Building application hit an all-time high in homes within South East Melbourne: HTW residential
Building applications have hit an all-time high in homes within Melbourne’s southeast, according to the latest Herron Todd White (HTW) residential report.
The valuation firm suggest in locations across the nation, the downtime delivered by isolation has spurned on owners looking to improve their assets through maintenance and upgrade. This month’s HTW report highlights where renovations are on the rise and the price points and outcomes those markets can expect.
The report notes many homeowners and investors are utilising this time to work on home improvements.
With the Reserve Bank’s decision to cut rates down to a low of 0.25 per cent, this means it is cheaper than ever for homeowners and investors to borrow money to make improvements.
"In established areas of the South East, we have seen suburbs including HUGHESDALE, Parkdale and Carnegie undergo renovations," the valuation firm said.
A renovated Art Deco home in Carnegie has recently been sold for $1.225 million.
The 66 Neville Street house (pictured below) comprises three bedrooms, marble kitchen, open plan living and dining area and entertaining deck.
It was last sold in 2012 for $570,500.
A timber Californian Bungalow in Carnegie with potentials for renovation and extension has been listed for $1.5 million to $1.6 million.
The three bedroom, one bedroom home at 14 Oakleigh Road (pictured below) is currently under offer.
It features decked verandah, central hall, north facing lounge and Blackwood kitchen.
Renovations works can range between $80,000 all the way to $300,000 for higher quality specifications.
Renovators are also sourcing their own materials and doing DIY jobs in order to keep costs down, the report noted.
Home improvements are more apparent in older homes, where owners are likely to undertake minor works or ‘gut out’ their entire home to install new finishes, appliances, fixtures and fittings while still maintaining the foundation and frames of the original dwelling.
The results usually speak for themselves, with increasing numbers of homes becoming more spacious, modern and customised to the owner’s lifestyle.
"Renovators and investors are choosing to renovate their homes for a number of reasons; one might to improve their current home to suit their lifestyle, others are renovating so they can sell it quicker and at a higher price in this current market which can yield great results," the valuation firm said.