Developers of smaller apartments projects across Perth say some of the state government’s recent measures to stimulate economic activity and employment in light of COVID-19 are good in theory, but may not meet expectations in practice.
Among the measures is a streamlined assessment process for ‘significant developments’, defined as those projects with an estimated cost of at least $30 million or new residential buildings proposing more than 100 dwellings.
Developer and architect Barry Baltinas hopes the approvals process for the smaller, high-end apartment projects he focuses on could also be streamlined.
“These smaller projects can get off the ground very quickly, helping to create jobs and incomes for Perth families at a time when that is very much needed,” Mr Baltinas told Business News.
“Now more than ever, buyers are putting their health and the health of their family in focus, and boutique living aligns with that.”
Baltinas’s latest project, the $19 million Habitat Residences in Applecross, recently completed construction and features 14 apartments and three penthouses.
Mr Baltinas said the lack of shared facilities at the projects had proved to be a drawcard, particularly in recent weeks.
“It not only means fewer maintenance costs, but brings fewer health implications, which is obviously top of mind for many buyers right now,” he said.
“We’re seeing more activity in the market, in particular from those downsizers who have not been greatly impacted financially by recent events.”
M/Group managing director Lloyd Clark said there had been a lot of speculation about the potential negative impact of COVID-19 on the property industry, but the company’s apartment arm Match, which mostly develops 30-40 dwellings over three to five storeys, had not adjusted its pipeline.
“Boutique product holds its value,” Mr Clark told Business News.
“It’s important to note that the apartment market is heavily impacted by continued population growth, and an emerging generation that values central urban living over the half-acre block.”
Mr Clark said this would continue to increase demand for quality product in desirable locations.
“If the government’s mandate is to stimulate the economy and fast track project development, it needs to approach all areas of the property sector equally,” he said.
“We believe it is absolutely counterproductive for the government to favour one style of dwelling over another in any capacity.
“There is a whole market sector that would never consider high-density living, so disadvantaging them with time delays does not service anyone.”
Excerpt from Business News – 22 June 2020
A Terrace Home Affair for MatchRead more
Most people know that Match has been a significant trailblazer for the Perth apartment living scene. This well-earned distinction was bestowed over two decades ago when the company founders challenged Perth’s planning code and pushed design parameters to protect our streetscapes from large unsightly ‘cookie-cutter’ apartment product.
The introduction of cutting-edge boutique apartment design into our urban environments was something many had not seen before, and the company’s ability to secure highly visible and strategic lifestyle sites made everyone sit up and notice.
Today, Match is still delivering a stunning range of apartment designs and the market is now fully aware of the benefits apartment living can provide.
So, why is the company shifting its attention to Terrace Homes?
After its enormous success in the apartment sector, Match recently stunned its followers by introducing two projects that have moved away from its recognised apartment formula.
M/31 Terrace Homes and M/32 Terrace Homes are located in Landcorp’s visionary Shoreline Precinct in North Coogee.
The two projects are idyllically positioned just metres from the coastline and, like all other Match product, are distinctive in design and layout.
Lloyd Clark, Managing Director of Match parent company, M/Group, said the new category of housing was an exciting shift for the Match design team, but was not such a huge leap in terms of the company’s design philosophy.
“Every one of Match’s projects is distinctive in many ways, because we design specifically for the location and the residents we hope to attract to it,” he said.
“There is no doubt that Perth’s perception of apartment living has changed over the years, and that more and more people are moving away from the half acre block on the fringes of the city to a more lifestyle-driven atmosphere closer to the action.
“When we secured these incredible sites at Shoreline, we saw an opportunity to give our residents an experience that sits somewhere in between.”
M/31 Terrace Homes by Match are well-appointed three-bedroom terrace homes that include open plan layouts that integrate indoor and outdoor living. Each home comes with a double carport, private and sheltered courtyard, and is architecturally designed to maximise light, space and breeze.
M/32 Terrace Homes by Match is based on a unique architectural style that uses beautifully landscaped laneways and a central lawn area to create a sense of privacy, serenity and space. The terrace homes are designed to be ultra-modern and their floorplans are spacious laid out across three stories.
“As the apartment market has evolved, so too has Match’s desire to keep meeting the demand of people who want the best out of their lives and their home environments,” he said.
“We helped to break the mould of apartment living back in the early 2000’s, now we’re looking to bring even more to the table in terms of innovation and style.”
Prices for M/31 Terrace Homes by Match start from $550,000 and M/32 Terrace Homes by Match start from $685,000.
Not All Land Estates Are The SameRead more
How to make your Government incentives work harder for you
It’s an exciting time for land buyers! Government incentives have made it the most affordable time to build your own home in over a decade, and land options are plentiful across all four corridors of Perth’s metropolitan areas.
But before you dive into making the dream of building your own home a reality, it’s important to consider the long term value prospects of this extremely rare opportunity.
According to Mr John Wroth, Director of Monument parent company M/Group, your choice of estate today could have a massive impact on how much the home delivers in the future.
“These are unprecedented times for those looking to build their own home. The Government incentives could effectively save up to $70k on a house and land package, and we are already experiencing the thrust of buyers wanting to take advantage of the opportunities,” he said.
“However, not all land estates are the same and there are clear indicators that you can look for in an estate now that will give you a higher return when you’re ready to sell in the future.”
Here’s how you can increase the value of your Government incentives.
Stay close to the action
Homes in the inner suburbs of the city will invariably attract higher values than those on the fringes.
Equally, as the population grows and subdivisions expand, the inner suburbs will become more sought-after due to the limited supply of land availability.
People will always want to live closer to the action, and the closer you are, the higher the price you will achieve.
Look for good amenity
Being close to shopping centres, schools, transport and community infrastructure, such as parks and walking trails, will always add value to a home.
Today, some developers are investing a great deal into high-quality amenity and facilities that not only attract a thriving community but also gives residents a broader lifestyle experience that extends beyond their four walls.
Find something special
If an estate stands out for you now, chances are the future buyer of your home will feel the same.
Take notice of carefully considered features within an environment that help to create an important point of difference. This could be the deciding factor between your home and another when someone is considering a purchase.
Also make sure the estate isn’t too large. An over-supply of similar stock will increase the competition when your home hits the market.
Fastrack your investment potential
It’s easy to be swept away by the potential of an estate, but how long will it take to get the promised amenity.
Most estates progress in line with the number of lots sold, which means earmarked shopping centres and schools may be pushed out longer than you anticipate depending on market factors.
Ideally, find a location with established infrastructure. This will not only give you immediate access to the benefits the amenity provides, but also the assurance that your home ‘package’ is ready for sale when you choose to hand it over.
Not all estates are the same. Monument is a boutique land developer that offers infill land sites within established areas. It prides itself on delivering a well-considered development design that introduces something unique and special into the marketplace – enhancing future resale or rental prospects.
“Monument tries to tick all the boxes in terms of maintaining and improving property values for its owners. We design our estates around the environment’s natural topography, materials, rocks, trees and other plant life and we are always looking for ways to weave creativity and interest throughout our developments,” Mr Wroth continued.
“Our estates continue to attract a great deal of attention and it’s an added bonus to us that we can future-proof our buyers’ investment.”
Monument’s current land portfolio includes The Wedge in Wellard North, Atop in Beeliar and Hamelin Park in the coastal community of Secret Harbour with other opportunities coming on board in the near future.
For more information visit www.landbymonument.com.au.