What key drivers attracted you to develop in Fremantle and what is it that makes it attractive from a developer’s perspective?
Interestingly, our initial focus on Fremantle raised some eyebrows. In the early days we did significant work building a reputation as an inner city developer. All our projects were strategically located around the CBD and we actively promoted a new form of urban living specific to this area. It appeared in vast contrast to the eclectic beach and port side environment of Fremantle, but to us it held similar hallmarks.
What Match is very good at is identifying strategically located sites with good infrastructure and growth prospects. We laid our first claim to land in the early stages of South Beach Estate because we saw enormous potential.
Many find it hard to pigeonhole Fremantle due to its location and diverse population. However, it is without question a place where people want to live and we believed we could offer something unique to the mix.
Give us a brief overview of your Fremantle-based projects (past and current)
The Summer, South Fremantle – COMPLETED
Australia’s first Green Star Multi-Residential Building offering 36 luxury apartments with ocean views.
Heirloom by Match, Fremantle – COMPLETED
Highly celebrated and award-winning adaptive use of Fremantle’s iconic Dalgety Wool Stores heritage building.
M/28 by Match, South Terrace, Fremantle – COMPLETED
A boutique development of just 20 apartments and 6 commercial spaces located in the very heart of the eclectic South Terrace community.
M/27 by Match, Parry Street, Fremantle – UNDER CONSTRUCTION
A boutique development of just 40 park side apartments and conservation of the heritage listed substation building located in the midst of Fremantle’s historic and cultural centre.
Somersault, Fremantle – COMPLETED
An apartment complex of 58 affordable living residences inspired by the materials and textures synonymous with Fremantle.
Sublime, North Fremantle – COMPLETED
Just 16 beautifully appointed apartments incorporating exteriors with colours that reflect the nearby “Dingo’ flour mill.
Match has also extended its interest along Fremantle’s Coastal Corridor into areas such as North Coogee and Port Coogee including apartments and terrace homes.
There’s now a long list of developments planned or underway in Fremantle – what do you think has recently made it attractive for development?
Fremantle is definitely a place where increased development activity greatly improves the area’s atmosphere and appeal.
As Perth’s second largest CBD, the transition from a tourism and industrial location to a central residential and lifestyle hub has required both good planning and a period of adjustment. As more people are attracted to the area, they stimulate demand for residential product and, in doing so, creates an atmosphere that resembled some of the best and most populous cities in the world.
The factors that today make Fremantle so attractive could not simply be switched on. Match identified the City’s potential a long time ago but knew it would take capacity to build capacity. It is so great to see what has emerged since we arrived over a decade ago.
What are your anticipations for Fremantle’s future property market and the town itself?
Match has invested heavily in Fremantle and, in particular, its coastal corridor. We now have quite a significant footprint of projects in and around the area. We wouldn’t have made Fremantle our focus if we didn’t believe in its growth and potential.
There are very few places in Australia, if not around the world, that offers such a vibrant urban atmosphere with outstanding community infrastructure, as well as access to a coastal lifestyle. This is unique and unique translates to value.
We believe the town will continue to evolve as more people move into the community. Fremantle will continue to be a sought-after location, and quality product will become the differentiator in the property game.
We have been extremely lucky to work with a city council that is both visionary and takes a collaborative approach to development. Good planning underpins the success of any environment, and shutting the doors on development completely could have been disastrous for Fremantle.
What many might not realise is that what we are seeing now is the result of a considered approach that has been in the works for over a decade.
Strategic development sites, such as Heirloom, have been instrumental to opening key areas of the City to the public and reinvigorating the area’s incredible history.
There have been many bold moves taken over the years by the City of Fremantle, so it’s great to see everything come together for them and the community.
Comments by Lloyd Clark, Managing Director of Match parent company M/Group
A Welcome MoveRead more
State Government moves to speed up major development projects have been met with praise from the residential construction sector, which says the policy changes will meet demands of the modern apartment market and reduce unnecessary expenditure.
The recently announced decision includes the fast-tracking of metropolitan and regional developments worth $20 million and $5 million or more respectively.
Described as a once in a lifetime change to Western Australian planning policy, the reforms are part of the State Government’s COVID-19 recovery initiatives, aimed at kick-starting jobs and economic activity in WA.
Match parent company M/Group Managing Director Lloyd Clark said the government moves would help developers avoid needless spending and give developers a better idea of when their product could be delivered.
He said Perth would largely benefit from increased infrastructure such as apartment complexes, but it could become problematic if developers were not keeping an eye on whether new buildings matched demand levels in the state.
“A more predictable development timeline will assist in the coordination of the supply chain, which involves many small businesses and can have a significant impact when delays occur,” Mr Clark said.
“Ultimately Perth residents will be the ones to benefit from increased infrastructure that does not take years to arrive and new amenity that will result from commercial developments.
“A more streamlined approvals process will certainly introduce a level of diversity into the apartment market, but there is a risk that it could encourage an oversupply of apartments.
“If the market does not respond to an apartment project, the complex might not get off the ground.
“The onus is certainly on the government to manage this process, but it will ultimately be a commercial decision whether the developer decides to proceed or not.
“Apartment buyers still need to remain diligent and do their homework to source credible developers with a track record or works before they put their deposit down.”
Despite a risk of oversupply, Mr Clark agreed the reforms were a welcome change to traditional processes, which involved a lot of time and consultation costs when engaging with local and state governments.
He said it was well known that development projects resulted in positive economic impacts and unlike in other industries, activity in construction led to helpful affects felt across a broad range of indirect businesses.
“The very nature of a development project means that the greatest impact remains local,” Mr Clark said.
“The development sector has historically been the go-to vehicle for government bodies looking to stimulate the economy because no other sector can really deliver the far-reaching benefits.
“The State Government’s planning reforms and response to COVID-19 will provide a great opportunity to upgrade or replace inefficient structures and meet the demand of a new and modern apartment market.
“Perth was relatively late in the game with regards to accepting apartment living as a genuine lifestyle option.
“Older product was therefore built largely for investment with an emphasis on capacity rather than design and functionality.
“Times have changed dramatically since then, and we now have the opportunity to make old buildings more relevant and sustainable, or replace outdated structures with buildings that will enhance the streetscapes.”
The reforms follow three years of consultation on major development projects that were brought forward sooner than planned to better support WA workers struggling in a slumped economy.
The changes include more than 25 amendments to the 2015 Planning and Development regulations, which are designed to remove planning system barriers, provide consistency and clarity for developers navigating the policy, and reduce burden on local governments.
Excerpt from The West Australian, 11 July 2020
It’s a Race to Get the Best Sites at the Right PriceRead more
The Governments’ incentives have created a flurry of buyer interest with Perth’s best homesites being snapped up at pre-Covid-19 prices. However, as demand increases and stock dries up, buyers need to be aware of inevitable price increases that are likely to create an impact across the entire home building supply chain.
Since a consecutive string of government announcements introduced home building incentives to stimulate the economy, Perth developers have been working tirelessly to meet new demand from people wanting to take advantage of the incredible savings.
Of course, the best and most well-located homesites are attracting most of the attention.
Boutique land developer, Monument, is experiencing this more than most. The company specialises in boutique, high demand and limited supply land-sites located close to city in established areas.
In the past month, Monument has sold over 40 homesites across its three estates, and its sales consultants are taking new enquiries on a daily basis.
Mr John Wroth, Director of Monument parent company, M/Group, says while this seems like a good problem to have, buyers need to act fast in order to secure their home and land package before the industry responds to the increased demand.
“The response to the government incentives has been enormous, but the reality is that many developers had been running according to a measured release plan of land stock prior to the announcements, so the best available lots are now simply walking out the door,” he said.
“The process of new approvals is arduous and timely and in the case of boutique developments such as ours, there is only a limited amount of land we have available. While we have no intention of increasing our land prices, other companies will find it hard to avoid the pressure for builders to meet demand through their supply chain is likely to impact building costs.”
“It is imperative that buyers recognise the extraordinary buying conditions and ensure they are finance-ready to act fast in securing the best possible land package for their new home.”
Here are some tips to help you secure the best lots on the market.
- Bigger is often seen as better!
Larger lots continue to prove the most sought after and, as such, are often in short supply. While it may be easier to secure larger lots in the outer suburbs, value is always going to be on location so do your homework and buy wisely.
- Be on the front foot with frontages
Home frontages of 15m or more are rare and popular. They often have a wait list of multiple offers in place, so it is prudent to get in fast and secure one as early as possible.
- Be finance ready
Make sure you have your finance pre-approved and speak to your mortgage broker or bank before making the commitment to buy a lot. Being prepare not only gives you the buying power to secure the lot you want quickly, it also means you won’t miss out.
- Secure your building contract now
It is unlikely that Perth will experience better building conditions any time soon, particularly with incentives that could save up to almost $70k on a house and land package. It is therefore important to recognise that the cost of building a home is currently based on pre-Covid-19 prices and builders are only able to commit to these prices if you sign quickly.
- Location is everything
Don’t be bedazzled by low prices in large outer-suburb estates. Your money will work harder and your home will be valued higher in the long-term if your land is surrounded by established infrastructure. You’ll also have the benefit of not having wait years for it to arrive.
- Don’t settle for second best
Monument offers a range of homesites across three well-located environments at various stages of development.
Atop in Beeliar is currently selling elevated, ocean view and park side lots in Stage 2 and 3 from $304,000, with Stage 4 scheduled for release and ready for titles by November. This stage will offer ocean view lots from $298,000.
The Wedge in Wellard North incorporates a community park, playground and walk trails, and is surrounded by the natural bushland of Bulrush Nature Reserve. It has sold out of Stage 1, and will have titles in place for Stage 2 in October. Lots are available from 375sq.m to 537sq.m with prices starting from $174,000.
Finally, the company’s inaugural land estate, Hamelin Park in Secret Harbour. It is just three-minutes from the beach and only has six lots left, which are priced from $194,000.
All Monument land estates are designed to impress and are located in well-established suburbs with shops, good schools, public transport and employment at your doorstep.
For more information visit www.landbymonument.com.au