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MaxCap has provided a first mortgage construction finance facility to Iris Residential for One Mabel Park development, located within the affluent western suburb of Jolimont, Perth.
One Mabel Park comprises 46 boutique apartments over six levels designed to capitalise on attractive vistas over Henderson Park Reserve Jolimont Lake and the City skyline. The development is positioned within close proximity to a full suite of retail amenities, public transport, sporting facilities and recreational park reserves.
According to MaxCap Group, the project is located in the “highly desirable, established residential suburb” of Jolimont, centrally positioned between Perth City and its beautiful beaches.
Further, the sponsor Iris Residential stands as “a very experienced Perth-based residential apartment developer who have completed over 19 projects primarily focused on the owner-occupier market within established, near-city suburbs of Perth.”
While Perth’s median house price has shown little movement over the last 18 months, purchase demand within Perth’s western suburbs has seen a significant uplift in 2020.
Presently, the Perth residential property market is appearing more resilient to the impact of COVID-19 compared to most east coast capital cities.
MaxCap Western Australia’s investment director Ben Jones said: “MaxCap is very pleased to be providing the construction funding for Iris Residential on their exciting One Mabel Park development. Tailored towards the owner-occupier market and commanding attractive lake and parkside views, we expect this project will continue to command strong levels of purchase demand given its desirable attributes.”
There are a number of encouraging signs in the Perth residential property market which are positioning Perth for growth, including a compressing residential vacancy rate which now sits at low 1.6 per cent, according to August data from the Real Estate Institute of Western Australia (REIWA).
Additionally, there are several state government stimulus packages specifically targeted towards housing and construction, as well as an improving state net migration due to travel.
Finally, Perth continues to see a performing resources market, which ultimately aids jobs growth and wealth creation.