The supply picture
New industrial supply in Perth is broadly flat (-1% year-on-year) — the pipeline is thinning, which is supportive for existing assets over time.
Precinct by precinct
Across 98 Perth industrial precincts, the current tilt is 29 tightening · 20 demand-led · 27 quiet · 22 oversupply risk (median supply change -42% year-on-year). This is a stock-picker's market: the pressure is uneven, not uniform.
Tightening / demand-led: Malaga, Kwinana Industrial, Hope Valley - Postans, Maddington - Orange Grove - Martin
Watch (oversupply risk): Bentley - Wilson - St James, Carabooda - Pinjar, Melville, Bassendean - Eden Hill - Ashfield
The sector backdrop
Some softening already priced in; income carries the return. Industrial cap rates sit around 5.40% on our national read. Conditions are neutral / transitional on our macro read.
Cap rate = the yearly income as a share of price (a higher number is cheaper). The number above is a market read; where our model puts fair value, and the five-year return forecast, are in the report.
The full Perth industrial read
Fair-value cap rate, the five-year total-return forecast and the downside range — plus the precinct data in full — sit in the Perth Industrial report, refreshed every edition.
See the report →Source: ABS building approvals (supply), MPLC precinct model to SA2 (demand tilt), RBA (rates, yields) and the MPLC valuation model. As at September 2026. Information & forecasts only — not advice.