WA Premier Mark McGowan says Perth's Yagan Square could possibly top Melbourne's iconic Federation Square.

After 10 years in the making, Perth's newest entertainment precinct has finally opened to the public.

Mr McGowan officially opened Yagan Square this morning, which he said would be the "new heart of Perth".

After 10 years in the planning, Yagan Square now connects Perth city to Northbridge. ( ABC News: Emily Piesse )

"A great day to connect our city through to Northbridge for the first time in over 100 years," he said.

The hub boasts an array of family-friendly features including a Market Hall to showcase WA produce, a digital tower that could potentially air WA sporting matches, a children's playground and rooftop water feature.

Justin Markovich, his wife Ronchelle and their children Tiyana, Jivan and Jayden were impressed with the space. ( ABC News: Emily Piesse )

The final price tag for the project was $73.5 million.

Father-of-three Justin Markovich turned out for the opening and praised the new precinct.

He said all of Perth's latest developments — Yagan Square, Elizabeth Quay, laneway bars — were taking the city in the right direction.

"We'll lose that 'boring' tag pretty soon I think," Mr Markovich said.

Transport Minister Rita Saffioti said a captivating landmark between the CBD and Northbridge was long overdue.

The public can walk through Yagan Square this long weekend and enjoy a range of free activities and food and drink on offer at Market Hall or Horseshoe Lane.