FEATURED IN WestRealEstate.com.au – THE WEEKEND WEST – 23-24 NOVEMBER 2013
Buying an apartment is no longer a secondary option to purchasing a freestanding home, according to Burgess Rawson managing director Chris Tonich.
“Whereas it used to be the solution when you couldn’t afford a home of your own, it is now increasingly the first option for busy, time-poor families, couples and professionals looking for a convenient, low-maintenance alternative,” he said.
He said strong demand for inner-city apartment developments in Perth looked set to continue into 2014 given the recent changes to the First Home Buyers Grant, increasing significantly for those purchasing new or off-plan homes or apartments, and the increasing impact of traffic congestion in and around the city.
Finbar’s Norwood Perth apartment development, on the corner of Lord Street and Windsor Avenue in the city, was positioned to capitalise on this burgeoning market and was located within easy reach of the CBD, Northbridge and the Highgate and Beaufort Street shopping and entertainment precincts.
Norwood consists of 59 apartments spread over five-levels with an ultramodern aesthetic and a focus on sustainability and energy-efficient features. Ten apartments have already sold.
The development will feature a spread of one, two and three-bedroom apartments, ranging in price from $435,000 for a one-bedroom unit, to $710,000 for a three-bedroom penthouse with an outdoor terrace of over lOOsqm.
Launched earlier this month, following a successful prelaunch to Finbar VIP memhers and clients, Mr Tonich said demand had been strong.
He said the development was aimed at executives, owner-occupiers or investors looking to live in the Perth CBD or immediate fringe.
“We’re seeing a good selection of professionals, city workers, first home huyers, investors and some FIFO workers with a real increase in self-managed super funds purchases,” Mr Tonich said.
He said increasingly developers were focusing on the sustainability of residential projects driven in part by the demand and interest from buyers and a real desire to minimise ongoing running costs.
Mr Tonich said feedback suggested buyers and potential purchasers were attracted by Norwood’s focus on sustainability, green initiatives, price point, size and location and also the reputation of the developer for delivering on budget and on time when purchasing off the plan.