Apartment scarcity fuels $84m Applecross sales surge

The rapid sales success is being driven by genuine scarcity of apartments in the riverside suburb, despite a significant wave of development in recent years. 

While the suburb’s skyline has changed, apartments currently account for just 12.1 per cent of Applecross’ total housing stock, according to REIWA – and when they come to market, they sell in an average of 31 days.

Just prior to the Romeo launch, the City of Melville said it was considering whether to limit further development around the Canning Bridge Activity Precinct due to residents’ concerns over increasing traffic congestion, despite the area being flagged as a key growth node by the Western Australian Planning Commission in 2011.

With the planning review expected to be completed by the end of the year, apartment buyers aren’t waiting on its results. 

And a close look at the data reveals why that urgency is well-founded, with units in Applecross significantly outperforming the capital growth recorded by the prestige family homes on Jacaranda-lined streets the suburb is known for.

Data from Cotality showed median unit values rose 47.14 per cent in the year to the end of October last year, reflecting a surge of demand for apartments. Over the same period, houses recorded a 17.9 per cent gain in median values.

Romeo Applecross is the third and final stage of Finbar’s riverside precinct, completing a vision that began with Sabina in 2018 and continued with Aurora in 2021. 

The final stage will deliver 152 one, two and three-bedroom residences positioned approximately 600 metres from Canning Bridge train station, with completion anticipated mid-2028.

Nearly half of the sales recorded at launch came from returning Finbar buyers, reflecting confidence in the developer’s 30-year track record of 100 per cent delivery. 

Investors made up 74 per cent of purchasers and owner-occupiers the remaining 26 per cent, while 80 per cent of buyers were aged 40 and over, a demographic known for measured, long-term thinking on property. 

Geographically, 34 per cent came from within five kilometres of Romeo, confirming strong local conviction, while a further 36 per cent came from between 11 and 40 kilometres away, drawing buyers from across the metropolitan area.

Finbar Group CEO Ronald Chan said the launch response was a strong indication that the market understood both the quality on offer at Romeo and the uncertain future prospects of new supply in the area.

“Romeo represents the completion of something we've been building towards since 2018, a genuinely world-class riverside community in one of Perth’s most sought-after addresses,” Mr Chan said. 

“The strength of the launch, particularly in light of the number of returning buyers, tells us that people who have lived through our delivery process trust what we bring to market. And with the planning environment shifting the way it is, buyers recognise that opportunities like this in Applecross are not going to keep presenting themselves.”

Resort-style amenities include a Level 24 rooftop entertaining deck, a 25-metre heated pool, fully equipped gym, sauna, steam room, private cinema and residents’ lounge, while The Lane – a landscaped pedestrian link between Canning Highway and Kintail Road set to feature public art and suspended light sculptures – will bring a new civic dimension to the Applecross streetscape on completion.

Mr Chan said the off-the-plan stamp duty concession added a further dimension to the investment case.

“The performance of Applecross unit values over the past year reflects what we have always known about this location, that it is one of Perth's most fundamentally sound addresses for long-term investment,” he said. 

“Buyers purchasing off the plan ahead of our 2028 completion are well positioned to benefit from the stamp duty concession, which represents a meaningful additional advantage at a time when quality stock in this suburb is becoming increasingly difficult to find.”

By the time the City of Melville’s planning review wraps up, Romeo Applecross will likely have told its own story.

With nearly half already sold against a backdrop of exceptional market performance and dwindling future supply, the remaining apartments are unlikely to wait for the outcome.

To register your interest in Romeo Applecross, visit https://romeoapplecross.com.au/