Perth landlords are being encouraged to leverage current market conditions that are allowing for significant increases in their rental returns, in order to create new pricing benchmarks for when the Covid-19 restrictions are scheduled to end in March 2021.
The property managers behind one of Perth’s largest apartment rental portfolios, M/Property, said that current market conditions are optimal for landlord-led negotiations, with the industry forecasting a possible 20% increase across the rental market.
They believe that while tenancy and rental freezes as a result of Covid-19 have helped to push occupancy rates to an all-time high, the impact is likely to be ongoing as the market opens up.
Kiarna Blythman from M/Property says the industry has not seen this level of activity in 14 years and believes the environment has given investors a chance to review and reset rental prices after a long period of stability.
“Instead of negotiating rents down, applicants are now offering up to $50 a week more than the asking price to secure the property they want,” she said.
“We currently have just one apartment available and eight coming onto the market with a waiting list on our database. This is in vast contrast to our typical pipeline of 20 to 30 apartments and has given us the opportunity to negotiate a new level of revenue for our owners to lock in fresh agreements that benefit the landlord.”
Based on REIWA data, the average apartment rental rates have leaped from $335 to $355 per week since the June 2020 quarter, with limited stock and increasing population effectively putting more pressure on the market.
“We are very aware that some landlords have been disadvantaged by the Covid-19 policies and have been unable to evict tenants or review rents. However, as the deadline for restrictions will soon be lifted, now is the time for landlords to take action,” Kiarna continued.
“If property owners are successful in increasing weekly rent prices in a time of extraordinary demand, there is a strong possibility their actions will help to adjust pricing benchmarks for the long term. The accelerated pace and total sum of these price shifts may be difficult to achieve when the market opens up again.”
M/Property specialises in the marketing and management of residential apartment leases and currently has a combined experience of some 50 years.
For more information visit mproperty.com.au
Perfect for Como DownsizersRead more
Known for its large stately homes and idyllic river-side setting, Como is undeniably one of Perth’s most enviable addresses and, over many years, has proved itself as a perfect environment for hundreds of families. However, as children grow up and leave the nest, residents have invariably been forced to look outside the suburb boundaries to accommodate downsizing.
M/26 by Match is a boutique apartment complex located in the heart of Como. It is designed specifically for people who are well-accustomed to quality living and partial to staying in an area that has served them well for decades.
Mr Lloyd Clark, Managing Director of Match parent company M/Group, said the company’s market-led design process identified a fairly significant gap in the Como marketplace. He believes the M/26 by Match apartment complex has delivered a highly sophisticated and inviting environment that is perfect for people wanting to downsize.
“We couldn’t imagine living in a suburb for most of our lives only to find it had very few home options for when it became time to downsize. The challenge for us, of course, was to create an environment that could make the transition from large home living to an apartment as simple and stress-free as possible,” Mr Clark said.
“You only have to visit the M/26 by Match display apartment to experience a standard of luxury that is unique, not merely to Como, but across Perth.”
M/26 by Match comprises just 40 stylish and well-considered apartments, most with exquisite views of the Swan River and Perth City.
It is located within a tree-lined street just minutes’ walk from the popular café strip and famous art deco Grand Cygnet Cinemas, as well as a short stroll to the Swan River and easy access to the Freeway and CBD.
“Each luxury apartment has been designed to exude elegance and sophistication, with an importance placed on space, light and airflow. Attention to detail has been paramount, as our intention was to create an atmosphere that melded into the Como environment,” Mr Clark continued.
“And while the apartments have been designed for a downsizer market, there are many other market groups, such as young professionals, who are attracted to these qualities and the proximity to Perth’s CBD.”
Internally, there are two colour schemes available; light and airy Hamptons-style and bold and moody Manhattan. All finishes are of a high quality with floorplans that allow each apartment to open up and make the most of the stunning location with full-height glazing.
“The apartments and their location have already proved to be extremely popular with residents. This has been particularly beneficial for those who opted to use their apartment as an investment. Renters just love the space and many opportunities have been snapped up after the first opening,” he said.
“As a design-focused apartment developer, it is truly a pleasure to offer such an acutely niche and beautiful property to the market. We welcome all our new residents and wish them the very best in their next stage of life.”
M/26 by Match includes one and two-bedroom apartments with large balconies, high ceilings and stunning sunscreens. The building has created a distinctive addition to Mary Street, Como, with the installation of a stunning artwork sculpture by Ayad Alqaragholli at its entry.
For more information contact www.m26apartments.com or call 0432 660 066.
Water Tank Art Puts an Indigenous Stamp on Albany’s New Bunnings SiteRead more
A new local landmark and tourist attraction, reminiscent of the popular ‘silo art movement’, has been installed at Albany’s new Bunnings site at Chester Pass Mall.
Commissioned by developer M/Group, the 64-panel Indigenous artwork covering two massive water tanks is inspired by the region’s diverse sea life and its deep connection to the original owners of the land.
The works were created by five traditional local Indigenous artists, Lyn Knapp, Michael Cummings, Tameka Cummings, Kathleen Toomath and Margaret Miller.
Commissioning artwork agent and Wardandi Bibbulmun Elder, Dale Tilbrook, said she started with a concept, but the piece took on a life of its own.
“Our original concept for the installation was for it to resemble a book of stamps, so that each section would be placed between the structure’s rivets. I did a lot of research on the wealth of sea life in the local waters, and when the artists took inspiration from this, the piece materialised into something quite extraordinary,” she said.
“This has been an important project for this group of Aboriginal artists at a time when the steady flow of interstate and international tourisms has been absent from the local galleries. Each artist shared in the commission and have now left their stamp on what will soon become a high traffic area of Albany.”
The public artwork commission represents the value of 1% of the entire development and held a mandate to reflect or enhance the local cultural identity.
Co-ordinated by Minang Elder, Vernice Gillies, and printed by Indigenous owned and operated print company, Sista Girl, the artwork compilation incorporates sea animals from humpback whales to tiny blue ringed octopus and seahorses, displayed on vinyl panels sized between 2200 x 1100mm.
M/Group Managing Director, Mr Lloyd Clark, said the Indigenous artwork does not only pay homage to Albany’s extraordinary natural asset, it also stands as a tribute to the significant contribution that Indigenous communities have had in the development of the new Bunnings property.
“The new Bunnings is the first of its kind to be constructed by Indigenous building services company, Marawar, and supported, where possible, by a fully owned and operated Indigenous supply chain. It is part of M/Group’s commitment to the Reconciliation Action Plan to support Indigenous programs and initiatives,” he said.
“The Bunnings development has allowed us to create a platform for Aboriginal people demonstrate their sheer capacity in delivering outstanding work.
“The new artwork installation will serve as an enduring reminder of their involvement and a visual backdrop to those visiting the new Bunnings building.”
Accompanying the work will be a commemorative plaque:
The oceans surrounding Albany hold myriad treasures. A selection of these wondrous sea creatures has been painted by five Minang artists. Their work has been transformed into the pictures on the water tanks.
Bunnings Regional Operations Manager Hayley Coulson said she was excited to have the artwork ready for the new store’s opening.
“We’re really proud to have such incredible artwork from the local Minang artists as part of the new Bunnings Warehouse in Albany,” she said.
“The new store is on track to open by the end of 2020 and we can’t wait to welcome customers through the doors.”