- Queens Garden, will feature 331 bedrooms
- Comes as Finbar's portfolio reports strong sales demand
- New apartment stock remains low across Perth
Perth-based developer Finbar has commenced pre-sales at their East Perth project, Garden Towers, that officially launched over the weekend.
Situated on Queens Garden in East Perth, the $243 million apartment project is scheduled to have construction commence during the first quarter of 2023.
It will feature 331 1,2- and 3-bedroom configurations across two residential towers. There will be 13 commercial retail, food and office tenancies, along with a café.
“East Perth hasn’t seen a project launched since we released AT238 more than two years ago,” noted Finbar managing director Darren Pateman.
“Coming off a strong rental market, we expect investors to return as well as a strong owner occupier market.
“We are already seeing strong overseas and interstate demand as Perth median unit prices remain amongst the lowest in Australia, however we anticipate local buyers will make up the majority of sales.”
Strong sales for Finbar
Upon launching the project, Mr Pateman noted the group’s sales have been pleasing, particularly at the recently completed Dianella project.
Along with Daniella, pre-sales have been strong for The Point in Rivervale, AT238 in the CBD, Aurora in Applecross and Civic Heart apartment towers in South Perth.
“Finbar is well positioned to increase supply of projects to meet the current demand, be it owner-occupiers or investors looking to take advantage of the current lack of accommodation available in WA.”
According to the ABS, the value of new investor loan commitments have reached a record high of $11.7 billion.
Despite Mr Pateman noted there had been strong demand from owner-occupiers, including first home buyers, along with those downsizing. Owner-occupiers are seeking both completed stock and off the plan.
“The main obstacle facing those wanting to enter the market is having enough money for a deposit, so buying ahead of construction and completion gives them time to save for an appropriate deposit as well as locking in a price in a rising market.
“Construction and material costs are rising ahead of inflation and REIWA research shows a number of proposed developments are either delayed or unlikely to proceed.”