Western Australia’s apartment sales and property management specialist

It’s fair to say that apartments are unlike any investment product on the market. There are considerations and strata regulations that require a different approach in order to fully maximise investor returns.

Kiarna Blythman knows too well about the subtle nuances that put apartments in a category of their own.

This is why, after eight years’ experience across all aspects of property leasing and management, Kiarna has joined M/Property as its Business Development Manager. She has assumed the role with a keen interest in demonstrating the value of specialist apartment management to rural owners of city apartments.

“Trusting your investment apartment to someone who only deals with stand-alone houses is like sending your boat to a car mechanic,” Kiarna said.

“There is no question that an apartment investment offers great benefits to those looking for a low-maintenance foothold in the urban marketplace, but there are definitely aspects where it is advantageous to have someone on the ground with knowledge of strata legislation, maintenance requirements and tenant selection tactics.

“M/Property only deals with apartment leases. It seemed a perfect fit for my scope of experience.”

Kiarna has held both ground-floor to senior positions in property sales and leasing, including Sales Administration, Strata Assistance to Property Manager and Leasing Manager.

She joins a highly experienced team of property experts and is backed by the expertise and resources of M/Group; a company that cut its teeth on apartment developments.

M/Group Managing Director, Mr Lloyd Clark, said the introduction of a property management firm to work exclusively in apartment leasing and management was done to fill a gap in the market.

“As a company, our vision has always been to provide our clients with a holistic experience, and we recognised early that engaging a standard property management business to assist our apartment investors did not provide an ideal outcome,” he said.

“Since we launched M/Property, we have grown to become one of Perth’s largest apartment management companies and have helped hundreds of investors through complex apartment and strata issues.

“Our extensive database of prospective tenants can be effectively matched with a depth of knowledge on most apartments complexes across the Perth CBD, Fremantle and surrounding suburbs.

”Kiarna is a welcome addition to our team and is available to provide more detail about our services and offer to anyone looking to upgrade their current management arrangement.”

For more information or to make an appointment with Kiarna, please contact 0499 909 116 or email kiarna.blythman@mproperty.com.au.

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