | Bayswater | $441,500 | $620 | 7.3% |
| 18th | Kenwick (6107) | Gosnells | $427,500 | $600 | 7.3% |
| 19th | Perth (6000) | Perth | $466,000 | $650 | 7.3% |
| 20th | Spearwood (6163) | Cockburn | $395,000 | $550 | 7.2% |
| 21st | Queens Park (6107) | Canning | $431,050 | $600 | 7.2% |
| 22nd | East Victoria Park (6101) | Victoria Park | $446,500 | $620 | 7.2% |
| 23rd | Bentley (6102) | Canning | $425,000 | $590 | 7.2% |
| 24th | Cloverdale (6105) | Belmont | $376,077 | $472 | 7.2% |
| 25th | East Perth (6004) | Perth | $486,500 | $660 | 7.1% |
Source: CoreLogic. Data reported to the period ending August 2024. Median values account for sale
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First published on May 2024
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