Government incentives to buy land and build new homes has sent demand for land skyrocketing, according to Perth land developers.
“We are only weeks in from the state and federal governments’ stimulus announcement and the response has been significant,” Monument parent company M/Group Director John Wroth said. “So much so, that we expect to sell our current stock across all projects within a month.
“This is absolutely monumental. People are quickly responding to the prospect of up to almost $70,000 in incentives. Those who previously could only budget for outer-fringe areas might now be able to afford the more desirable land close to the city such as Beeliar, Piara Waters and Treeby.”
“However, this is a finite window of opportunity and I would strongly encourage anyone looking to get a foothold in the more sought-after areas to act quickly before prices adjust to demand.”
Cuttone Property Group Managing Director Phil Cuttone has also witnessed a significant growth in interest.
“We are seeing a significant spike in sales with most developers having to now consider constructing more lots to bring on new stock as quickly as possible before the December 31 grants deadline,” he said.
“The next three to four months should see titled stock being depleted across all urban areas around Perth, especially in affordable first homebuyer areas.”
“Lifestyle areas such as North Dandalup and West Pinjarra are also benefiting from land uptake where a significant increase of sales is evident.”
While this current period may be welcomed by developers, the future of the land market is dependent on a number of factors, from employment and migration growth to affordability, according to Mr Cuttone.
“Once we can look beyond the COVID-19 implications, the outlook may be positive in Western Australia compared to the eastern states, where the land prices have been at artificial highs compared to Perth which has experienced the opposite,” he said.
“I have an optimistic view of the recovery in the Perth land market for the future, anticipating that land prices will be steady for the next few years after the end of the grants, given that there is an oversupply of affordable land coming onto the market in the future.”
Mr Wroth said while land stock was being quickly bought up, buyers were spoilt for choice.
“Land buyers are certainly not starved for choice with four corridors of development and some very attractive infill land sites on the table,” he said.
“The market shake-up could have some impact on zoning, with some high-density zoned sites possibly changing to direct land subdivision.”
“However, this will all be dependent on the state and federal governments’ ability to maintain demand and stimulate the economy through the job creation, migration and improved relations with our South East Asian neighbours.”
“It is important to recognise that the property market is strong aligned to a good economy.”
The land market has been performing well recently, according to REIWA data witnessing 5049 sales for the year to March 2020, with a median price of $248,000 and 5.1 per cent change in prices for the year.
Piara Waters and Baldivis we two hotspots for land sales, witnessing 201 and 192 sales, respectively.
While the average days on the market for the land was 60, some areas like Bedford and Kinglsey witness an average of 299 and 329 days on the market, respectively.
Most areas of Perth have seen price increases, with Perth south eat witnessing a 7.1 per cent increase for the year, while the inner suburbs or Perth suffered and 10.1 per cent decrease.
Excerpt from The West Australian Property Report, 20 June 2020
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.
The Wedge Wellard | Land by Monument | Progress Update | April 2020Read more
Construction on Stage 2 is underway and houses in Stage 1 are already being built ready for new residents to move in.
Find out more about The Wedge visit www.thewedgewellard.com.au/
Atop Beeliar | Stage 2 Construction Update | April 2020Read more
Construction works are finalised on Stage 2 at Atop Beeliar with progress occurring on Stage 3 ready for release.
For more information visit www.atopbeeliar.com.au
Titles Arrive for Large Lot Wellard EstateRead more
Titles have been issued for the first tranche of oversized homesites located at the new-concept boutique estate, The Wedge. The event signals the completion of Stage 1, which already has some 30% of available land sold.
The Wedge is located on one of the last development sites within the sought-after Wellard North community. Homesites have been designed in response to a recognised family preference for larger land, with lot sizes ranging between 350sq.m and 475sq.m
Developer Mr John Wroth, Director of Monument parent company M/Group, said he is looking forward to heightened activity within the estate now that the land is ‘build-ready’. He said, being A-Class titled land with no bushfire conditions, owners will have the flexibility to select from a broad range of home styles and designs.
“There is no question that we successfully acquired a very special piece of land to work with at The Wedge. True to its name, the site is ‘wedged’ within one of the most sought after areas in the region. It is surrounded by the stunning Bulrush Nature Reserve, which is protected land that will continue to provide a natural shelter and lush green backdrop,” he said.
“Once in the estate, however, we are beginning to see a glimpse of the character and lifestyle features planned for the site. This includes large lot sizes based on market feedback, children’s playground and pump-track, walkways and ample public space. Together with the proximity to impressive community amenity, there is little wonder that the initial land release attracted so much momentum.”
The Wedge is located between the freeway and the ocean and is close to public transport, medical facilities, schools, shopping and just 30 minutes to Perth CBD.
It is being developed to a company philosophy that seeks to introduce a sense of distinction and character to an environment through considered design and special features. Such an approach is in keeping with the broader M/Group values and has already been highly successful at sister developments in Secret Harbour and Beeliar.
“As soon as you approach the entry statement at The Wedge, it is quite obvious that this is not a typical land estate,” Mr Wroth continued.
“We look beyond the standard ‘cookie-cutter’ environment to create a new style of estate that really sets it apart from the rest. This approach has now been successful across three consecutive estates and we are thrilled the market is responding positively.”
The Wedge is located on Bertram Road, Wellard North and Stage 1 homesites start from $174,000.
For more information visit www.thewedgewellard.com.au or contact Damyn Strang 0434 070 654.
Ocean Views Offered Atop Land Release SuccessRead more
Land developer Monument has announced the official release of its highly anticipated Stage Two. It follows the rapid sale of 70% of titled homesites in Stage One, which were quickly secured in just six-months from launch.
Atop is a boutique land estate located on an elevated site within the established suburb of Beeliar. It is walking distance to Beeliar Village with supermarkets, specialty services, restaurants and cafes, as well as close to the local primary and high schools.
Stage Two comprises of just 22 homesites with the majority offering ocean-view potential. The release was brought forward on the back of high demand and a waitlist that has already resulted in a number of sales.
Mr John Wroth, Director of Monument parent company M/Group, says the development’s emerging design and character has created a real sense of place and those visiting Atop will now be able to see the difference in the company’s approach.
“So much has been considered in the design of Atop, including the varied elevations of each lot, views towards the Indian Ocean, the use of recycled logs and natural stone materials, and the strategic retention of majestic Tuart Trees at the site’s highest point. It truly is a beautiful and character-filled environment,” he said.
“With landscaping now in place and new residential homes under construction, the evolving environment and entry statement is striking. It’s rare to have the opportunity to introduce this level of design innovation in the thick of Perth’s metropolitan environment.
“The completion of Stage One has given visitors to the site a taste of things to come and we want to encourage as many people as possible to consider the opportunity.”
Atop stretches across 11.8 hectares and includes 171 homesites with varying lot sizes from 217sqm to 630sqm. There is a mix of ocean and parkland view options with natural land undulation that provides character in lot levels.
“Monument wants to move away from the ‘cookie-cutter’ land estate environment and instead respect the surroundings of each site. We have drawn on a lot of natural qualities within the estate and, as we continue to develop the property, we believe this detail will engender a distinct and attractive market proposition and great lifestyle environment,” Mr Wroth continued.
Built on an historic limestone quarry, the area also pays homage to the past with an array of natural limestone and off-form concrete feature walls throughout the estate. It also includes nature play areas for ‘discovery play’ and meandering walking trails and nesting hollows set aside for the area’s wildlife.
Construction of Stage Two is already underway with titles scheduled for early next year.
Stage One & Two land prices at Atop range between $225,000 and $389,000, Monument are also offering a $20,000 early bird special off the price meaning prices start from just $205,000 with the reduction.
For more information visit www.atopbeeliar.com.au or contact Damyn Strang 0434 070 654.