Demand has been high for anew 87 apartment complex in Subiaco, with 80 per cent of properties sold in two weeks.
Blackburne Property Group managing director Paul Blackburne said the Encore development on Roydhouse Street represented affordable luxury at a price about 5 per cent below market value.
“We employ high-end architects like David Hillam and there is typically a lot of design work done on both the internals and externals,” Mr Blackburne said.
The apartments were designed to appeal to a broad range of buyers, he said.
Of the properties sold, 60 per cent had been to owner/occupiers and 40 per cent to investors.
Mr Blackburne said there was a big demand for higher-end apartments in the Subiaco area.
He said though there had been problems with projects getting the green light from council, high demand would drive future approvals. “The area should be
open to a lot more people to live there, considering the proximity of Subiaco train station,” he said.
“There is a massive shortfall of apartments in Subiaco due to the low height limits.
“This also means fewer people to patronise the local shops and restaurants, which is why Subiaco is so quiet now.”