Megara’s Serai development at 21 McCabe Street, North Fremantle, is complete and ready for residents, according to the developer and June 2026 reporting. The original July 2024 announcement described 97 dwellings and forecast completion by early 2026; the completed project was later reported as 98 dwellings. The rental-vacancy figure behind the original “bleak rental market” framing—0.5 per cent—was for May 2024, not today.
What was proposed, and what was built?
Serai is a seven-storey residential development at 21 McCabe Street in North Fremantle, Western Australia. Megara’s July 2024 announcement, reported by PerthNow, described 86 apartments and 11 townhouses: 97 dwellings in total, with completion forecast for early 2026. In June 2026, PerthNow reported the project complete with 87 apartments and 11 townhouses, or 98 dwellings. The reported apartment count therefore increased by one between the announcement and completion; the available sources do not explain the change.
The project has shared amenities. PerthNow’s 2026 completion report listed a heated pool, gym, outdoor firepit, dining spaces and outdoor cinema. The 2024 announcement had also mentioned exercise facilities, outdoor cinema and an on-site cafe. The official Serai website describes two-, three- and four-bedroom apartments, four-bedroom townhouses and penthouses, and says viewings are open. Its descriptions of premium finishes and European appliances are the developer’s own; it cautions that images may be indicative and furniture illustrative.
How did the rental-market claim fit?
The original story’s “bleak rental market” context was a Perth rental vacancy rate of 0.5 per cent in May 2024, attributed to the Real Estate Institute of WA (REIWA) in PerthNow’s report. The same article reported REIWA figures of 1.1 per cent in May 2022 and 0.7 per cent in May 2023, and a stated balanced-market range of 2.5 to 3.5 per cent. These are historical figures, not a current vacancy-rate reading. The figures were reported second-hand by PerthNow rather than sourced here from a direct REIWA release. PerthNow’s July 2024 report provides the original context.
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Serai adds housing, but the available reporting does not establish that it measurably reduced rental pressure. Megara director Jamie Clarke said in June 2026 that buyers were predominantly local downsizers, and described the potential wider effect of downsizing as freeing larger homes for other households. That is the developer’s account of the buyer mix and its interpretation of the market, not a measured housing outcome. Clarke said: “We’ve seen strong uptake because our market is predominantly downsizers, and local downsizers.”
What is known about planning and construction?
A WA planning-panel record for a 21 November 2024 meeting documents an amendment concerning external materials for the approved mixed-use development at 19–21 McCabe Street. The planning description calls it an eight-storey mixed-use development. The record says Fremantle Council considered an officers’ recommendation for refusal on 13 November 2024 and passed an alternative recommendation for approval. This is a planning-process detail; the project’s completion is separately reported in 2026.
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Clarke also cited construction costs, supply-chain issues and labour shortages as factors affecting delivery and affordability. Those are his attributed comments, not independently quantified findings in the available reporting. He argued for medium-density housing near established infrastructure, saying: “Medium density is needed in a variety of locations. Sensible planning is required to utilise your existing infrastructure, and we’re seeing developments within proximity of the train system being quite important.”
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Is Serai still selling, and what does it cost?
In June 2026, PerthNow reported that Serai was approaching 90 per cent sold and that a final release of 10 apartments was starting to sell. That is a dated sales snapshot, not live inventory. The 2024 announcement gave a historical price range of $699,000 to $14 million; it should not be treated as current pricing. Check with Megara for present availability and prices rather than relying on either past report.
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For current project information, visit Megara’s Serai website. The 2026 completion and sales details were reported by PerthNow in June 2026.
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