- Western Australia’s leading apartment developer Finbar Group (FRI) has reported its third consecutive month of record sales
- In October, Finbar recorded its largest monthly sales volume since July 2017, selling 45 apartments for over $31 million
- That record number has since been beaten by November’s figures, with 56 contracts worth over $30 million secured
- Finbar Managing Director, Darren Pateman, said the increase has mainly been caused by record-low interest rates and residents returning to WA
- The company is still planning to commence building its Civic Heart project in South Perth next month
- On market close, Finbar is up 10.9 per cent and trading at 86.5 cents per share
Finbar Group (FRI) has reported its third consecutive month of record sales from its apartment projects.
The strong demand from apartments has increased each month since August 2020 with homes now selling at the fastest rate recorded since 2006.
In October, Finbar recorded its largest monthly sale volume since July 2017, selling 45 apartments for over $31 million. This record number has now been beaten by November’s figures though — with 56 contracts worth over $30 million secured.
Finbar Managing Director, Darren Pateman, believes the increase in economic activity across WA has been caused by record-low interest rates and more residents returning to the State amid COVID-19.
The MD also said record low vacancy rates across Perth were also pushing many to buy rather than rent, with rental prices expected to increase in 2021.
“This year we have marked the completion of Sabina in Applecross, One Kennedy in Maylands, and Riverena Apartments in Rivervale during what has been a tumultuous year. This strong pipleline of completed stock has ensured our sales have grown month on month as we head towards the end of the calendar year,” Darren said.
“We have also launched our landmark Civic Heart project, the largest residential development in WA to date, during the course of the year and have $64 million in sales as a result. We are very encouraged by the level of activity during the latter half of the year and indications are that this will continue well into 2021,” he added.
The company will begin its earthworks at Civic Heart project in South Perth in January 2021.
On market close for Friday, Finbar is up 10.9 per cent and trading at 86.5 cents per share.