In the face of WA’s apartment sector freefall one developer thinks he’s cracked the secret formula—wealthy baby boomers.

Paul Blackburne, managing director of developer Blackburne, said he was having to turn away customers interested in his One Subiaco apartment and markets project, before it officially hits the market next month.

Interest in the One Subiaco project has reached a point developers are having to turn people away until its official launch in October.

The project is one the biggest residential project undertaken in WA with three separate buildings containing 244 high-end apartments, a three-storey market pavilion to replace the famous markets that stood on the site previously and more than $3 million worth of common facilities.

Such an extravagant project would seem like a leap of faith from the outside, JLL’s first quarter Perth apartment market report found unit sales across inner Perth in 2018 were 5.5 per cent lower than 2017.