Why apartments make sense in a softer Perth market

Softer prices and slower sales are giving Perth buyers more room to negotiate, and Finbar says apartments are where that choice matters most.

Few corners of the property market have escaped the recent slowdown. Finbar’s recent results, however, are running against the wider mood of caution.

Recent analysis from Domain’s September Quarter 2026 House Price Report showed capital city house prices fell 4.7 per cent in the September quarter, with Perth recording the sharpest decline as values fell a record 7.4 per cent.

Apartments haven’t escaped the downturn. Unit prices fell 3.5 per cent across the capitals last quarter, their steepest drop in 7.5 years, while Perth also led the decline with a record 6.5 per cent fall. 

With buyer confidence taking a battering, sales volumes are also slowing. Total property sales in the 12 months to September in Perth were 18.8 per cent lower than at the same time last year, according to Cotality, with many prospective purchasers waiting to see how the cycle plays out.

But at Finbar, the picture is different. In the past seven weeks, Western Australia’s leading apartment developer has sold 51 apartments across off-the-plan and completed stock, collectively valued at $51.6m.

And since the early October launch of Parkside Residences in Rivervale, Finbar has sold 29 apartments, over a quarter of the project. 

Finbar Chief Executive Officer Ronald Chan said while falling house prices were hogging headlines, owner-occupiers and investors still have real opportunities in the apartment market.

“Homes are taking longer to sell, and there is more room to negotiate, so people who are ready to buy have a real choice,” Mr Chan says.

“Apartments in well-located, well-designed developments are where that choice matters most, because good sites are limited and the people who need homes in Perth keep arriving. 

“The buyers who are moving now are asking the right questions. They are looking at where they will live, what the home will cost to own over time, and whether the developer behind it has a record of delivering. 

“Those are the questions we want every buyer to ask, and the answers point to apartments.”

Mr Chan points to the gap between supply and demand in the apartment market as the clearest reason to buy.

Charter Keck Cramer’s State of the Market H1 2026 report estimated that Perth’s apartment completions will average around 1,900 a year over the next three years, against underlying demand of up to 4,200.

Mr Chan says Western Australia’s sustained population growth is adding to the pressure on supply. 

The Australian Bureau of Statistics reported that Perth grew by 2.4 per cent in the 2024-25 financial year, the fastest rate of any Australian capital, while Cotality projects a further 450,000 residents to move to the city over the 10 years to 2034-35.

“Investors are looking at apartments for returns, and the numbers in Perth are hard to ignore,” Mr Chan says.

“Gross rental yield sits at 4 per cent, above the 3.7 per cent average across the combined capital cities, and rental rates here rose 8 per cent over the year to September.

“Those figures help explain why investors made up around three quarters of the buyers at Parkside.”

Mr Chan says Finbar’s track record of 30 years of delivery has also resonated with buyers, with 50 per cent at Parkside having previously purchased a Finbar apartment.

“When half the people buying at a launch have already bought from us before, that tells me the trust is built on delivery rather than marketing,” he says. 

“People come back when the homes they bought have been well built, well managed and well located, and that is the standard we hold ourselves to on every project.”

Parkside sits at 2 Hawksburn Road, Rivervale, within 5km of Perth CBD, in The Springs precinct. 

Residents will have a lounge and games area, a fully equipped gym, a cabana with barbecue and outdoor dining, a multi-purpose sports court with pickleball facilities, a private meeting room and smart parcel lockers offering 24-hour collection. 

Construction on the 16-storey tower is expected to begin in early 2027, with completion anticipated in mid-2028.

Mr Chan believes a softer market calls for steady delivery rather than hesitation. 

“Some people read a cooler market as a reason to stand still, and we read it as a reason to keep delivering well,” he says.

“Buyers want certainty, and they want to know the developer will still be there when the keys are handed over. 

“That is what we are offering with Parkside and with the projects that will follow it.”

For buyers weighing their next step in Perth, the case for apartments rests on constrained supply, a growing population and a developer with a steady record of delivery. 

Finbar’s recent sales suggest that many buyers have reached the same conclusion. Full details of Parkside Residences are available at parksideresidences.com.au