QUBE marks major milestone sale in Perth's southern corridor
QUBE Property Group this week signed off on the sale of its last available block in the popular Mason Green development in Piara Waters in Perth’s rapidly developing southern corridor.
The sale of its 430th block at Mason Green represents a major milestone for the company which last year celebrated its 25th year of operation in Western Australia.
Independently owned and managed, QUBE’s investor base is tightly held, primarily WA-based and typically attracts long term investors across its portfolio of greenfields, built form and commercial projects.
Launched in February 2015, the 430-lot estate is pitched primarily at the first and second home buyer market with an average selling price under the $300,000 mark.
Sales at the estate have surged on the back of State and Federal government stimulus measures and in the wake of the in the wake of the onset of the pandemic.
QUBE managing director, Mark Hector, said the milestone was a significant one for the company, the estate’s residents and investors in the development.
“The market in general and enquiry levels and sales activity at Mason Green were showing early signs of recovery just prior to the onset of the pandemic, however the recovery accelerated significantly once the State and Federal stimulus measures were introduced in June 2020.
Mr Hector said that they were now in the enviable position of struggling to match buyer demand for house and land packages across Perth and were looking to make further acquisitions in the rapidly developing southern corridor, while also eyeing opportunities in Perth’s equally fast-moving northern corridor suburbs.
“While it’s been a slow process, the market is maturing and we are certainly seeing a renewed focus on WA post the onset of Covid as both investors and new and returning residents place more value on lifestyle, security and health and well-being which is what we have in abundance in Western Australia.”
Mr Hector said the tight Perth rental market was also tipping more renters into purchasing with indications that this will also continue.
Piara Waters recorded 8.6% growth over the last 12 months, against 5.1% for the broader Perth metropolitan area, and is heavily dominated by owner occupiers with a median age of 30.
It is one of Perth’s fastest growing corridors attracting significant public sector investment in infrastructure to keep pace with its rapidly growing population.
As one of the key developers in the area, with a footprint of more than 3000 lots across Perth’s southern corridor, Mr Hector said he has watched the region develop into a now thriving residential precinct.
He said while QUBE was focused on growth and eyeing a potential expansion into the east coast residential market, they would always remain deliberately lean, agile and hands on.
“We know all of our investors by first name and they know they can pick up the phone at any time and talk to us directly about their investment and that is certainly not going to change.”