Australia’s top retail strips are cementing their place among the world’s most valuable shopping destinations, with Pitt Street Mall in Sydney leading the charge as one of the busiest and most expensive high-street retail corridors globally. The Australian Financial Review reports that retailers are paying an average of $13,000 per square metre annually to secure a foothold on the vibrant strip, an investment many say is paying off.
Pitt Street Mall’s rental growth, up 4 per cent over the past year, places it eighth on Cushman & Wakefield’s global list of the most expensive main street retail strips. Melbourne’s Bourke Street Mall follows at rank 17, with rents averaging $5500 per square metre, while Brisbane’s Queen Street sits at rank 25 at $3300 per square metre. While these figures trail powerhouse destinations like London’s New Bond Street or Milan’s Via Montenapoleone, Australia’s performance underscores the resilience and demand in its prime retail markets.
Cushman & Wakefield’s global research head Dominic Brown notes that top-tier retail corridors worldwide are benefiting from a mix of stabilising economic conditions, easing cost-of-living pressures, and a return to discretionary spending. These factors, he said, have driven double-digit rental growth in select regions, even as others navigate slower conditions.
Unlike luxury-focused high streets overseas, Australia’s premier malls thrive on mainstream retail appeal. Mass-market and fast-fashion leaders, including Zara, H&M, JD Sports, Sephora, Lego and Swatch, anchor foot traffic and are willing to pay premium rents for visibility in high-density pedestrian zones. Demand is continuing to rise, with high-profile entrants such as Chinese retailer Pop Mart securing new spaces in both Pitt Street Mall and Bourke Street Mall.
In Melbourne, Cushman & Wakefield’s national retail head Daniel Radle said the arrival of global and homegrown brands, including Mecca’s flagship Bourke Street store, signals renewed confidence in physical retail. Despite previous challenges including crime and urban disruption, he said demand has strengthened significantly.
The strong rankings of Australia’s major retail malls underscore the enduring value of bricks-and-mortar retail in an increasingly digital world. Footfall remains a critical driver for global brands, and Australia’s top high streets continue to deliver it in volume, reinforcing their status as essential components of the national retail landscape.
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