Southern Gold Coast established areas see increase in renovation works: HTW residential

Southern Gold Coast established areas see increase in renovation works: HTW residential
Southern Gold Coast established areas see increase in renovation works: HTW residential

There are opportunities available by way of renovation works in the far northern New South Wales and southern Gold Coast suburbs, according to the latest Herron Todd White (HTW) residential report. 

The valuation firm suggests 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 the more established and desirable suburbs such as Coolangatta are showing opportunities for the savvy investor or existing resident to manufacture capital growth in an uncertain market.

Across most of the area, selling agents have advised a reduction in stock levels and slightly longer selling periods as a result of the recent border closure and COVID-19.

"Be it DIYers looking to be productive during lockdown, forward-thinking homeowners looking to manufacture equity or a lack of confidence in the current market, homeowners appear to be taking the opportunity to add value to their homes through renovation works, rather than selling in a perceived slower market," the valuation firm said. 

Predominantly the more established areas such as Tweed Heads, Palm Beach and Coolangatta have seen an increase in this style of work, however it has been noticed in the newer pockets of Casuarina and Pottsville as well. 

There has been an increase in smaller scale works amongst the investor space as a result of a supply increase, particularly in coastal, holiday driven areas with investors looking to secure good tenancies, the report noted. 

Internal painting works, floor coverings and updated electrics are appearing in the market as well as minor façade updates and landscaping works.

A two bedroom unit in Palm Beach which was renovated throughout has recently been sold for $495,000. 

The ground floor unit at 2/79-82 Townson Avenue (pictured below) comprises two bedrooms, two bathrooms and two secure car spaces. 

It is located within walking distance to local shops, schools and public transport. 

Southern Gold Coast established areas see increase in renovation works: HTW residential

 

A currently offering is a three bedroom apartment in Tweed Head priced at $649,000.

The renovated apartment at 9/1 Botany Crescent (pictured below) has been offered to the market for the first time in 27 years. 

It comes with gourmet kitchen, huge laundry and covered balcony. 

Southern Gold Coast established areas see increase in renovation works: HTW residential

 

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Gold Coast Htw

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