How Did Finbar Achieve a 30-Year Sales Record with Riverbank Residences?
Finbar Group has launched its $115 million Riverbank Residences project with over 70% of apartments sold, while August sales hit a 30-year high, signalling strong demand for mid-tier Perth apartments.
- Riverbank Residences project launched with 70% of 143 lots sold
- August marks Finbar’s highest monthly sales in 30 years at $125 million
- Construction for Riverbank Residences to start October 2025, completing in 2027
- Repeat local buyers account for half of Riverbank sales
- Upcoming Palmyra Stage Two launch valued at $88 million
A Landmark Launch in Rivervale
Western Australia’s Finbar Group Limited has made a significant splash with the launch of its Riverbank Residences project in Rivervale, valued at $115 million. The development, comprising 143 apartments in a 19-storey building overlooking the Swan River, has already sold over 70% of its lots, translating to approximately $85 million in sales. This strong uptake reflects robust demand for mid-tier residential apartments in Perth’s evolving property landscape.
Strategically located just minutes from key amenities such as Cracknell Park, Optus Stadium, and Perth’s city centre, Riverbank Residences offers lifestyle appeal that resonates with both owner-occupiers and investors. The project’s proximity to transport and recreational facilities further enhances its attractiveness.
Record-Breaking Sales Momentum
August 2025 proved to be a historic month for Finbar, as the company recorded its highest monthly sales in over three decades. With 150 lots sold amounting to approximately $125 million, this milestone underscores the strength of the off-the-plan market segment, particularly for affordable, mid-tier apartments where supply remains limited.
Finbar’s CEO, Ronald Chan, highlighted that repeat local buyers have been instrumental in driving sales, accounting for half of the Riverbank Residences purchases. This loyalty speaks to Finbar’s established brand equity cultivated over 30 years in the Western Australian market.
Looking Ahead – Construction and Pipeline
Construction on Riverbank Residences is set to commence in October 2025, with completion anticipated by the end of 2027. The timing aligns with buyers’ eagerness to capitalise on available stamp duty concessions, which have been a notable incentive in the current market.
Finbar is also preparing for the launch of its Palmyra Stage Two development next month, with a projected end value of $88 million. This project, alongside a development pipeline exceeding $1.15 billion across metropolitan Perth, positions Finbar strongly for sustained growth in the region’s residential property sector.
While the company’s recent achievements are impressive, the final appearance of Riverbank Residences may differ from initial renderings, and market conditions could influence the pace of sales and construction progress. Nevertheless, Finbar’s momentum signals confidence in Perth’s apartment market and its ability to meet evolving housing demands.
Bottom Line?
Finbar’s record sales and robust pipeline set the stage for continued leadership in Perth’s apartment market, but sustaining momentum will require navigating evolving market incentives and supply constraints.
Questions in the middle?
- Will Finbar maintain its sales momentum beyond Riverbank Residences and Palmyra Stage Two?
- How might changes to stamp duty concessions impact buyer demand in the coming years?
- What risks could arise from construction delays or shifts in Perth’s apartment market dynamics?
