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Investors Encouraged to Make the Most of Rental Bubble
Perth landlords are being encouraged to leverage current market conditions that are allowing for significant increases in their rental returns, in order to create new pricing benchmarks for when the Covid-19 restrictions are scheduled to end in March 2021.
The property managers behind one of Perth’s largest apartment rental portfolios, M/Property, said that current market conditions are optimal for landlord-led negotiations, with the industry forecasting a possible 20% increase across the rental market.
They believe that while tenancy and rental freezes as a result of Covid-19 have helped to push occupancy rates to an all-time high, the impact is likely to be ongoing as the market opens up.
Kiarna Blythman from M/Property says the industry has not seen this level of activity in 14 years and believes the environment has given investors a chance to review and reset rental prices after a long period of stability.
“Instead of negotiating rents down, applicants are now offering up to $50 a week more than the asking price to secure the property they want,” she said.
“We currently have just one apartment available and eight coming onto the market with a waiting list on our database. This is in vast contrast to our typical pipeline of 20 to 30 apartments and has given us the opportunity to negotiate a new level of revenue for our owners to lock in fresh agreements that benefit the landlord.”
Based on REIWA data, the average apartment rental rates have leaped from $335 to $355 per week since the June 2020 quarter, with limited stock and increasing population effectively putting more pressure on the market.
“We are very aware that some landlords have been disadvantaged by the Covid-19 policies and have been unable to evict tenants or review rents. However, as the deadline for restrictions will soon be lifted, now is the time for landlords to take action,” Kiarna continued.
“If property owners are successful in increasing weekly rent prices in a time of extraordinary demand, there is a strong possibility their actions will help to adjust pricing benchmarks for the long term. The accelerated pace and total sum of these price shifts may be difficult to achieve when the market opens up again.”
M/Property specialises in the marketing and management of residential apartment leases and currently has a combined experience of some 50 years.
For more information visit mproperty.com.au
Perfect for Como Downsizers
Known for its large stately homes and idyllic river-side setting, Como is undeniably one of Perth’s most enviable addresses and, over many years, has proved itself as a perfect environment for hundreds of families. However, as children grow up and leave the nest, residents have invariably been forced to look outside the suburb boundaries to accommodate downsizing.
M/26 by Match is a boutique apartment complex located in the heart of Como. It is designed specifically for people who are well-accustomed to quality living and partial to staying in an area that has served them well for decades.
Mr Lloyd Clark, Managing Director of Match parent company M/Group, said the company’s market-led design process identified a fairly significant gap in the Como marketplace. He believes the M/26 by Match apartment complex has delivered a highly sophisticated and inviting environment that is perfect for people wanting to downsize.
“We couldn’t imagine living in a suburb for most of our lives only to find it had very few home options for when it became time to downsize. The challenge for us, of course, was to create an environment that could make the transition from large home living to an apartment as simple and stress-free as possible,” Mr Clark said.
“You only have to visit the M/26 by Match display apartment to experience a standard of luxury that is unique, not merely to Como, but across Perth.”
M/26 by Match comprises just 40 stylish and well-considered apartments, most with exquisite views of the Swan River and Perth City.
It is located within a tree-lined street just minutes’ walk from the popular café strip and famous art deco Grand Cygnet Cinemas, as well as a short stroll to the Swan River and easy access to the Freeway and CBD.
“Each luxury apartment has been designed to exude elegance and sophistication, with an importance placed on space, light and airflow. Attention to detail has been paramount, as our intention was to create an atmosphere that melded into the Como environment,” Mr Clark continued.
“And while the apartments have been designed for a downsizer market, there are many other market groups, such as young professionals, who are attracted to these qualities and the proximity to Perth’s CBD.”
Internally, there are two colour schemes available; light and airy Hamptons-style and bold and moody Manhattan. All finishes are of a high quality with floorplans that allow each apartment to open up and make the most of the stunning location with full-height glazing.
“The apartments and their location have already proved to be extremely popular with residents. This has been particularly beneficial for those who opted to use their apartment as an investment. Renters just love the space and many opportunities have been snapped up after the first opening,” he said.
“As a design-focused apartment developer, it is truly a pleasure to offer such an acutely niche and beautiful property to the market. We welcome all our new residents and wish them the very best in their next stage of life.”
M/26 by Match includes one and two-bedroom apartments with large balconies, high ceilings and stunning sunscreens. The building has created a distinctive addition to Mary Street, Como, with the installation of a stunning artwork sculpture by Ayad Alqaragholli at its entry.
For more information contact www.m26apartments.com or call 0432 660 066.
Three Awards in Three Years for M/Construction
As the dust settles on this year’s coveted Master Builders Western Australia Excellence in Construction Awards, M/Construction is making more room on the shelf for its third victory in the same amount of years.
This year, our dynamic building company took home the award for ‘Best Multi-Unit Development between $5-10m’ for its work on the sophisticated and understated M/28 by Match in South Fremantle.
Designed by David Barr from David Barr Architects alongside Cameron Chisholm Nicol Architects and developed by Match, this latest award puts a spotlight on the attention to detail that M/Construction is increasingly being recognised for.
It also provides even greater assurance for those seeking to engage M/Construction in private building contracts, or those looking to buy an associated Match apartment ‘off-the-plan’.
Lloyd Clark, Managing Director of parent company M/Group, has reflected on the significance of a third win in three years, particularly in light of the highly competitive construction environment.
“To receive the assurance of a high-quality builder is arguably the most important factor when making building decisions or buying an ‘off-the-plan’ apartment,” he said.
“M/Construction has consistently delivered not just high-quality work, but a standard of construction that has attracted the attention and kudos of the industry at large.
“This latest award is a testament to the unique systems and processes the company has in place. We are extremely proud of M/Construction’s ongoing achievements and what it means for its internal and external clients.”
Director of M/Construction, Michael Read, is thrilled by the acknowledgement and recognition from industry peers.
“Being able to repeatedly impress the judges over consecutive years says that the result is not by chance,” Michael said.
“We have an incredible team behind each project, backed by processes that ensure that nothing is overlooked.
“We truly believe we have introduced a new standard of building methodology to the landscape, and it is so great to be recognised for it.
In 2019, M/Construction won the Best Multi-Unit Development between $10-20m for Form by Match, Port Coogee and in 2018, the company took home the award for Best Multi-Unit Development between $10-20m for M/24 by Match, Leederville.
M/Construction is currently working on the construction of M/27 by Match in Parry Street, Fremantle and is available for discussions regarding independent opportunities.