Central Gold Coast sees small scale renovation work during COVID-19: HTW residential
Whilst there is still a degree of uncertainty in the market, a growing number of home owners in the central Gold Coast area are preferring to wait out this period before putting their property up for sale, 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 lockdown has certainly provided us with a great opportunity to take care of any maintenance issues and even make some cosmetic improvements to our property investments," the valuation firm said.
The report notes to date it has been the budget-conscious owner- occupier looking to take this time to complete some renovation work.
Many of these owner-occupiers are only completing small scale DIY cosmetic work (ie. new paintwork, general repairs) and are not looking to spend too much money on trades.
Owner-occupiers who are carrying out larger scale renovation works on their properties at the moment are generally people with building skills or who work in the construction industry.
"Local agents actively selling in the central Gold Coast area have reported that even though stock levels are low and demand levels have remained fairly steady, properties are generally taking longer to sell now.
"They advise that buyers are becoming more discerning as there is less urgency in the marketplace at the moment compared with last year," the valuation firm said.
Interestingly, the overall presentation of a property is becoming more of a critical issue, the report noted.
"Some agents in Broadbeach Waters recently noted that if the property is not well presented or has some outstanding repair issues, it could result in a significantly discounted sale price, so there may not be a better time to get those odd jobs done around the house!" the valuation firm said.
A renovated unit located in the heart of Broadbeach has recently been sold for $680,000.
The beachside home at 1/20 Britannia Avenue (pictured below) comes with open plan living and dining, three bedrooms, chef's kitchen and lock up garage.
It also features private courtyard, additional undercover car space and separate toilet.
A current listing is a three bedroom house in Broadbeach Waters priced at $1.1 million.
The waterfront home at 4 Alvarado Court (pictured below) has been renovated.
It features open plan living, kitchen with granite island bench, entertainment deck and zen garden.
