HOT PROPERTY: Mike Enslin says Psaros is expecting strong demand when it launches its new development early next year. Photo: Annaliese Frank

Psaros to make MARQ in West Leederville

A RECENT upswing in buying activity, driven to a large extent by high rents and a tight market, couldn't have come at a more opportune time for mid-tier builder Psaros, which is preparing for the launch of its new off-the-plan inner-city apartment development.

Psaros is set to publically launch its MARQ development on the comer of Cambridge Street and Kimberley Street in West Leederville early next year, targeting construction mid-2013.

MARQ will consist of 58 one, two and three-bedroom apartments, with the price ranging from $449,000 for an entry level studio apartment to $815,000 for a three-bedroom penthouse apartment.

Managing director Mike Enslin told WA Business News there had been a strong surge in first homebuyer activity in recent months.

"What we have seen in the last 12 to 18 months is the rentals escalate exponentially and that's forcing Perth home owners into the market, as well as attracting investors, so there's a lot of demand for product/’ Mr Enslin said.

"The main demographic, we think, will be new starters. We also think we'll attract people from the surrounding area, be it parents helping their kids get into the property market or even some of the parents coming out of the area and downsizing, because there's some very high-spec product in here."

Psaros is due to complete construction at the sold-out Metropol on Parry complex by the end of the year, while sales have been strong at the company's other forthcoming development in Northbridge, MSquare.


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