Western Australia’s apartment sales and property management specialist

While REIWA reported its September Quarter vacancy rate at an encouraging 2.9%, the stats drawn from apartment property management specialists, M/Property, were even lower at 1.97%. As experts in this sector, they believe there is always scope to improve the occupancy and profitability of an investment property.

M/Property is one of the only specialist apartment management and leasing companies in the State. With a dedicated leasing team and over 18 years’ experience in apartment management, the company manages over 600 apartments at any one time.

M/Property Senior Property Manager, Tammy Smith, says that even though the vacancy rate is low in WA, Perth apartment investors can still miss out on valuable and quality tenancies simply by not understanding what is important to the renter.

“We are experiencing a market shift in Western Australia towards long-term renting as a lifestyle choice. This represents an incredible opportunity for property investors,” she said.

“Unlike conventional homes where size and space are often the important factor, when it comes to apartments, location, presentation and flexibility are paramount to both the existing and emerging apartment rental market.”

Tammy says apartments close to community infrastructure, those with access to great facilities and ones outlooks tend to get snapped up, there are a range of other factors that a property investor can control to attract and retain great tenants.

1. Sell the dream with professional photography

Rental properties traditionally don’t get the same promotional treatment as homes available for sale. However, in a competitive market, owners will get more interest and potentially higher rentals if they ‘sell the dream’ with professional photography during the marketing phase.

2. Add value with furniture

While not for everyone, adding a furniture package to the mix can significantly increase the rental return. A well-furnished apartment can rent out for 25%-75% more than unfurnished apartments. The cost of furniture is also often tax deductable.

3. Be flexible with pets

Pet-friendly apartments are increasing in demand as more renters opt for making their apartment a long-term home. In fact, many States across Australia are changing legislation to make it easier for pet ownership in rental properties. Why not get ahead of the game to lock good tenants in early.

4. Engage an approachable team

There is nothing more off-putting to a renter than being made to feel like a second-rate citizen. Ensure your property management team are approachable and responsive to not only the renters’ concerns, but also yours.

Tammy says a property management team with a sound knowledge of strata management is also imperative for apartment investors, together with a good relationship with building/facility managers and a solid database of good tenants to source the best tenant for the apartment.

For more information on M/Property services visit www.mproperty.com.au.

Where would you say Western Australia’s unit living/apartment market is currently at?

The property market in general is cyclical. It follows a bell-curve pattern that sees prices peak at the top of the market and level out at the bottom. Investors and market commentators monitor this process carefully to maximise investment potential before an upwards shift occurs. The apartment market is not immune to this cycle and we are currently experiencing a lot of movement from investors. This signals that we might have hit the bottom of the cycle, but also that an expected upturn is likely to take place due to our strengthening economy and record low interest rates.

All this aside, most know that the enduring nature of property means that if you tick the boxes of location, limited supply, quality build and unique design, apartments are likely to hold their value for the long term – regardless of market factors.

Do you think more people are moving into and living in apartments than say, 10 years ago? What traits about apartment living do you think have contributed to this?

When Match started building apartments almost two decades ago, we were conscious of a global shift towards apartment living. There were certainly sceptics that believed Perth would always favour the house and land ‘dream’, but we weren’t so sure. Fast forward eighteen years and our predictions have all come true. There is a definitive lean towards apartment living and awareness of the economic and environmental aspects associated with continuing the urban sprawl. Many are trading that plot of land on the outskirts of the city for lifestyle and location. Apartment living just makes more sense.

What kind of demographic of people are living in apartments in 2019? Is there a mixed variety?

The range of people being attracted to the apartment lifestyle is now as diverse as their reasons for doing so. We see young and upwardly mobile singles and couples wanting to make the most of their proximity to cafes, CBD and nightlife, and we’re also seeing families preferring to raise their children close to the beach rather than in the thick of suburbia. Perhaps the most exciting market group are the downsizers, who are all about creating an idyllic and ‘low maintenance’ lifestyle without moving too far from their families or where they have lived for most of their life.

What future do you see ahead for Western Australia’s apartment market? Do you think it’ll continue to grow, and why is this?

The underlying factors that will continue to support the apartment market include population growth and an increasing market trend towards apartment living. The value-system of the emerging generations will be key for driving demand for new and architecturally appealing apartment designs. As more people gravitate towards apartment living, we will see an increase of amazing spaces. This represents incredibly exciting prospects for individuals as well as the Perth streetscape alike.

We’ve come a long way since the ‘cookie-cutter’ apartment blocks that were primarily built for the investor and rental market. Apartments today are considered architectural spaces that focus on the end user and their varying tastes and preferences.

Just as you would have earlier discerned over the features of a stand-alone house, we are now finding that people are drawn to apartment designs that reflect their personal taste and lifestyle preferences.

The more distinctive, rare and well-located the apartment is, the more value you are intrinsically buying into.

Comments by Lloyd Clark, Managing Director of Match parent company M/Group

Barry and Jennie had watched their children grow up in their 4×2 Bullcreek home. However, like many others throughout Perth, they decided to trade their big family home for an apartment and chose Form by Match at Port Coogee – an area Barry tells his grandson has the ‘biggest swimming pool called the Indian Ocean’.

Prior to making the move, the couple knew they wanted to stay near Fremantle, although were a little unsure about such a big change.

“We came out and had a look at this site five times. We went to other apartments in the same precinct, but wanted a plan that was quite straight forward with an outlook. We didn’t want to feel claustrophobic,” Barry said.

“What sold us on this place particularly was the position – we’re not over-looked and we’ve got views across the park and the sea – we didn’t actually realise we had sea views until we were about to move in. I think that was the clincher for me.”

The couple moved into one of the many north facing apartments at Form by Match; a boutique 50-apartment complex located just 50metres from Port Coogee Marina and adjacent to parkland.

Designed by reputed Architects, Geoff Warn of Donaldson & Warn, the property was designed to respond to the environment and offer residents an uncompromising lifestyle.

It features a bright, white and timeless interior colour scheme, air conditioning, polished reconstituted stone benchtops and Bosch appliances with breakfast bar.

“I think there are an awful lot of people who live here that have made the same lifestyle change. You can be at the beach and then somebody says, “oh this is so good” and I say, ”yes it is isn’t it”, and then you find out that they’ve done the same thing as you by downsizing and moving here,” Barry continued.

“They often say they’ve bought bikes and like that there are bikeways all the way down to Jervoise Bay, as well as being able to walk into Fremantle. We’ve joined the North Coogee Surf Life Saving Club as social members. It’s got restaurant, bar and music on Sundays, and just up the road in Spearwood there’s the Phoenix Park Shopping Centre and a few other little places we regularly go out to eat. We also go into Fremantle quite a lot.”

“We’ve been told that Coogee Beach was named the second-best beach in Western Australia, and we believe that too because it has so much to go and do; scuba diving, snorkeling and families with their children swimming. No matter what time you go there’s people on the beach, even at eight o’clock at night.”

“(The grandchildren) absolutely love coming down here. They get their ball out and play soccer with their poppy down in the park or they’re down at the beach digging and playing.”

Construction on Form by Match was completed late last year by Match’s in-house construction company, M/Construction, which meant they could achieve a high level of quality control throughout the building process. The project sold over 50% of the apartments prior to completion and is now ‘move in ready’.

“I sat down the with Jennie the other morning and said that I feel so guilty that I haven’t got any gardening to do,” Barry said.

“We sit on the balcony and eat our meals and we just watch the world go by. Neither of us have actually regretted or felt a loss for our last place. We’ve looked forward to moving here and haven’t looked back.”

Form by Match apartments are available in one, two and three-bedroom layouts and are priced from $335,000, $449,000 and $749,000 respectively.

For more information visit www.formbymatch.com.au or call 0432 660 066.