Keeping up Sydney heritage property appearances "not desirable": HTW

Maintaining prestige heritage homes in Sydney, typically those above the $3 million mark, may be a chore given the issue of finding replacement fittings, fixtures and other period features according to valuation firm Herron Todd White.

Keeping up on the maintenance and updating irreplaceable period features is not desirable.

In their heritage residential property market review, HTW state the increasing "severity" of the heritage restriction or listing is generally indicative of the ease with which a heritage home may be modified or renovated.

"Renovation of homes of this nature is subject to any overlying heritage preservation requirements. However owners of heritage prestige homes are also looking to capitalise on the purchase price paid to secure such a dwelling as well as to provide them with a high calibre, contemporary home," it said.

"Extending and renovating period homes might involve simply retaining the existing period façade and constructing brand new for the remainder or more sympathetic (and costly) forms of extension and update. As with any form of renovation and update of a prestige home, the sky is the limit when it comes to cost.

"Total project cost when working with heritage homes will be dictated by factors such as the scope of period features to be retained and the level of restoration required (including the availability of suitable materials and craftsmen), through to the extent of new build or extension and the quality of fitting to be installed in the newly renovated or built areas of the home.

"Given the demand for heritage prestige homes throughout Sydney, renovation and restoration of these properties is common and when market conditions are positive, capital growth through savvy enhancement is indeed possible. Should the uninitiated or the uninformed take on a project of this nature, it is quite possible to over-capitalise and thereby limit possible return on investment. 

"Heritage homes remain well regarded within the prestige residential market. These properties can range from terrace homes in areas such as Paddington and Woollahra through to substantial freestanding homes in any number of Sydney suburbs including as a snap-shot Mosman, Bellevue Hill and Vaucluse."

A brief overview of Sydney heritage prestige home types includes (but is not limited to)"

• Colonial (circa early 1800s)

• Victorian filigree (circa 1840s to 1910s)

• Victorian Italianate (circa 1870s to 1900s)

• Rustic gothic (circa 1830s to 1880s)

• Queen Anne (also called Federation) (circa 1890s to 1910s)

• Arts and Crafts (also called Federation) (circa 1900s to 1920s)

• Californian bungalow (circa 1910s to 1930s)

• Interwar Old English (circa 1920s to 1930s)

• Georgian revival (circa 1920s to 1930s)

• Art deco (circa 1920s to 1930s)