Western Australia’s apartment sales and property management specialist

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.

Prices and sales of apartments are stable, but developers are calling for more stamp duty reform.

Western Australia’s property developers hope the physical isolation that has helped mitigate the worst of COVID-19 in this state will also insulate the local apartment market from a contagion of a different kind.

While sales of off-the-plan apartments on the east coast are reportedly down 15 per cent or more in recent weeks, that trend is yet to fully materialise in Perth, at least anecdotally.

Apartments in central Perth have remained relatively resilient during the past three years in terms of maintaining their resale values, according to research analysts PropertyESP.

Director Samantha Reece said this resilience, paired with Perth’s location, had so far buffered the market from the economic fallout of COVID-19.

“For the first time in history we are actually glad that we’re isolated,” Ms Reece told Business News.

“While there will be some national companies that feel the effect from the east coast – there is a bit more of a lag happening there than here – those companies based in WA, I believe, will actually continue on business as usual.”

That appears to be the case for Subiaco-based Stirling Capital, which recently achieved practical completion at its 26 on Charles mixed-use development in South Perth.

Stirling Capital sales and marketing director Daniel-Paul Filippi said just a small number of the 28 boutique apartments and four levels of commercial office space remained for sale.

“In terms of valuations, we’ve had zero impact,” Mr Filippi told Business News.

“I’ve had all the major valuers through our Charles Street project and we’ve had no problem.

“People are waiting to see if there’s going to be those sorts of big drops that have been reported [on the east coast]. We didn’t have a lot of foreign buyers anyway, so I don’t see as much impact.”
Mr Filippi said the market’s saving grace could be the resources sector, as one of the key drivers of the state’s economic activity.

“The fact is, WA is still ticking along, so everything is indicating that maybe WA and Darwin will be the least affected by all of this,” he said.

M/Group managing director Lloyd Clark said there had been less disruption on projects than initially anticipated, with inquiries returning just as quickly as Perth moved through the easing of restrictions. Mr Clark said inquiries had also tended to be more qualified and ready to buy.

Given that market confidence, the group is pushing ahead with plans to start construction on its M/27 apartment development in Fremantle.

“In terms of valuation, Perth is in a unique position comparative to the rest of Australia,” Mr Clark said.

“Our property values were already at the lower end of the property cycle, and apartment prices currently represent excellent value for money.

“While the fallout of the pandemic might create value variances in other states, I believe it is unlikely in Perth.

“In light of the activity over the last few months, I would expect to see apartment prices on our projects hold as the market restabilises and returns to growth in 2021.”

M/Group is progressing plans to start construction on its M/27 40-apartment development in Fremantle.

Apartment developer Paul Blackburne is also expecting prices to remain steady, and said COVID-19 had not yet affected sales, with most of his apartment stock already sold.

Blackburne’s Marina East development, located in Ascot Waters, finished construction in May with 80 per cent of apartments sold.

“The past 12 months have been our highest-selling year on record with $203 million in sales in just the first nine months,” Mr Blackburne told Business News.

“Now that things are opening up more and the major threat of the crisis is most likely over, people have started buying in larger volumes.

“Prices had gone up for four months in a row. The next year would have seen 3 to 5 per cent growth.”

Outlook Data compiled by real estate services firm JLL revealed that apartment sales in the inner city were down 3.9 per cent in the 12 months to the fourth quarter of 2019.

However, apartment sales activity was up 12.5 per cent in the fourth quarter on the preceding three months.

JLL manager of strategic research Ronak Bhimjiani said this had most likely been fuelled by the 75 per cent stamp duty rebate on off-the-plan purchases.

Additionally, Mr Bhimjiani said apartment values increased by 1.7 per cent in Perth between November 2019 and February 2020, a figure not seen since mid-2013 during the peak of the resources boom.

“The long-awaited recovery in Perth’s apartment market is likely to be delayed, as COVID-19 keeps conditions challenging in the short term,” he said.

“However, it is important to note that current economic and property market data does not yet fully capture the full impact of COVID-19.”

Any anticipated drop in demand could be partially offset by supply, with construction expected to cool off beyond 2020.

Mr Bhimjiani said there were about 380 apartments across a handful of smaller boutique developments likely to be completed in 2021.

Meanwhile, for larger developments previously set for 2021 completion, he said project timelines had been pushed out to 2022, with further economic uncertainty potentially limiting new starts.

“Many of these projects that are in the early stages of marketing or at the development approval stage could slip into later years or be abandoned if sufficient pre-sales are not achieved and economic conditions do not improve,” Mr Bhimjiani said.

“The impact on pricing will ultimately be dependent on the supply versus demand dynamics in the Perth apartment market.”

Finbar managing director Darren Pateman said stamp duty relief would be the best way to boast sales and development activity.

The ASX-listed property development company recently announced it had completed construction of its One Kennedy Maylands project, with sales of $23.5 million secured to date, representing 43 per cent of apartments.

Mr Pateman said there hadn’t been any immediate shift in apartment values, with all recent Finbar contracts at pre-COVID-19 pricing.

“The Perth market was already at one of its most affordable levels pre-COVID, in contrast perhaps to eastern states markets, which were experiencing far higher levels of growth,” Mr Pateman told Business News.

“WA has done it tough for near on five years and pre-COVID we were clearly entering a recovery phase, while eastern states markets have been boiling over for some time.

“Extending the stamp duty rebate beyond off-the-plan sales to projects under construction and new completed stock to encourage commencements will allow vital capital to be redirected to new job creating projects for thousands of Western Australians.”

Mr Pateman said this would help revive the WA economy as it moved into the recovery phase post COVID-19.

Mr Blackburne shared similar thoughts and said further stamp duty reform could also lead to long-term reductions in local council rates, with the greater rates flowing from higher-density developments better supporting council operations and budgets.

Mr Clark agreed and said the role of government was critical to maintaining buyer confidence, which could be achieved by additional stamp duty relief by way of rebate or discount.

“This is about keeping the market moving in the right direction and buyer incentives are proven and successful in this space,” he said.

“Government and industry alike have a significant role to play here.”

Business News – Katie McDonald, Thursday, 4 June, 2020

Why rent when it’s cheaper to buy, says Amanda Spagnolo, who is selling two new offices at 217 Hay Street, Subiaco. “It is remarkable value for prime commercial real estate,” Amanda, project sales manager at M/Property, said.

They are the last remaining offices in the Rhythm by Match building, which has a total of 27 commercial offices and 9 apartments. Priced from $285,000 plus GST, No.11 is 75sq.m and comes with a car bay. No.18 is slightly bigger and has two bays. The 87sq.m office is on the market from $335,000 plus GST. “They are being offered at well below replacement value, creating an incredible opportunity for the future,” Amanda said. “Both have never been occupied so are brand new ready to fit out as desired.”

Other tenants in the building include a newsagent with a licensed post office, accountant, life coach, real estate agent and a beauty salon. The architect-designed building stands out from other commercial offices in the strip because of its timber-cladded façade. At its centre is a patterned, perforated screen that provides natural light into the common areas. For more details, phone Amanda on 0432 660 066 or info@itsamatch.com.au