The Subiaco tower has topped out. Pictured is Blackburne Property Managing Director Paul Blackburne at the SubiacoOne development in Subiaco

Blackburne’s One Subiaco tower apartments already worth $200k more than original buying price

Source: The West Australian

Buyers in the upcoming One Subiaco apartment tower have hit the sweet spot in Perth’s ever-changing property market.

Most apartments in the Blackburne development sold two years ago, with prices locked in at pre-boom costs.

Developer Paul Blackburne said a recent resale showed the upcoming apartments at the old Subiaco markets site were already worth $100,000 to $200,000 more.

While waiting for their new homes to be built, buyers’ current abodes have jumped hundreds of thousands of dollars in value. Many buyers were also among the first to enjoy stamp duty rebates on apartments.

The confluence of events has led to some happy buyers among the 98 per cent of the units that have already sold. They are due to move in at Christmas.

Mr Blackburne said he was confident Perth property prices would rise for at least two more years. But there is broad agreement the property market is subject to new pressures.

Mr Palandri, involved in the tower’s construction, said labour shortages and supply chain pressures had created the most challenging conditions of his 32-year career. He urged the State Government to do everything it could to attract skilled workers from overseas.