Every retail market has a location that consistently commands a premium. Arealytics ranked the suburbs with the highest median commencing retail rents in each of Australia’s five largest markets.
The five benchmarks
Randwick in Greater Sydney recorded the highest median commencing rent of the five, at $5,601/m². Upper Mount Gravatt led Greater SEQ at $2,607/m², followed by Coburg in Greater Melbourne at $1,326/m², Parkside in Greater Adelaide at $907/m² and Nedlands in Greater Perth at $718/m².
A wide spread between markets
Randwick’s median was around twice Upper Mount Gravatt’s and almost eight times Nedlands’. The gap between the Sydney benchmark and the rest is far larger than the gaps between the other four markets, where the top suburbs sit between roughly $700/m² and $2,600/m².
Why the benchmark suburb matters
These suburbs represent the locations where retailers place the greatest value on visibility, customer demand and long-term trading potential. While rent levels differ between cities, each suburb sets the benchmark for its local market — the top of the range that other locations are measured against.
For retailers planning a new site, the benchmark shows what the strongest local location costs. For landlords and agents, it marks the ceiling that comparable evidence elsewhere in the market sits beneath.
| Rank | Market | Suburb | Median commencing rent |
|---|---|---|---|
| 1 | Greater Sydney | Randwick | $5,601/m² |
| 2 | Greater SEQ | Upper Mount Gravatt | $2,607/m² |
| 3 | Greater Melbourne | Coburg | $1,326/m² |
| 4 | Greater Adelaide | Parkside | $907/m² |
| 5 | Greater Perth | Nedlands | $718/m² |
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