Melbourne's inner Williamstown and Newport region sees jump in renovation: HTW residential
Some areas in Melbourne’s West that Herron Todd White has seen a jump in renovation ‘As If Complete’ reports is the inner Williamstown and Newport region, according to the latest Herron Todd White (HTW) 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.
"During these unprecedented times we’re seeing a concentration on the concept of improving your home or investment through renovation projects," the valuation firm said.
Williamstown and Newport are much older and more established regions than most of Melbourne’s West which consists of newly developed housing estates.
Because of this, older dwellings within these more established regions are far more likely to conduct a renovation or extension project due to owners wanting to revamp the older styled dwellings, the report noted.
Renovations can be a costly process which can fluctuate in price due to a number of reasons. The scale of the renovation, materials used and chosen builder all play a massive part into how much a project might cost.
"Homeowners within Williamstown in general have a much higher household income compared to homeowners living within Melbourne’s Western growth corridors and therefore they are able to put more money toward larger scaled and higher quality renovations. This can be anywhere from $100,000 to $600,000 depending on the works being done," the valuation firm said.
A renovated Victorian home in Newport has recently been sold for over $1.1 million.
The Hawthorn brick house at 274 Melbourne Road (pictured below) comprises three bedrooms, formal lounge, kitchen/meals area, and large deck.
It is situated close to shops, cafes and eateries.
A current listing is a renovated family home in Williamstown priced at $1.64 million to $1.69 million.
The 185 Cecil Street home (pictured below) comprises three bedrooms, three bathrooms, and pool.
Additional features include gas fireplace, designer appliances, solar system and alarm.
The report notes housing within Wyndham and Melton in general are new to near new dwellings having only been built within the past five years.
Because of this, the need from renovations and extensions are not as rife compared to that of the older and more established regions that have been around for decades.
Smaller scaled housing projects such as pergolas, working sheds and landscaping is a common trend for home owners within these newly developed housing estates as it simply isn’t necessary for them to upgrade or extend on their newly constructed homes.
Another factor is the size of the land generally being smaller in these high density urban growth zones and therefore there is an inability to extend any further on the dwelling that already takes up the majority of space on the land.