Renovated properties attract a premium despite falling house prices

“We’re planning to renovate because, like many Australians in the post-COVID world, our house no longer meets our needs,” Stone said.

“The overriding consideration for us is rising construction costs and the uncertainty about construction costs means we’re better off buying and selling what we need.”

Joanne Stone, Michael, Nikita (right) and Stella (centre) have just sold their house in Epping and are buying nearby.

Joanne Stone, Michael, Nikita (right) and Stella (centre) have just sold their house in Epping and are buying nearby.Credit:Nick Moore

Their selling agent, Catherine Murphy of The Agency North, said ready-to-move-in homes were not hard to find buyers willing to compete for premium prices.

“With most people on their annual leave, the convenience of being able to jump right in and not have to trade during the January break is very enticing,” Murphy said.

Murphy sold 33 Marcella Street In North Epping, a renovated four-bedroom house on 769sqm land went under the hammer for $2.4 million.

Meanwhile, she sold a four-bedroom home in another, larger neighborhood 179 Norfolk Road That’s $860,000 less. The home had been languishing on the market for two months after auction as it struggled to find a buyer willing to take on the required work.

The whole city is a similar story.In Marrickville, owner-occupiers who have been on the market for the past year have broken suburb records to 18 Harney Street $4,280,500.

The 1,100-square-metre home had a price guide of $3.5 million, and three of the five registered buyers bid aggressively.

Selling agent Rhonda Yim of BresicWhitney Inner West said buyers were concerned about rising costs and a lack of time.

“I’m saying [vendors] It has to be livable at least because people can’t afford to rent it out or not move in right away,” Yim said.

Nearby, another five-bedroom house is located in 10 England Avenue It sold for $3.71 million despite adding an extra 400 square meters in need of updating.

The market for renovated homes is so tight that BresicWhitney Hunters Hill selling agent Peter Grayson said buyers were willing to pay a premium for a furnished property even off-market.


Grayson sells a four-bedroom house on 335sq m 12 Lyndhurst Street $2,535,000.

“With people running out of time and renovation, building and construction costs rising, demand for turnkey projects is definitely going to peak,” he said.

He’s selling for $800,000 more than a nearby collapsed property 26 West Crescent, Even if it’s on bigger land.

“Supply in Gladesville remains relatively low, especially for completed and refurbished properties,” Grayson said.

Selling agent Maclay Longhurst of BresicWhitney Inner East 4.5 billion st $3.3 million.It sells for $1 million more than fixed uppers 74 Underwood Street, Purchased by local builder.


“If someone buys something undeveloped, they’re 12 months away from completion. Developed homes are more popular,” Longhurst said.

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