Most investors read an apartment developer’s sales update as good news arriving now. In reality, the contract is often signed years before any revenue reaches the accounts, and the buyer incentives that helped win that sale can change in the meantime.
That gap matters because developers sell the bulk of their apartments while the building is still being planned or built. Any policy that alters the amount a buyer must pay at the outset influences demand right at that moment. Western Australia’s off-the-plan stamp duty concession now runs to 30 June 2028, and the federal 5% Deposit Scheme no longer has income caps.
Here is how both policies work, drawn from official sources, and how the developer model turns a signed contract into settled revenue. You will also get a four-question test you can apply to any listed developer.
The worked example is Finbar Group (ASX: FRI), Perth’s apartment specialist.
What has changed in WA’s off-the-plan duty concession, and how does the federal deposit scheme sit alongside it?
The WA concession
The concession is a cut to transfer duty, the state tax you pay when you buy property, on new dwellings bought off-the-plan. It was first introduced in October 2019.
On 12 March 2026, the Cook Government extended it by two years, moving the end date from 30 June 2026 to 30 June 2028. According to the Treasurer’s statement, the package carries $70.6 million in funding in the 2026-27 State Budget.
The thresholds also moved up. The maximum rate now applies to purchases up to $800,000 (previously $750,000), and phases down above $900,000 (previously $850,000). From 12 March 2026, survey-strata dwellings such as units, villas and duplexes also qualify. The table below follows the Department of Treasury and Finance page, updated 29 July 2026.
| Contract type | Property value | Concession (capped at $50,000) |
|---|---|---|
| Pre-construction | $800,000 or less | 100% of duty |
| Pre-construction | Above $800,000, below $900,000 | Tapers from 100% to 50% |
| Pre-construction | $900,000 or more | 50% of duty |
| Under construction | $800,000 or less | 75% of duty |
| Under construction | Above $800,000, below $900,000 | Tapers from 75% to 37.5% |
| Under construction | $900,000 or more | 37.5% of duty |
The federal 5% Deposit Scheme
The federal scheme works on a different obstacle. The WA concession reduces the duty cash you need, while this scheme reduces the deposit itself. Since 1 October 2025, according to firsthomebuyers.gov.au and Housing Australia, it has offered:
- A minimum deposit of 5% for eligible first-home buyers
- No income caps and no cap on places
- No Lenders Mortgage Insurance where guarantee requirements are met
- A Perth price cap of $850,000, according to REIWA
Taken together, the wider thresholds and the removal of income caps put more apartments and more buyers inside the incentive range. That is the demand backdrop a developer sells into.
Federal tax reform adds a second demand driver, since investor demand shifts from established stock toward new residential supply under the 2026-27 Budget measures, which keep negative gearing for new builds.
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How does a developer turn pre-sales into settled revenue?
A developer’s apartment moves through a long chain before any revenue appears. Follow it one stage at a time and you can see where the gap opens.
- Site acquisition: the developer buys or secures land, committing capital before any sales.
- Planning and approvals: design work and a development application, a formal request to the council or planning authority to build.
- Market launch and pre-sales: apartments sell under contract, often before building starts.
- Finance and construction: lenders fund the build and costs build up over time.
- Completion and strata titling: the building is finished and each apartment receives its own legal title.
- Settlement: the buyer pays the balance and the title transfers.
- Revenue recognition: revenue and costs enter the financial statements.
Where incentives act: mainly at stages 3 and 4, when contracts are signed, and again at stage 6, through buyers’ ability to settle.
A pre-sale is a signed contract, not recognised revenue. Recognition generally follows settlement, which can be several reporting periods later. The sales value is the gross value of those contracts, while settlements are the point where cash and title actually change hands.
Because revenue lags the contract this way, you should read pre-sales as a pipeline indicator, not as current earnings.
One more point: joint-venture project figures describe the whole venture, not necessarily the developer’s own revenue.
Finbar Group (ASX: FRI): the model at every stage
Finbar has a project sitting at each point on that chain, so you can watch the abstract stages turn into real addresses.
Approval and site stage: West Leederville and South Perth
On 15 April 2026, Finbar settled its West Leederville site and lodged a development application for a two-tower project with an estimated end value of $230 million. The company anticipates earnings in FY2029 or FY2030.
On 28 August 2026, Finbar settled a wholly owned site in South Perth with an estimated end value of about $402 million. The company has targeted a market launch for mid-2028.
Construction stage: Romeo
Last month, on 18 September 2026, Finbar announced construction had commenced on Romeo in Applecross. The company reported 103 of 155 lots sold, worth $121.1 million in pre-sales against an estimated end value of about $192 million. That is a building largely contracted before construction got under way.
Settlement stage: Garden Towers
Earlier this month, on 14 October 2026, Finbar announced completion of Garden Towers in East Perth and the issue of strata titles across the 342-lot development, with settlements now under way. According to the company, 82% of lots have sold, worth $210 million, against a total project sales value of about $296.9 million.
These numbers describe the whole project, which is a 50% joint venture with Ventrade Australia, so they should not be read as Finbar’s own revenue. The company has flagged revenue recognition for H1 FY27.
Once strata titles are issued, the gap between contract and cash starts to close, and the Garden Towers completion shows how that step lets settlements proceed across all 342 lots before revenue can be recognised.
Finbar’s message on Garden Towers The company described title issue as the step that allows settlements to proceed and revenue to be recognised, with most settlements expected within 14 days of titles being issued (Finbar Group release, 14 October 2026).
Group pre-sales and the pipeline
Zoom out and the scale becomes clearer. As reported by the company:
- Group pre-sales of $536 million, about 67% of available product across current projects (18 September 2026)
- A pipeline of more than 1,900 units valued at $1.95 billion over roughly five years
Seeing one company with product at approval, site, construction and settlement shows you how a single policy window touches different projects at different times.
Four questions to ask of any ASX residential developer
You can turn everything above into a short checklist. Each question has a direct answer in Finbar’s own releases.
- How much of current product is pre-sold? $536 million, about 67% (18 September 2026).
- Which projects settle in the next 12 months? Garden Towers, with settlements and revenue flagged for H1 FY27.
- Is each project wholly owned or a joint venture? Garden Towers is a 50% JV with Ventrade; South Perth is wholly owned.
- How long does the pipeline run? More than 1,900 units, about $1.95 billion, over roughly five years.
Apply the same four questions to any developer and you can see how much of its story is contracted, near settlement, shared or still ahead. Finbar answers all four in its published releases.
Milestones to watch as the policy window runs to June 2028
The WA concession now runs to 30 June 2028, and Finbar has projects spread across every phase of the development cycle while that window is open. The company’s announced milestones include:
- Garden Towers: settlements and revenue recognition in H1 FY27
- Romeo: construction continuing, with completion targeted for H1 FY2029
- West Leederville: development application progressing through approval
- South Perth: market launch targeted for mid-2028
Each milestone moves a project one step further down the chain, from approval toward settlement.
This article is for informational purposes only and should not be considered financial advice. Investors should conduct their own research and consult with financial professionals before making investment decisions.
Disclosure: Finbar Group (ASX: FRI) is a commercial client of StockWire X. This article was commissioned by the company.
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