Geelong's older suburbs at a perfect stage for renovation or extension: HTW residential

Geelong's older suburbs at a perfect stage for renovation or extension: HTW residential
Geelong's older suburbs at a perfect stage for renovation or extension: HTW residential

The idea of home improvement has been brought to light as of late with the extra time many of the population have had on their hands, 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.

"Housing within many of the older suburbs in Geelong are at a perfect stage where a renovation or extension is exactly what is needed to revitalise one’s home and bring it back up to scratch with what’s currently trending and sought after in the current property market," the valuation firm said. 

Renovations are widespread across suburbs such as Newtown, Highton, Belmont and Geelong West.

With many of homes in Geelong West having heritage overlays enforced the only option for many homeowners or buyers is to fully upgrade and refurbish internally with the front having to be left unscathed.

A three bedroom Belmont house which has been renovated throughout has recently been sold for $530,100.

The 1/35 Digby Avenue home (pictured below) comes with open plan kitchen, dining and lounge area, updated bathroom and decked alfresco area. 

It was last sold in 2016 for $380,000.

Geelong's older suburbs at a perfect stage for renovation or extension: HTW residential

A current listing is a two bedroom home in Geelong West priced at $499,000 to $535,000.

The renovated home at 202 Shannon Avenue (pictured below) comes with open plan kitchen, living and dining, verandah, and enclosed carport. 

It is situated closed to shops, schools and Geelong CBD. 

Geelong's older suburbs at a perfect stage for renovation or extension: HTW residential

Extending and renovating these heritage listed homes has resulted in some masterpieces which combine timeless and classic architecture with modern materials and an open plan living space which is so prominent in housing in this current day and age.

The report notes renovations obviously vary in price due to the nature of the works being conducted and not always is the amount spent on the renovation translated over to the overall new value of the property.

In some cases when done right it can significantly increase the value of a home far greater than the amount spent on the renovation which can be seen by some record breaking renovated houses that have sold in the likes of Geelong West and Newtown over the past few years.

"Renovations are less popular in developing areas such as the ever expanding Armstrong Creek and Mount Duneed regions. This is ultimately due to the fact that no renovation or extension is required on these newly constructed homes still in excellent condition," the valuation firm said. 

Tags: 
Renovation Geelong

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