MORE than half the buyers who flocked to purchase property in the Subiaco Square Proximity Apartments on its first release were aged between 26 and 32 years, according to a recent research and marketing campaign.
The medium density residential development sold out over a single weekend, taking $14.5 million in apartment sales on unconditional contracts.
The $17.5 million mixed-use development is part of the Subiaco Square Joint Venture, comprising Blackburne Subi Centro Pty Ltd, Rockingham Park and Stockland, and is the third apartment building in the project.
The building comprises 53 one and two-bedroom apartments, priced from $207,500-$320,000, with street level retail and commercial to be sold in nine strata lots.
Subiaco Square Joint Venture spokesman John Blackburne said market research had showed strong demand for well-planned, priced and located inner city apartments.
“This is largely the case for the ‘younger’ market, with above average disposable income and low asset base, and the investor market looking for secure rental income and high capital growth potential,” Mr Blackburne said.
High quality and affordable new apartments within close range to Subiaco were identified as a product that would meet the requirements of young professionals and investors.
Blackburne and Joyce Real Estate sales and marketing manager Paul Blackburne said Proximity Apartments was one of the most successful projects undertaken within the inner city apartment market.
“The joint venture commissioned a pre-launch marketing campaign, targeting the Blackburne and Joyce client database through investment seminars.”
All but four of 165 apartments have sold in the three apartment buildings, the development’s success testament to market demand for medium density residential accommodation in lifestyle locations, he said.
Property Council of WA executive director Joe Lenzo said the medium to high-density residential market was still going strong.
“We have an interesting situation where buyers and investors are looking for quality inner-city living and there are some developments that are riding the back of these quality developments and are not doing as well,” he said.
The market was mainly being driven by seasoned investors and empty nesters with the young professional market remaining small and focused on trendy well located areas, Mr Lenzo said.
“Demand for medium density buildings is still holding on though there may be some flattening out. We don’t expect to see any downturn in inner city residential.”
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