Echuca renovations uncommon for higher market segments: HTW

Renovation in Echuca is generally done in lower market segments, according to recent Herron Todd White report.

The property investment firm says that most older residences are taken down to make way for new buildings.

“Renovation is generally completed in the lower market segments where the finished product will be at an affordable rate while not competing with new stock.

“Interestingly there has been limited demand for centrally located properties to be renovated with most older residences being demolished to make way for new builds.

“Longer term investors have also been known to renovate (including bathroom, kitchen and a general spruce up) basic dwellings in reasonable locations with a view to achieving a substantially higher rental based on a long term hold.

“This approach has been relatively good based on strong rental demand at the current time.

“Care needs to be taken in many instances not to over capitalise in upper market segments in order not to compete with new housing stock albeit in secondary locations,” the report stated.

A recently renovated house at 1 Jamieson Drive, Echuca (above) has been listed for $359,000.

Similarly a two bedroom house that is in need of renovations at Lot 3/920 Burgoine Road, Strathallan (below) has been listed for $175,000.