The pheromone lure is quite inexpensive from the bee suppliers. It comes in plastic vials that you can tack to a frame. I think I paid $15 for a pack of 5.
Seeley's research indicates they will do bettering boxes approaching 40litres in size, that are well off the ground a few meters.
Despite the science, I think it is like fishing, and you just need to watch and try locally. Your local club will have a swarm collectors list, collecting swarms in Oz is really quite easy and prob less work than bait hives.