Majority of Ipswich renovators are owner-occupiers: HTW

Majority of Ipswich renovators are owner-occupiers: HTW
Majority of Ipswich renovators are owner-occupiers: HTW

Renovation flipping in Ipswich property market is not a dominating factor, according to Herron Todd White’s (HTW) latest report.

The property investment firm says that owner-occupiers make up the majority of renovators.

“The renovation revolution is an element of the Ipswich property market, however by no means a dominant activity,” the report stated.

“The majority of renovators are owner-occupiers.

“Ipswich is a price sensitive market and accordingly home owners should be very mindful of expenditure versus added value.

“For that reason the majority of renovations in this location are limited to painting, a new bathroom, new kitchen and floor coverings.

“With the low price point of units in the Ipswich market, it is somewhat difficult to undertake renovation projects with a view to capitalising on works completed.”

HTW comments that popular and highly regarded areas are where renovations are more likely to occur.

“The suburbs of Ipswich that contain a number of character dwellings are typically the most popular and more highly regarded areas in which to undertake renovations,” the report commented.

“These include Woodend, Saddliers Crossing, East Ipswich, Newtown and Ipswich Central.”

Presentation of the property are the primary aim of renovations HTW says.

“The most prudent approach is to undertake renovations that enhance the presentation of the property,” the report advised.

“For example some minor carpentry work and painting can convert a residence with enclosed verandah to something that resembles a typical character dwelling that is very welcoming and has enhanced street appeal.

“Painting throughout, floor coverings and modern kitchen and bathrooms are always the best for achieving capital value improvement.

“We would however recommend staying away from locations that do not typically attract renovators and that generally comprise dated or original housing.

“It is difficult to achieve top price for your renovated property when so many around you are well below the standard. This often leads to over capitalising.

“The most important component of buying and renovating, particularly in a price sensitive area such as Ipswich, is the purchase price.

“Astute buying is so often where risk can be somewhat nullified to place yourself in the best possible position.”

A renovation-ready two bedroom house at 49 Blackall Street, East Ipswich (above) has been listed for $209,000.

Similarly a four bedroom ready for renovation at 8 Pryde Street, Woodend (below) has been listed for sale.

Majority of Ipswich renovators are owner-occupiers: HTW

A three bedroom Queenslander, 31 Salisbury Road, Ipswich (below) is on the market with expectations above $455,000.

Majority of Ipswich renovators are owner-occupiers: HTW

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