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

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.

For more information visit www.m31terracehomes.com.au or www.m32terracehomes.com.au respectively or call one of our consultants on 0432 660 066.

While COVID-19 has sent ripples throughout all sectors of the real estate market, Managing Director of Match parent company M/Group Lloyd Clark said that the negatives would be short-lived, while the positives would have a longer-lasting impact for the apartment sector.

“Just as quickly as Perth moved through the restrictions, enquiries returned,” he said. “The disruption had significantly less impact than initially anticipated,”

“Firstly, we saw the apartment industry reinvent itself to provide highly digitalised access to apartment spaces.”

“Equally, our market became adept at reviewing possible investment opportunities online.”

“For a sector that deals significantly with off-the-plan products, this was really a watershed moment, and when enquiries returned, these people were highly qualified and informed buyers.”

Mr Clark said the pandemic has created a much-needed shift in a market that has become a little congested with speculative developers on projects that may or may not have come to fruition.

“It allowed everyone in the industry to review risks and introduce risk aversion strategies,” he said.

“What this means for apartment buyers is some developers may have reconsidered their position in terms of new project development, and off-the-plan deposits can now be redirected to solid operators such as Match, which has demonstrated time and again resilience in varying market conditions.”

Edge Visionary Living Managing Director Gavin Hawkins said the developer also witness a spike in enquiries as restrictions started to lift.

“We have seen a huge spike in enquiry as COVID-19 restrictions have eased, and especially following the new government incentive announcements,” he said.

“With equity markets now above where they were little more than 12 months ago, the initial fears have dissipated and buyer confidence within the sector is returning strongly.”

The apartment market had a big change-up in May of this year when new strata reforms came into place offering a variety of changes to how strata acts operate.

From 10-year maintenance plans, to minimum education for strata managers and a more efficient dispute resolution process, it was the largest shake up in decades and one Mr Hawkins said was a plus for buyers.

“It certainly allows for more flexibility in providing a co-ordinated, staged approach to developments,” he said.

“The key take-out, however, is providing more clarity and protections for the buyers which is obviously a good thing for both buyers and the sector.”

Mr Clark said many byers were unaware of recently available stamp duty rebates when buying an apartment.

“This will help purchasers buy into under-construction apartments, as well as pre-construction,” he said.

“This means purchasers can take advantage of the stamp duty rebates and other incentives and may not have to wait prolonged periods to move into an apartment.”

The value of apartments has remained relatively steady over the last ten years, falling just 0.7 per cent in Greater Perth over the period, according to REIWA data, with the median sale price for the year to March 2020 recorded at $378,000. The median unit rental price for March was $340.

The suburb of Perth recorded the most unit sales in the year to March, with 264, closely followed by East Perth (245). Near city suburbs Scarborough (210), South Perth (209) and Maylands (180) rounded out the top 5.

Outer-ring suburbs Rockingham and Mandurah also saw high levels of activity, with 115 and 108 sales respectively.

In terms of sales value, only two sub-regional markets saw an increase over the year to March, with the Perth South West market realising an increase of 2.6 per cent and Mandurah boasting a massive increase of 17.3 per cent.

South Perth witness the biggest apartment sale price of $7,150,000in the year to March while Dalkeith the lower quartile, median and higher quartile sales were all in the million dollar range, with the wealthy suburb recording and 37.3 per cent spike in prices for the year to March. The opposite was true in Crawley which witnessed an equal fall over the period.

Excerpt from The West Australian Property Report, 20 June 2020