Investor and Broker Presentation - November 2025
Released
Released
Announcement PDF
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NON-DEAL ROADSHOW
HOSTED BY EUROZ HARTLEYS
5 – 6 NOVEMBER 2025
CIVIC HEART
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ABOUT FINBAR
• Finbar Group Limited, listed on the ASX since 1995, has established a remarkable 30-year track record
as Western Australia’s leading apartment property developer.
• With a 100% project delivery success rate, Finbar has completed 79 residential and mixed-use
developments to date, comprising 7,407 apartments and commercial units across the state. This
achievement, combined with 30 consecutive years of profit, underpins Finbar’s position as one of WA’s
most trusted developers.
• Throughout its history, Finbar has consistently shaped Perth’s skyline, achieving major milestones
across the decades, from its first project, Seville on the Point, to landmark luxury developments and
over $4 billion in completed projects. Today, with a skilled team of 18 professionals, the company
continues to focus on sustainably elevating the quality of inner-city living and enhancing Perth’s urban
environment for future generations.
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79 COMPLETED PROJECTS | 7,407 UNITS
MARKET OUTLOOK
Current State of the Western Australian Residential Market – Key Trends & Insights
Demand Drivers
• Strong Migration: Continued interstate and overseas migration with annual net increase 11,675 and 41,395 respectively, equating
to over 1,000 people per week 1
• Market Outperformance: Perth housing is outperforming all major cities: with values up by 4% in the September quarter, led by
strong growth in the unit market 2
• Record High Dwelling Values: Perth dwelling values at a record high, with 47% of the annual growth recorded in the September
quarter 2
• Affordability Gap: Growing price gap between detached housing and units – median house price $810K vs unit price $565K - is
expected to drive continued apartment demand 3
• Investor Resurgence: Investor finance activity for purchase of newly erected dwellings 35% above the six-year average in the
June quarter 4
• Rental Market Strength: Median rent has risen to approximately $650 per week, a 5.8% year-on-year increase, with extremely low
vacancy at 0.7% 5
4
References
1 Australian Bureau of Statistics (March 2025), National, state and territory population, ABS Website, Released 18/09/2025
2 Cotality 2025, ‘Property values gain pace heading into spring, driven by record-low listings’, 1 October, https://www.cotality.com/au/insights/articles/property-values-gain-pace-heading-into-spring-driven-by-record-low-listings
3 REIWA, Perth Market Insights, Website, Week ending 12 October 2025
4 Australian Bureau of Statistics (Jun-quarter-2025), Lending indicators, ABS Website, Released 13/08/2025
5 SQM Research, Weekly Rents: Perth, Week ending 12 October 2025
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STRATEGIC GROWTH SUMMARY Delivering WA’s Housing Needs
Focused Growth in Apartments
• Include map of perth
with dots showing
our key projects
(future and previous)
WHERE WE BUILD – Elevating the standard of inner-city living
• Prime, walkable, transit-connected precincts across metropolitan Perth
• Designed to enhance lifestyle, community and accessibility
HOW WE COMPETE – Trusted partnerships. Proven performance
• 30+ years in operation with 20%+ repeat buyers
• Strategic Builder relationship ensures cost visibility and stability
throughout the development process
• Access to capital on efficient and competitive terms through major
financial institutions
WHAT WE DELIVER – Shaping Perth’s skyline with purpose
• Large-scale residential and mixed-use projects
• Mid-market focus addressing WA’s housing supply gap
• Preference for wholly owned projects
OUR RECOGNITION – Excellence that stands tall
• Award winning developments including Civic Heart (Perth’s tallest
residential tower) and Sabina Applecross
• Recognised by UDIA WA and Property Council for design innovation,
community value and sustainability
OUR FUTURE – Sustained growth built on a solid foundation
• $1.2+ billion five-year development pipeline
• Strong balance sheet and supportive market conditions (migration,
housing undersupply, policy tailwinds)
• Continued delivery of high-quality apartment projects
DEVELOPMENT
SALES ACTIVITY
UPDATE
GARDEN TOWERS
6
24
16 15
5
12
32
21
28 26
35
49
44 43 43
56
42 40
27
20
40
35
46
26 24 25
34 32
15
45
51
30
21
14
19
13 15
11
16
15 13
9 11
7 9
18
21
24
49
17 18
21
15
87
24
22 23
14
15
14
15
10
14
19 17
20
36
39
147
61
72
10
$-
$20
$40
$60
$80
$100
$120
$140
0
20
40
60
80
100
120
140
160
Millions
TOTAL SALES NUMBER AND VALUE
TOTAL SALES NO. TOTAL VALUE $mil
7
TOTAL NUMBER OF SALES AND VALUE PER MONTH
TO-DATE
4 NOV 2025
• 68% increase in sales value CY2025 to $408 million vs $242 million pcp
• 66% increase in average sales per month to 40 vs 24 pcp
Lots
8 21 88 108 71 77 157 275 275 563 386 237 87 315 156 293 437 485 418 326 250 365 344 198 307 442 314 203 285 445
0.02
0.06
0.24
0.30
0.19 0.21
0.43
0.75 0.75
1.54
1.06
0.65
0.24
0.86
0.43
0.80
1.20
1.33
1.15
0.89
0.68
1.00
0.94
0.54
0.84
1.21
0.86
0.56
0.78
1.45
0.00
0.20
0.40
0.60
0.80
1.00
1.20
1.40
1.60
1.80
0
100
200
300
400
500
600
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
No. Sales Sales Per Day
8
AVERAGE SALES PER DAY (CALENDAR YEAR)
CY
TO
DATE
TO-DATE
4 NOV 2025
• 445 sales this CY 2025
• Average 1.45 sales per day 85%
increase over previous year
$2 $6 $24 $25 $23 $29 $57 $92 $125 $309 $205 $134 $64 $207 $104 $184 $252 $313 $292 $240 $134 $202 $191 $111 $179 $271 $225 $173 $288 $408
$289 $287 $274
$232
$318
$383
$364
$334
$455
$550
$531
$567
$731
$658 $664
$627
$576
$646
$698
$738
$536 $553 $556 $559
$584
$614
$717
$852
$1,011
$916
$-
$200
$400
$600
$800
$1,000
$1,200
$-
$50
$100
$150
$200
$250
$300
$350
$400
$450
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Thousands
Millions
Sales Value Average Sales
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AVERAGE SALES VALUE (PER UNIT) CALENDAR YEAR
(,000)
TO-DATE
4 NOV 2025
• $916,000 average sales value in CY 2025
demonstrates strong market engagement
following Finbar's pivot to a broader range of
attainable price-point products
TO
DATE
$88
$146
$171
$163
$42
$69
$12
$64
$24
$175
$142
$176
$244
$212
$204
$194
$180
$170
$157
$122
$101
$88
$68
$59
$-
$50
$100
$150
$200
$250
$300
Millions
10
COMPLETED STOCK SELL DOWN
TO-DATE
4 NOV 2025
• $153 million in completed stock sell down CY 2025
at Civic Heart, Aurora, The Point (excluding
Pelago*) averaging $14 million per month.
TO
DATE
Completion
Completion
Completion
Completion
Completion
Completion
* Pelago, Karratha excluded from Completed Stock as it is classified
as Asset held for Sale
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TOTAL CURRENT PRESALES VALUE
(FINANCIAL YEAR)
YEAR
TO
DATE
$251 $257
$195
$123
$46
$167
$310
$397
$415
$296
$510
$-
$100
$200
$300
$400
$500
$600
FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026
Millions
TO DATE
TO-DATE
4 NOV 2025
• $510 million in total pre-sales:
• $441 million in off-the-plan
• $54 million in completed stock
• $14 million Pelago Karratha
45%
36%
30%
44%
20%
34%
29%
24%
29%
26%
32%
31%
27%
30%
34%
32%
36%
58%
44%
36%
45%
34%
48%
55%
53%
68%
53%
28%
36%
33%
53%
0%
10%
20%
30%
40%
50%
60%
70%
80%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2018 2019 2020 2021 2022 2023 2024 2025
No.
Units
% Proportion of Investors Sales
INVESTORS SALES • In Q3 2025, 53% of buyers are Investors and 47% are Owner
Occupiers
• Represents a 65% increase in investor demand compared to the
average investor sales achieved over the previous three quarters.
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34 54 34 89 77 44 65 86 21 27 19 38 37 42 19
0
10
20
30
40
50
60
70
80
90
100
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
YEARLY FIRB SALES (CALENDAR YEAR)
13 FOREIGN BUYER SURCHARGE TAX INTRODUCED TO WA IN JAN 2019
• 19 foreign buyer sales CY 2025
• Local market remains the key driver, making
up 96% of total sales
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COMPLETED
PROJECTS
14
AURORA
15
COMPLETED PROJECTS
Completed June 2024
$445m | 334 units
Completed October 2024
$158m | 121 units
Completed August 2024
$113m | 176 units
10
RESIDENTIAL
LOTS UNSOLD
$22M Value
8
RESIDENTIAL LOTS
UNSOLD
$17M Value
5
RESIDENTIAL
LOTS UNSOLD
$4M Value
Over 96% of apartments across completed projects sold
TO-DATE
4-Nov-25
97% RESIDENTIAL SOLD 97% RESIDENTIAL SOLD 93% RESIDENTIAL SOLD
55
LOTS UNSOLD
$36M Value
$43m, 23 Unsold Residential Stock
(excluding Pelago)
53 UNITS SOLD SINCE JUNE 2025
Asset Held for Sale
South Perth Rivervale Karratha
Applecross
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16
PROJECTS UNDER
CONSTRUCTION
GARDEN TOWERS
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PROJECTS UNDER CONSTRUCTION
Total Estimated End Value $517m, 682 Lots
80% SOLD 100% SOLD
Completion est mid-2026
$285M Value | 343 units
Completion est mid-2026
$114M Value | 196 units
Completion est mid-2027
$118M Value | 143 units
95% SOLD
TO-DATE
3-Nov-25
Bel-Air sold out and Riverbank at 95% sold
East Perth Belmont Rivervale
18 18
PROJECTS TO
LAUNCH
PALMYRA WEST
PROJECTS TO LAUNCH
Launch est H1 2026
Completion est 2028
$172M Value | 152 Units
Total Estimated End
Value $268m, 282 Lots
Launch November 2025
Completion est mid-2027
$96M Value | 130 Units
17% RESIDENTIAL SOLD PRE-LAUNCH
Two Project launches planned in the next six months
Palmyra Applecross
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PROJECTS IN PLANNING
AND DESIGN
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LOT 888
PROJECTS IN PLANNING
Pipeline
Lot 888,
Rivervale
Lyall Street,
South Perth
Railway Parade,
West Leederville
Launch est H2 2026
Completion est mid-2029
$187M Value | 184* Units
Launch est mid 2026
Completion est mid-2029
$238M Value | 267* Units
Launch est mid 2027
Completion est mid-2029
$63M Value
~1,500 Apartments Pipeline to be delivered in the next 5 years | $1.2bn+ End Value
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Total Estimated End Value $482m, 563 Lots
*Subject to DA Approval
FIVE YEAR
DEVELOPMENT PIPELINE
2025 and 2026 Deliverables:
• Completion of Garden
Towers
• Completion of Bel-Air
Apartments
• Construction of Riverbank
Residences commenced in
October 2025
• Palmyra West launch in
November 2025 and
construction commencement
in February 2026
• Romeo Applecross launch
in H1 2026
• Railway Parade launch in
H2 2026
• Lyall Street launch in H2
2026
Indicative, subject to change
Strong cash position at 31 October 2025 of $57m positions us with the financial capacity to continue pursuing new development
opportunities to further bolster and refine our pipeline
Important Notice
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Future performance and forward looking statements
This announcement contains certain forward looking statements with respect to the financial condition, results of operations, projects and business of Finbar and certain plans and
objectives of Finbar. Forward looking statements can generally be identified by the use of forward looking words such as 'expect', 'anticipate', 'likely', 'intend', 'propose', 'should',
'could', 'may', ‘will’, 'predict', 'plan', 'believe', 'forecast', 'estimate', 'target', ‘continue’, ‘objectives’, ‘outlook’, ‘guidance’ and other similar expressions. The forward looking
statements, opinions and estimates contained in this announcement are based on Finbar’s intent, belief or current expectations, assumptions and contingencies which are subject to
change without notice, as are any statements about market and industry trends, which are based on interpretations of current market conditions. They involve known and unknown
risks and uncertainties and other factors, many of which are beyond the control of Finbar and its officers, employees, agents and associates, and may involve significant elements of
subjective judgement and assumptions as to future events which may or may not be correct. Any forward-looking statements are provided as a general guide only and should not be
relied upon as an indication or guarantee of future performance. Readers are cautioned not to place undue reliance on forward-looking statements. There can be no assurance that
actual outcomes will not differ materially from these forward looking statements. A number of important factors could cause actual results or performance to differ materially from
the forward looking statements. Investors should consider the forward looking statements contained in this announcement in light of those disclosures. Neither Finbar, nor any other
person, gives any representation, warranty, assurance, nor will guarantee that the occurrence of the events expressed or implied in any forward looking statement will occur. To the
maximum extent permitted by law, Finbar, the Group, other persons referred to in this announcement and each of their respective advisors, affiliates, related bodies corporate,
directors, officers, partners, employees and agents disclaim any responsibility and undertake no obligation for the accuracy or completeness of any forward looking statements
whether as a result of new information, future events or results or otherwise. Finbar disclaims any responsibility to update or revise any forward looking statements to reflect any
change in Finbar’s financial condition, status or affairs or any change in the events, conditions or circumstances on which a statement is based except as required by Australian law.
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