North Gold Coast sees a rise in home cosmetic improvements: HTW residential
Renovation is a hot topic at the moment through the northern corridor and southern Logan 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.
"Particularly for home occupiers who have experienced a reduction in work, COVID-19 has presented an opportunity for some to finally get around to those renovation works or cosmetic improvements that have been put on the back burner for the past three, five or maybe even ten years," the valuation firm said.
The report notes so far, suburbs such as Upper Coomera, Ormeau and Beenleigh have seen a rise in the number of houses currently undergoing or recently having completed renovations or minor cosmetic work, some with the intention of increasing their equity, others erring on the side of over capitalisation.
A renovated family home located in the heart of Upper Coomera was sold for $470,000 in May.
The house at 13 Manassa Street (pictured below) comes with four bedrooms, modern kitchen, outdoor alfresco area and double garage.
It is situated within close proximity to the new Westfield and theme parks.
"Over-capitalisation isn’t a worry to some, particularly rural residential property owners in the south and south-west Logan areas, as some people would prefer to invest their spare cash into their current property and avoid the hassle of moving house due to upgrading and relocating," the valuation firm said.
A current listing is a four bedroom house on 2 hectares located in South Maclean.
The family home at 218 Pennine Drive (pictured below) comes with renovated kitchen, large family room and outdoor living areas.
It also features animal shelters, storage shed, and colour bond shed with workshop.
"Over the past two months, we have seen owners begin to undertake small scale projects such as retaining walls, concreting, new sheds and landscaping and even renovation or extension projects amounting to up to $325,000 and everything in between.
"While we have so far noticed only a small increase in current or recently completed renovation projects, this is a popular topic and people are spending more time at home at the moment, so this trend is likely to increase," the valuation firm added.
Buyers are quite cautious at the moment and properties requiring work sell for a significantly discounted price, so while the market might present some opportunities to pick up a discounted renovator, as a buyer, caution is to be exercised as the future of the property market and economy remains uncertain, the report noted.