Ask which retail market is the most expensive and the answer depends on what you measure. On price per square metre, Greater Sydney leads. On yield, the ranking looks very different — and the gap between freehold and strata adds another layer.
Arealytics compared the median sale price per square metre and the average yield for retail property sold in 2026 across Australia’s five largest markets, separating freehold and strata assets.
Sydney leads on price
Greater Sydney recorded the highest prices for both freehold retail, at $9,553/m², and strata retail, at $9,830/m². Greater SEQ strata was close behind at $9,810/m², while SEQ freehold sat at $5,952/m². Greater Perth ($4,615/m²) and Greater Adelaide ($3,917/m²) recorded the lowest freehold prices.
Strata costs more per square metre in every market
In all five markets, strata retail sold for a higher median price per square metre than freehold. The gap was narrowest in Sydney, at around 3%, and widest in Greater SEQ and Greater Adelaide, where strata sold for roughly 65% and 70% more per square metre respectively. Melbourne (17%) and Perth (20%) sat in between.
A higher rate does not mean a strata asset costs more overall. Strata retail is typically smaller — shopfronts and units rather than whole buildings — and smaller premises usually trade at a higher rate per square metre.
Yield tells a different story
Average freehold yields ran from 4.8% to 5.8%. Greater Perth recorded the highest freehold yield, at 5.8%, alongside the second-lowest freehold price. Greater Melbourne recorded the lowest, at 4.8%. Sydney freehold sat at 4.9%, Adelaide at 5.2% and SEQ at 5.4%.
Strata yields were higher than freehold in Melbourne (5.5% against 4.8%), SEQ (5.6% against 5.4%) and Sydney (5.2% against 4.9%). In Perth the relationship reversed, with strata yielding 5.0% against 5.8% for freehold. Adelaide’s average strata yield of 2.4% was the lowest in the dataset, well below its 5.2% freehold yield.
Cheapest is not the same as best value
Sydney freehold retail traded at roughly twice Perth’s price per square metre, yet the difference in freehold yield between the two markets was less than one percentage point. Price and yield are measuring different things: what buyers will pay for space, and the income they accept for it.
Read either number on its own and the market looks simpler than it is.
| Market | Freehold $/m² | Freehold yield | Strata $/m² | Strata yield |
|---|---|---|---|---|
| Greater Sydney | $9,553 | 4.9% | $9,830 | 5.2% |
| Greater Melbourne | $6,172 | 4.8% | $7,195 | 5.5% |
| Greater SEQ | $5,952 | 5.4% | $9,810 | 5.6% |
| Greater Perth | $4,615 | 5.8% | $5,532 | 5.0% |
| Greater Adelaide | $3,917 | 5.2% | $6,678 | 2.4% |
See how price and yield compare in your retail market.
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