Finbar’s three-decade delivery record shapes Perth’s next apartment cycle

June marked a new completion milestone for WA developer Finbar, with the delivery of the $115.5 million Bel-Air project in Belmont adding 196 apartments – all but a handful of them already sold – to one of the city’s most sought-after suburbs.

The project marks the latest addition to Finbar’s three-decade record in the Perth metropolitan area. The company has delivered 80 developments comprising over 7600 apartments, successfully navigating property booms, downturns, the resources-sector slump and the recovery that followed.

That history has established Finbar as one of the most experienced apartment developers in the WA market. It has also concentrated that work in establishing inner and middle-ring suburbs, where new apartment supply is hardest to deliver.

Finbar chief executive Ronald Chan said delivery had become more challenging as the market contends with rising construction costs, limited trade availability and tighter project timelines.

“Every one of these projects gets harder to deliver than the last one, not easier,” Mr Chan said.

“But what matters is whether you keep finishing what you start.”

Tax settings are shifting too, at both State and Federal level.

Since 2019, Western Australian buyers of eligible off-the-plan dwellings have been able to access a stamp duty concession. The concession has been extended and expanded several times, and is currently scheduled to run until 30 June 2028.

Buyers who sign a pre-construction contract for a new dwelling can save up to $50,000 in stamp duty, with the full concession available on dwellings valued at $800,000 or less.

Federal settings are moving the same way. From 1 July 2027, negative gearing on residential property is due to be limited to new builds, removing the deduction for investors purchasing established properties.

For capital gains made after 1 July 2027, investors in new builds will have a choice between the existing 50 per cent capital gains tax discount and a new inflation-based indexation method, depending on which produces the more favourable outcome.

Together, the changes create a time-sensitive window for some buyers, particularly investors and those purchasing before construction begins.

“That window won’t stay open indefinitely,” said Mr Chan.

“Buyers who move now are working with settings that won’t be there for everyone who waits.”

At mid-2026, Finbar reported a forward pipeline valued at $1.95 billion and comprising 1900+ apartments due for delivery over the next five years. Much of that work remains ahead of construction commencement, a factor relevant to the applicable stamp duty concession.

In Rivervale, the $73 million Parkside development offers 108 units across studio, one-bedroom and two-bedroom configurations, an entry point suited to first-home buyers and downsizers alike.

Leeder Residences, in West Leederville, offers 244 units spanning studio through to three-bedroom apartments, with a total value of $266 million.

Both are due for launch in the third quarter of this year.

South Perth’s $245 million Lyall Street project comprises approximately 184 units with one, two and three-bedroom configurations, due to launch in the second quarter of 2027.

Bowman Street, also in South Perth, is the largest of the four with 295 units valued at $402 million, due to launch in the first quarter of 2029.

Most recently, Finbar acquired 172 – 176 Great Eastern Highway in Ascot just 250m west from Bel-Air apartments with plans to build a $150m apartment project focusing on delivering affordable quality apartments.

The projects provide choice across household sizes, price points and locations, from Ascot, Rivervale and West Leederville to South Perth.

Construction is already under way on three other projects – Garden Towers, Riverbank and Palmyra West. Together these comprise 615 apartments valued at $515 million, with almost 90 per cent of them already sold. Garden Towers is due for completion in October.

And at the $192 million Romeo Applecross, 59 per cent of the 155 apartments have been sold ahead of construction commencement in September 2026. The development is scheduled for completion in mid-2029.

This pattern shows up again in Finbar’s repeat-buyer rate: 28 per cent of buyers this year had purchased from the company before.

Mr Chan said that figure pointed to the importance of execution in a market where apartment supply remains limited and construction risk is closely watched.

“The market’s tight enough now that people can’t afford to bet on a developer who might not finish,” said Mr Chan.

“Our buyers know that buying with us isn’t betting on completion – and if you’re buying off the plan, the importance of that certainty can’t be overstated.”

For more information, visit finbar.com.au.