The Perth commercial property market has launched into 2026 with a series of significant transactions, highlighting strong investor confidence from both interstate and international buyers. Early deals this year span retail, hospitality, and mixed-use sectors, underscoring the city's appeal as a growth-focused investment destination.
Wanneroo Markets Sold to Sydney Syndicate
A Sydney-based investment syndicate, led by Western Sydney businessman Michael Veng, has acquired Wanneroo Markets in a substantial $9.3 million deal facilitated by Ray White. This transaction marks the first change in ownership for the shopping centre in nearly 24 years, having been previously held by a local private family syndicate that included Martin Steens of DMG Property since 2001.
The syndicate secured the property at 33 Prindiville Drive in Wangara by paying $403 per square metre, outbidding local competitors. The site features 100 stalls with a net lettable area of 2,985 square metres, positioning it as a key retail asset in the region.
Brett Wilkins, Ray White's director of capital market, commented on the sale, noting, "This sale demonstrates the depth of enquiry we are seeing from Eastern States and overseas buyers attracted to Perth’s market fundamentals. Astute investor and developer capital has clearly identified the Perth commercial property market as offering compelling value and a strong growth trajectory."
Emperor’s Crown Hostel Acquired by Singaporean Buyer
In another notable deal, a Singaporean buyer has purchased the Emperor’s Crown Hostel at 85 Stirling Street in Perth for $6.5 million. The hostel, which can accommodate 103 guests across 29 dormitory rooms, sits on a 1,052 square metre site. Its location between James and Aberdeen streets, opposite the Campus Perth student accommodation building, is considered prime, especially with anticipated plot ratio boosts as the City of Perth updates its planning rules.
The transaction was negotiated by Jonathan Wong and Tony Delich of Knight Frank, who marketed the site for its "substantial redevelopment potential," suggesting future opportunities for development in the area.
Former Bunnings Site in Morley Sells for $19.5 Million
The 18,439 square metre former Bunnings site in Morley has been sold by BWP Trust for $19.5 million following a competitive campaign managed by Colliers agents James Wilson, Richard Cash, and Aidan Austen. Located at 65–79 Russell Street opposite the Morley Galleria, the property attracted 127 enquiries, which were narrowed down to seven bids.
Advertised as a potential precinct for mixed-use, retail, entertainment, residential, or short-stay accommodation, the site highlights the versatility of Perth's property market. Richard Cash, Colliers WA chief, remarked, "WA’s resilient economy and attractive retail spending figures are driving investor and developer appetite from both local and interstate buyers." He added that such assets offer "strong underlying land value" and can be acquired "below replacement cost."
Cannington Commercial Lot Transaction
Further demonstrating market activity, real estate agency CygnetWest sold a commercial lot at 1425 Albany Highway in Cannington for $8.825 million. The property, which hosts Chemist Warehouse and Adore Living, was sold on behalf of local WA syndicators Properties and Pathways, who had originally purchased the site for $4.6 million in 2009.
The buyers were a private family from the east coast, attracted by the investment's yield. CygnetWest highlighted a sharp capitalisation rate of 5.8 per cent, with head of retail Ahmad Ibrahimi declaring the deal a "benchmark" for the year ahead, indicating positive expectations for future transactions in the sector.
These early 2026 deals collectively signal a robust start for Perth's property market, with diverse assets drawing keen interest from a broad range of investors, reinforcing the city's economic resilience and growth prospects.
