<p>The residential transformation of St Kilda Road is set to continue into with more new apartment plans for the sought-after boulevard.</p>

<p>Wing Tai Asia has lodged plans for a major residential tower at 464-466 St Kilda Road, replacing the former VACC House with an 18-storey mixed-use development designed around a retained heritage podium and a sculpted contemporary tower.</p>

<p>The proposal, prepared under Victoria’s Significant Residential Development with Affordable Housing pathway, would deliver 325 apartments and ground-floor retail across the prominent 4,653 sqm boulevard site in Melbourne’s St Kilda Road North Precinct.</p>

<p>The project centres on the adaptive reuse of the site’s heritage-listed VACC Building, an eight-storey office designed by Bernard Evans that has occupied the address for decades. Planning documents state the development would involve “carefully dismantling and conserving off-site the original metal fabric of the podium visible from St Kilda Road,” before reinstating it as the defining frontage of the new scheme.</p>

<p>Above the restored podium, Wing Tai is proposing a curvilinear residential tower. The scheme includes 172 one-bedroom apartments, 63 two-bedroom apartments, 66 three-bedroom apartments, and 24 four-bedroom apartments, alongside two ground-floor food and beverage tenancies fronting St Kilda Road.</p>

<p>The tower has been designed with substantial articulation and variable setbacks to minimise perceived bulk and maintain view corridors along the boulevard. Urbis, which prepared the planning report, said the design “has been significantly articulated through a curvilinear design” with “an interplay with materials, façade expression and depth” to create visual separation and visual interest.</p>

<p>The proposal also includes 254 basement car spaces, landscaped pedestrian links connecting St Kilda Road and Queens Lane, and a biophilic landscape strategy featuring canopy trees, raised planters, cascading greenery and a glass oculus pool overlooking the eastern frontage.</p>

<p>Planning documents confirm the $270.1 million development will contribute 3 per cent of project costs to the Social Housing Growth Fund as part of the application process.</p>

<p>Wing Tai acquired the St Kilda Road property in 2018 alongside Abacus Property Group for $95.38 million, before later consolidating ownership of the site. The property previously served as the Victorian Automobile Chamber of Commerce headquarters for around 60 years.</p>

<p data-end="345" data-start="110">The transformation of the St Kilda Rd boulevard is already beginning to materialise, with a number of high-profile projects recently completed, launched, or approaching launch as developers continue to back the long-term appeal of the precinct.</p>

<p data-end="689" data-start="347">Among the most notable recent completions is Louise by Samuel Property Group, just off the strip on Queens Lane, the same pocket Hirsch &amp; Faigen recently launched The Queensbury. Mirvac is too on the same street with The Albertine, which is approaching completion.</p>

<p data-end="689" data-start="347">Dexus recently secured approval for its slice of St Kilda Road, while Gurner also has approved plans for the precinct.</p>


Joel Robinson

Wing Tai unveils 325-apartment St Kilda Road tower on former VACC House site

<p>Malaysian developer <a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> is the latest to jump into St Leonards booming Transport Oriented Development precinct.</p>

<p>The developer, which has previously delivered Sapphire by the Gardens apartment development in Melbourne, identified the Atchison Street site in 2023. It filed a Scoping Report around 12 months ago, and now has revealed the designs for the new&nbsp;40-storey mixed-use tower.</p>

<p>The State Significant Development Application covers <a href="https://next-portal.urban.com.au/projects/14650/summary">20-22 Atchison Street</a>, a 1,374 sqm site positioned between St Leonards Station and the new Crows Nest Metro station.</p>

<p>Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the project would deliver 181 apartments, above a four-storey commercial podium, five basement levels, and new public domain works along Mitchell Street. The apartment mix comprises 35 one-bedroom apartments, 39 one-bedroom-plus-study apartments, 85 two-bedroom apartments, and 22 three-bedroom residences.</p>

<p>The proposal has been lodged as a shop-top housing development under the NSW Government’s TOD planning pathway, which allows increased density around key transport infrastructure. The site sits within the recently rezoned Crows Nest Accelerated TOD Precinct.</p>

<p><img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b799673d-48e2-46b0-801a-0e33a9330100" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20site.png?VersionId=dPh0UfwfaHpbFL1R7H1cbZNbIW0CHbCC" /></p>

<p>SP Setia acquired the Atchison Street site as part of its continued expansion into the Australian apartment market. In comments made to City &amp; Country (The Edge Malaysia) in 2023, SP Setia President and CEO Datuk Choong Kai Wai described the acquisition as “a strategic move” aligned with the group’s post-pandemic market recovery strategy.</p>

<p>“Our target for this exceptional development is local and overseas buyers, including first-home buyers, downsizers and investors,” Choong said.</p>

<p>The tower has been designed as a slender vertical form rising from a mixed-use podium, with COX Architecture positioning the development as a response to the evolving St Leonards and Crows Nest skyline.</p>

<p>“The purpose of the project is to facilitate the delivery of high-quality housing at a strategically located site and deliver a built tower outcome that is consistent with the desired future character of St Leonards and aligns with the TOD controls,” the design report stated.</p>

<p><img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b1a85eee-76f7-436c-a6da-73ba827b9b13" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20entry.png?VersionId=dA9jHGPMcm.dDbwk4QfxqWiY5bfh3UVt" /></p>

<p>The podium would incorporate retail uses fronting Atchison Street, commercial tenancies, landscaped communal areas, and pedestrian improvements along Mitchell Street. Vehicle access and loading would be consolidated via Atchison Lane.</p>

<p>Residents would have access to more than 665 sqm of communal indoor and outdoor spaces, while the development proposes 96 parking spaces across five basement levels.</p>

<p>The proposal also includes a commitment for 10 per cent of residential floor space to be allocated toward affordable housing through a monetary contribution.</p>

<p>COX said the tower form responds directly to the emerging high-density character of the precinct while seeking to maximise solar access, cross ventilation, and outlook from apartments.</p>

<p><img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="2163f85c-f63b-4be3-aafa-f8763976cec5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29_5.png?VersionId=WiAmtIKJ6.ZQ41EtYEQ1fol7AeorKBlL" /></p>

<p>“The building is orientated towards north,” the Apartment Design Guide compliance report noted, adding that the tower’s slim form was driven by the constrained inner-urban site dimensions.</p>

<p>The design also incorporates landscaped setbacks and communal open space at podium level, intended to soften the interface with surrounding streets and improve pedestrian amenity.</p>

<p>The project adds to a growing wave of redevelopment proposals reshaping St Leonards and Crows Nest following the opening of the Sydney Metro City line and the NSW Government’s push for higher-density housing around major transport nodes.</p>

<p>Last week Stockland filed plans just down the road. They want to build a <a href="https://www.apartments.com.au/new-apartments/601-pacific-highway-st-leonards-nsw-2065">52-storey tower on Pacific Highway</a>.</p>

<p><em>Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">First look: Stockland plans 52-storey, 538-apartment St Leonards tower&nbsp;</a></em></p>


First look: SP Setia targets St Leonards skyline with 40-storey TOD tower

<p><a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> has revealed plans for a new mixed-use tower at 10 Dangar Street, Wickham, advancing a proposal that would reshape the southern gateway to Newcastle’s city centre with one of the city’s tallest residential buildings.</p>

<p>The State Significant Development proposal, now on exhibition, seeks approval for a <a href="https://www.apartments.com.au/new-apartments/bowline-10-dangar-street-wickham-nsw-2293">43-storey tower</a> immediately adjacent to the Newcastle Interchange. The project would deliver around 200 apartments, including 42 affordable housing dwellings, alongside 99 co-living units, a 171-room hotel, retail space, and new public domain integrated through the site.</p>

<p>The scheme marks a significant escalation of plans previously approved for the site. Urban Property Group took over the prominent 2,904 sqm parcel, where excavation and demolition had already commenced under an earlier consent for a 14-storey mixed-use development.</p>

<p><img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="58a96dd9-407f-4d20-86b4-94e4bfeef74b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20podium.png?VersionId=LGlf08pdFGAZDzvx_CXC4XakHNZRuEE0" /></p>

<p>Designed by <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a>, the tower has been conceived as a landmark transit-oriented development anchored to the Newcastle Interchange precinct. The proposal includes 245 build-to-sell apartments across a mix of one, two, and three-bedroom residences, as well as two penthouses. Fifteen apartments and one operational unit are earmarked for NDIS housing. The co-living component would add a further 99 units, while the podium would accommodate retail uses and hotel facilities.</p>

<p>SJB said the site presents “a valuable opportunity to anchor the precinct by setting the standard for design, active ground planes and character at the key southern gateway.”</p>

<p>The architecture responds directly to the site’s position beside major transport infrastructure and within one of Newcastle’s fastest-evolving urban renewal precincts. The tower form sits above a sculpted podium designed to frame new public spaces, including a through-site pedestrian link connecting Station Street to Hannell Street, landscaped plazas, and activated retail edges.</p>

<p><img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="a7bd6ff0-f7db-4ce8-a6dc-ea56e72c6149" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20lanne.png?VersionId=xzf39VADyhj7zBQY2I9fx9vI62u2tuSb" /></p>

<p>The design report describes the project as part of the broader transition of Wickham into “a vibrant, high-quality mixed-use urban precinct” that leverages proximity to the station, open space, and regional connectivity.</p>

<p>A detailed public art strategy has also been prepared for the development. The strategy positions the project as “a transit-oriented development of state significance at the gateway to Newcastle’s city centre” and outlines a series of integrated artworks responding to Newcastle’s industrial and transport heritage.</p>

<p>Creative Road’s curatorial framework for the project, titled Unveil, draws on “stratified surfaces, carved volumes, and light-filled apertures” while referencing Newcastle’s transformation from an industrial city into a contemporary education and technology hub.</p>

<p><img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="77a882bb-14b1-4d28-99ff-9438e39508c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20site.png?VersionId=cevgo_vN0eKPK78P8YcEu3mKPLkpFqE7" /></p>

<p>The proposal is being advanced through the NSW Housing Delivery Authority pathway after being declared State Significant Development in June 2025. The accompanying scoping report states the development aims to “maximise the site’s proximity to the Newcastle Interchange by delivering transit-oriented development” while increasing housing supply and affordable housing provision within the Newcastle LGA.</p>

<p>Urban Property Group’s plans align with the long-term strategic vision established under the Wickham Master Plan, which identified the interchange precinct as suitable for substantial uplift in height and density. The current proposal would significantly intensify that vision, positioning the tower among the tallest developments proposed for Newcastle.</p>

<p>The site sits immediately north of the Newcastle Interchange, bounded by Dangar Street, Hannell Street, and Charles Street. It is surrounded by a rapidly growing cluster of residential towers and mixed-use projects that have emerged following the completion of the light rail and transport interchange.</p>


First look: Urban Property Group unveils Newcastle’s latest tower at Wickham interchange

<p>Bottega House has completed settlement of a landmark riverfront site in Macquarie Street, St Lucia, representing its first major Brisbane development.&nbsp;</p>

<p>Positioned on the banks of the Brisbane River, the <a href="https://www.apartments.com.au/new-apartments/180-macquarie-street-st-lucia-qld-4067">premium site at 180 Macquarie Street</a> features uninterrupted river frontage in one of Brisbane’s most tightly held residential precincts.&nbsp;</p>

<p>The proposed development, currently under assessment with Brisbane City Council, has been designed by <a href="https://www.apartments.com.au/architects/plus-studio">Plus Studio</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/mim-design">Mim Design</a> and will deliver a boutique collection of premium residences positioned specifically for owner occupiers and downsizers.&nbsp;</p>

<p>The residences are set to redefine luxury apartment living in the area, with a focus on architectural quality, refined finishes, landscape integration and elevated amenities including curated wellness facilities, resort-style pools and recreation spaces rarely seen in the local market.&nbsp;</p>

<p>Exclusive sales for the project will be led by Keenan &amp; Byrne, ahead of an anticipated launch later this year.&nbsp;</p>

<p>Bottega House Managing Director Nick Malloch said the project reflects the group’s ambition to deliver a highly curated residential offering within one of Brisbane’s most tightly held precincts.&nbsp;</p>

<p>“This is an incredibly rare riverfront opportunity and one we have approached with a long-term perspective,” Malloch said.&nbsp;</p>

<p>“Our vision from the outset was to create a boutique collection of residences that feel more like private homes than traditional apartments, with generous proportions, refined finishes and exceptional amenity throughout."</p>

<p>Malloch says there is a&nbsp;lack of premium owner-occupier stock of this quality in the market, particularly for downsizers wanting space, privacy and a true lifestyle offering without compromise.&nbsp;</p>

<p>"Demand is expected to be strong given the scarcity of premium riverfront opportunities of this nature within Brisbane’s inner-west."&nbsp;</p>


Bottega House secures landmark riverfront site in St Lucia 

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<p data-end="157" data-start="0">The arrival of the first piling rig officially marks the commencement of construction at SIERA’s new beachside apartment development, Exhale, in Northcliffe.</p>

<p data-end="459" data-start="159"><a href="https://www.apartments.com.au/new-apartments/exhale-surfers-paradise-8-enderley-avenue-surfers-paradise-qld-4217">Exhale</a>, a glass-encased tower featuring 54 large-scale apartments at 8 Enderley Avenue, is SIERA’s third Gold Coast development. It follows the recently completed PIPIS Bilinga beachfront project, which achieved suburb-record prices, and the soon-to-be-completed Chevron Island development, Tapestry.</p>

<p data-end="459" data-start="159">[smartcode_project:default project_id=112661 project_image_fid=359603]</p>

<p data-end="651" data-start="461"><a href="https://www.apartments.com.au/developers/siera">SIERA</a> Founder and Managing Director Brent Thompson said the arrival of the piling rig represented a significant milestone for the development, which is scheduled for completion in late 2028.</p>

<p data-end="950" data-start="653">Over the next month, around 260 piles are expected to be installed as work progresses on the basement structure. The building is anticipated to rise above ground level early next year, before unveiling its sculptural glass curtain wall, developed in collaboration with specialist façade engineers.</p>

<p data-end="1081" data-start="952">“The façade was designed to maximise panoramic coastal views while creating a distinctive architectural identity,” Thompson said.</p>

<p data-end="1081" data-start="952">[smartcode_project:default project_id=112661 project_image_fid=355935]</p>

<p data-end="1307" data-start="1083">Designed by BDA Architecture, Exhale will comprise just 54 two- and three-bedroom residences across 26 levels, a level of low-density living rarely delivered in this beachside pocket between Surfers Paradise and Broadbeach.</p>

<p data-end="1522" data-start="1309">The project has been conceived as a resident-only building, with no short-stay accommodation permitted. SIERA says the model is intended to appeal to long-term owner-occupiers rather than transient holiday demand.</p>

<p data-end="1522" data-start="1309">[smartcode_project:default project_id=112661 project_image_fid=361052]</p>

<p data-end="1714" data-start="1524">Residences have been designed with large-format layouts and expansive glazing, with most apartments featuring more than 30 metres of glass frontage to maximise natural light and ocean views.</p>

<p data-end="1945" data-start="1716">The amenity offering spans two levels and centres on wellness and lifestyle, including a heated magnesium pool, sauna, yoga and Pilates studio, gymnasium, private dining facilities, cinema lounge, and dedicated surfcraft storage.</p>

<p data-end="1945" data-start="1716">[smartcode_project:default project_id=112661 project_image_fid=359607]</p>

<p data-end="2220" data-is-last-node="" data-is-only-node="" data-start="1947">More than half of the apartments have already sold. SIERA has also opened a sales gallery for Exhale at its Chevron Island commercial premises, near its Tapestry tower and the site of its second Chevron Island apartment development, which is slated to launch in early 2027.</p>
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<p>[smartcode_project_cta:default project_id=112661]</p>


SIERA kicks off construction at Northcliffe tower Exhale

<p>Roberts Co has entered a new phase of growth following its acquisition by Arada, one of the world’s fastest-growing property developers in Australia.</p>

<p>The acquisition is supported by a $50 million capital injection into Roberts Co’s Australian balance sheet, consisting of the previously announced $25 million recapitalisation and an additional $25 million in new funding from Arada.</p>

<p>This investment strengthens Roberts Co’s financial position, stabilises operations, and provides the foundation for strategic expansion beyond its New South Wales base, with a focus on new opportunities in Queensland, including the Brisbane and Gold Coast regions.</p>

<p>With Arada’s international resources and financial backing, Roberts Co will broaden its portfolio across residential, commercial, and infrastructure sectors, reinforcing its strong market position in New South Wales and setting itself to capture growth in one of Australia’s most dynamic construction markets.</p>

<p>Ahmed Alkhoshaibi, Group CEO of Arada, said Roberts Co has a proud Australian heritage, an outstanding delivery record, and a strong reputation for collaboration with clients and partners.</p>

<p>"By combining this expertise with Arada’s global scale and financial capacity, we are creating a platform for sustained growth in the Australian market,"&nbsp;Alkhoshaibi said.</p>

<p>“Our $50 million capital injection, including new funds from Arada, underlines our commitment to both stabilise and expand Roberts Co’s operations, particularly into the fast-growing Queensland market. We see significant potential in South-East Queensland’s pipeline and are confident Roberts Co is well placed to deliver lasting value for clients and communities.”</p>

<p>George Kostas, CEO of Roberts Co, said Queensland, and particularly South-East Queensland, is one of the most active and opportunity-rich regions in Australia right now.</p>

<p>"The lead-up to the Brisbane 2032 Olympic Games will bring unprecedented investment across housing, transport, and infrastructure. Roberts Co is eager to play a major role in that transformation and secure a meaningful share of this fast-growing market.”</p>


Arada pours more funds into Roberts Co, flags expansion into South East Queensland construction market

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<p>Sunshine Coast's stock levels continued to remain extremely low with no significant increase in property listings in April and May, according to the latest Herron Todd White (HTW) residential report. </p>
<p>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.</p>
<p>The HTW report first provided an update on COVID. </p>
<p>"When we try to break down the COVID-19 world and market place, the overarching theme is that we appear to be in a in a state of flux," the valuation firm said. </p>
<p><span>Pressure on owners to sell remains limited but this may be delayed until the various support and stimulus packages come to an end (government’s Job Keeper allowance and bank mortgage holidays).</span></p>
<p><span>"When reviewing valuations of sales completed by </span>our office and specifically properties contracted during April and into May, in excess of 95 per cent of the sales show a discount of five per cent or less from the list price," the valuation firm said. </p>
<p>Also, 98 per cent of the sales occurred within 90 days. As previously stated, it remains extremely important to understand the circumstances of any sales that transact in this period.</p>
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<p><span>"As COVID-19 infection rate results improve and the restrictions start to ease, there is a feeling that there is some light at the end of the tunnel," the valuation firm said. </span></p>
<p><span>The report notes subsequently there have been reports that overall enquiry has increased and open homes are resuming.</span></p>
<p><span>◗ </span><span>Some of the demand has been in the pipeline for some time from a combination of potential purchasers who were in the market prior to the restrictions and upgraders and investors who sold in the first quarter of 2020.</span></p>
<p><span>◗ </span><span>Interest continues to flow with both capital city and ex-pat international purchasers looking to secure property on the Sunshine Coast.Some of this is being fast tracked.</span></p>
<p><span>◗ </span><span>Should this demand be absorbed and if there is an increase in supply in the coming months, it will be interesting to see if there is an increase in new demand to fill the void.</span></p>
<p><span>◗ </span><span>Some new purchasers are wanting to find a bargain, although this is not apparent in the market to date, especially in highly sought after areas.</span></p>
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<p><strong>Now, on to renovation</strong></p>
<p><span>"They say 'idle hands are the devil’s tools', but when the pubs and clubs are shut, there are not too many other options.</span></p>
<p><span>"It appears they pick up a shovel, hammer or a paint brush. During the COVID-19 restrictions, it seems that one valuable commodity has been created....TIME. At the moment, there is plenty going on in the home improvement and maintenance space," the valuation firm said. </span></p>
<p><span>"As we have previously mentioned, stock levels are extremely low. With the combination of these stock levels and the uncertainty of the market, the thought of selling and upgrading the house has slowly been losing some of its appetite, especially if you really like the area you live in," the valuation firm said. </span></p>
<p><span>The feedback from local tradies, hardware shops and garden centres is that business has been pretty good as people look to upgrade their existing property.</span></p>
<p><span>"We have also received feedback that a local swimming pool building franchise has 21 new projects halfway through the month of May compared to seven for all of April. This appears to be occurring right throughout all the established areas of the coast, with older homes being transformed to little gems," the valuation firm said. </span></p>
<p><span>Sure, some of this home improvement activity has been completed to add value to the home so that when they do go to sell, it is presented in the best possible condition, the report noted. </span></p>
<p><span>If the property has a reasonable floor plan, the recent results of these renovated properties have shown good returns. </span></p>
<p><span>"We note that some feedback from agents is that a number of builders have been looking for some little side projects just in case there is a bit of a slowdown in the future." </span></p>
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<p><span>A fully renovated two bedroom apartment in Coolum Beach has recently been sold for $645,000.</span></p>
<p>The <a href="https://www.realestate.com.au/sold/property-unit-qld-coolum+beach-133275090" target="_blank">9/1682 David Low Way </a>home (pictured below) comprises two bedrooms, two bathrooms, PAC kitchen and two balconies. </p>
<p><span>It is located within walking distance to cafes, shops and restaurants. </span></p>
<p><span><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/6/22/coolum%20beach%201.jpg" alt=""></span></p>
<p>A current listing is a renovated townhouse in Caloundra priced at $559,000.</p>
<p>The three bedroom, two bathroom home is situated at <a href="https://www.realestate.com.au/property-townhouse-qld-caloundra-133625798" target="_blank">1/29 North Street </a>(pictured below).</p>
<p>It features open plan kitchen, dining and living, outdoor patios and double lock up garage. </p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/6/22/caloundra.jpg" alt=""></p>
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j.ballantyne1990-6AQqhLzZaK

Sunshine Coast's stock levels remain extremely low: HTW residential 

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<p class="legacy">GUEST OBSERVATION</p>
<p>The government’s <a href="https://treasury.gov.au/coronavirus/homebuilder">HomeBuilder</a> scheme allows <a href="https://www.corelogic.com.au/news/homebuilder-renovations-where-are-most-owner-occupied-dwellings-below-15-million">certain</a> home owners to apply for a tax-free grant of A$25,000 if they are spending between $150,000 and $750,000 renovating a home or building a new home. Eligibility criteria are strict.</p>
<p>The scheme has boosted renovation talk in some circles (although, as CoreLogic has <a href="https://www.corelogic.com.au/news/vacuum-effect-and-its-implications-homebuilder-scheme">pointed</a> out, it may merely bring forward works that were already planned).</p>
<p>Here are some questions to ask yourself when trying to decide between renovating and moving – and how to add value to your existing home.</p>
<p><strong>What adds value to a house?</strong></p>
<p>Property market observers <a href="https://www.domain.com.au/advice/how-to-make-your-home-stand-out-when-selling-932031/">advise</a> updating or renewing bathrooms or kitchens – even small fixes such as replacing a cracked or dated splashback, replacing a bath or adding skylights can go a long way.</p>
<p>Think about easy repairs that create an invaluable good first impression – a fixed-up fence, a new carpet or resurfaced flooring or even good old decluttering.</p>
<p>But remember you’ll only qualify for HomeBuilder if you plan to spend at least $150,000 on an owner-occupied home worth no more than A$1.5 million (CoreLogic has <a href="https://www.corelogic.com.au/news/homebuilder-renovations-where-are-most-owner-occupied-dwellings-below-15-million">listed</a> which suburbs have the most owner-occupied properties under A$1.5 million).</p>
<p><strong>Factors to consider if you’re thinking of renovating</strong></p>
<p>How long till you retire? How secure is your employment? Thinking carefully about your earning potential between now and retirement will help you understand how what you can borrow and afford. If you are planning to stay, you will get the benefit and enjoyment of the renovations.</p>
<p>Do you need to stay close to school or work? If that’s a consideration, renovating may be worth more to you than buying further out.</p>
<p>Look closely at what your property is worth (there are plenty of online calculators) and keep track of how much similar local properties with one extra bedroom or bathroom sell for. That will give you a sense of the value-add to your home equity that a renovation might represent.</p>
<p>Be honest with yourself about the total cost of renovation. There are myriad expenses not always initially apparent. These may include:</p>
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<p>planning fees (the cost of getting a development assessed by council)</p>
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<p>the cost of architectural drawings</p>
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<p>consultants’ fees for environmental impact statements or arborists’ reports</p>
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<p>extra costs due to a heritage listing</p>
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<p>renting, if it’s not possible to live at home during renovation</p>
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<p>the cost of protecting underground public assets such as water or sewerage pipes</p>
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<p>extra costs caused by poor access or other limitations.</p>
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<p>Consider the possible long-term savings of retrofitting your home to be more energy-efficient. Proper insulation, secondary glazing, draught excluders and solar PV energy are expensive upfront but will save on long term running costs. It’s likely, as energy costs increase, homes that are at least partially off grid will be more attractive and valuable over time.</p>
<p>And remember that for some, even with help from HomeBuilder, renovation won’t stack up economically.</p>
<p>Some older people may eschew home renovation to put money aside to help children get a foot on the property ladder.</p>
<p>Others may decide potentially expensive renovation is worth it to hold onto a family home to which children return as they get older. It might sound sentimental but the idea of Christmas in the family homestead is worth it, for some.</p>
<p><strong>Tax considerations</strong></p>
<p>Find out what tax breaks, if any, you might be eligible for if you renovate to divide the family home into a smaller space (if you’re keen to downsize, or enhance the accessibility of your home, for example) and adding a self-contained granny flat.</p>
<p>However, if the granny flat is leased out, this section of the home would be considered income-producing. Your “main residence” is generally <a href="https://www.ato.gov.au/General/Capital-gains-tax/Your-home-and-other-real-estate/Your-main-residence/">exempt</a> from capital gains tax when it comes time to sell, but you may not qualify entirely for this exemption if a section of the property is income-producing.</p>
<p>You may also consider remodelling the family home into a duplex and, depending on council planning laws, convert the title into dual occupancy. However, these suggestions may complicate eligibility for the HomeBuilder grant (which seems to exclude property investors, although there’s no mention of partly converting the main place into a dual occupancy).</p>
<p>The best option here is to seek advice from a tax specialist.</p>
<p><strong>Factors to consider if you’re thinking of selling up and buying elsewhere</strong></p>
<p>Use a <a href="https://www.realestate.com.au/home-loans/stamp-duty-calculator">stamp-duty calculator</a> and <a href="https://www.localagentfinder.com.au/selling-costs-calculator">cost-of-selling calculator</a> to get a rough idea of those costs.</p>
<p>How important is proximity to work? Particularly if the coronavirus pandemic has opened your (or your employer’s) eyes to working remotely, would you consider a move to a more remote area where you can afford a bigger house?</p>
<p>Chat with a range of real estate agents and get into the habit of reading market media coverage. Have a sense of what houses sell for that featured your desired attributes (such as more bedrooms or off-street parking).</p>
<p>As a chartered building surveyor, I’d advise would-be downsizers to be cautious when buying a brand new high-rise apartment, due to risks of potentially costly defects that might become apparent over time.</p>
<p>And remember, even if you do sell and buy a new place, very few are able to find the perfect home. You may decide to make renovations anyway.</p>
<p>There are no easy answers. It comes down to your individual circumstances, your attitude to risk and ensuring you have a good grasp of the relative costs of each option.</p>
<p>Talk to a financial adviser, tax accountant, real estate agents, builders, architects and others who have been through each process about what they’d do differently next time.</p>
<p><em><a href="https://theconversation.com/profiles/sara-wilkinson-14186">Sara Wilkinson</a>, Professor, School of the Built Environment, <a href="https://theconversation.com/institutions/university-of-technology-sydney-936">University of Technology Sydney</a> and <a href="https://theconversation.com/profiles/hera-antoniades-229521">Hera Antoniades</a>, Associate Professor, School of the Built Environment, <a href="https://theconversation.com/institutions/university-of-technology-sydney-936">University of Technology Sydney</a></em></p>
<p><em>This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/what-adds-value-to-your-house-how-to-decide-between-renovating-and-selling-140627">original article</a>.</em></p>
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What adds value to your house? How to decide between renovating and selling

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<p>Feedback from agents in and around the Hunter Valley has largely been the same as pre-COVID-19-a lack of stock for sale, according to the latest Herron Todd White (HTW) residential report. </p>
<p>The valuation firm suggest 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.</p>
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<p><span>"It’s becoming increasingly evident at the time of writing that we simply don’t know what is going to happen to the property market.</span></p>
<p><span>"We are at that uncomfortable point in the cycle where we have to rely too much on gut-feel and anecdotal evidence, hardly the best basis for making rock solid decisions. </span>Until we get to a stage where we have more transactions completed entirely in a post-COVID-19 world, anecdote is the best we can hope for," the valuation firm said. </p>
<p><span>The report suggests agents in Newcastle have had </span>their movements severely curtailed over the past several months and a lack of face to face encounters has resulted in a noted lack of listing activity.</p>
<p>It appears as though potential vendors have decided to wait out the lockdown before deciding to list. Whether this is because other events have taken over their focus or they have surmised that current restrictions are not conducive to a favourable sale is unknown.</p>
<p>"Given that interest rates are still low, the government has put in place significant stimulus packages and there is a lack of stock presently on the market, it’s not inconceivable to expect the market to remain relatively stable in the short term," the valuation firm said. </p>
<p>Required elements are in place for this, but as always the market can change overnight with every news update. A surge in second wave cases could change everything.</p>
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<p><span>In COVID-19 times an alternative to buying and selling your property is the trusty renovation, the report noted. </span></p>
<p><span>There were rumours going about that Bunnings was running out of its paint supply simply in anticipation of lockdown, the assumption being that plenty of people would have a lot of spare time on their hands and renovation would come to the fore.</span></p>
<p><span>In reality, that spare time seems to have morphed into TikTok videos and accessorising bookshelves to appear in Zoom meetings. </span>No Zoom meeting is complete without a cerebral biography or two by someone inspirational or Russell Brand.</p>
<p><span>"If you have been skillful enough </span>to write a book, you should also heavily consider having it over your left shoulder, cover out. We’re looking at you, Malcolm Turnbull," the valuation firm said. </p>
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<p><span>Renovation in times of uncertainty is often the popular option to flipping property.</span></p>
<p><span>The financial cost to buy and sell a property can be quite expensive and if we keep in mind what was discussed in the first few paragraphs, choice in the marketplace is limited at present.</span></p>
<p><span>"You may not find what you are looking for in a ready-made package or the cost may be prohibitive. Presumably your current property had enough features about it that made you invest and move in.</span></p>
<p><span>"Sometimes it makes financial sense to improve what you currently have without suffering the significant transactional costs of buying and selling," the valuation firm said. </span></p>
<p><span>"Given the uncertainty in the marketplace at present and the underlying macro-economic conditions, we would expect to see minor renovations continuing. We are aware of larger more significant renovations that would have occurred previously, being placed on hold </span>in the short term," the valuation firm said. </p>
<p>The report suggests this is in part due to many homeowners facing different economic pressures than they did pre-COVID-19. Many people have seen their salaries either reduced or deferred while the present crisis works its way through the system.</p>
<p>Some will have found that their jobs and therefore income are suspended whilst businesses are closed. Many have lost employment and are in no position to do large-scale works to properties.</p>
<p>It may be that with reduced demand, building contracts and contractor’s quotes can be reworked within the new market climate due to a shortage of work.</p>
<p>A three bedroom cottage in New Lambton with potential for renovation has recently been sold for $777,000.</p>
<p>The home at <a href="https://www.realestate.com.au/sold/property-house-nsw-new+lambton-133584362" target="_blank">51 Orchardtwon Road</a> (pictured below) comprises three bedrooms, central lounge room, well-kept kitchen and alfresco area. </p>
<p>It is located within close proximity to Blackout Village and schools. </p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/6/15/new%20lambton.jpg" alt=""></p>
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<p><span>A current listing is a recently renovated house in Adamstown priced at $495,000 -$540,000.</span></p>
<p>The three bedroom, one bathroom home is situated at <a href="https://www.realestate.com.au/property-house-nsw-adamstown-133599358" target="_blank">2/5A Brown Street </a>(pictured below). </p>
<p><span>It comes with renovated kitchen, open plan living and dining and covered alfresco. </span></p>
<p><span><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/6/15/adamstonw.jpg" alt=""></span></p>
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Large renovations placed on hold in Newcastle due to COVID-19: HTW residential 

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<p><span>Rental enquires as well as sales have been strong according to many local agents, according to the latest Herron Todd White (HTW) residential report. </span></p>
<p><span>The valuation firm suggest 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.</span></p>
<p><span>The report notes most agents are reporting that the private inspection only approach to viewings is working very well for agents and prospective purchasers, as it allows for both parties to feel a bit more relaxed rather than experience the typical madness of an open home.</span></p>
<p><span>"Overall we are seeing consistently good sale prices across the board, particularly within the rural residential space.The standard sub-million residential markets are still moving, just at a much slower pace.</span></p>
<p><span>"This is possibly due to purchasers </span>in this price range being the most likely to be impacted by the ongoing and uncharted economic waters in which we currently find ourselves," the valuation firm said. </p>
<p><span>"Given the lockdown guidelines that have been in place over the past six weeks, many people have taken the opportunity to start those little jobs around the house they haven’t had time to begin.... or finish for quite a while. So are we seeing a rise in the amount of home renovation in the local area?</span></p>
<p><span>"The short answer is that it appears to be fairly steady as far as major renovations such as kitchens, bathrooms, decks, etc however we are certainly noticing a rise in smaller cosmetic works including paint jobs, landscaping works and general tidying up," the valuation firm continued. </span></p>
<p><span>"As far as major renovations within the local economy, we haven’t seen the bottom to middle range of the market achieve outstanding capital gains from buying and renovating since the market peaked in mid 2017.</span></p>
<p><span>"We do note that as always we </span>have seen good scope for capital gains on good quality homes in good suburbs and streets that are being renovated to an extremely high level of finish." </p>
<p>These properties tend to appeal to local or Sydney based downsizers looking for high quality product in blue ribbon locations on sub 1000 square metre blocks that are easier to manage than the larger traditional homes, the report noted. </p>
<p>A family retreat set upon two hectares in Bundanoon has recently been sold for $1.675 million. </p>
<p>The house at<a href="https://www.realestate.com.au/sold/property-house-nsw-bundanoon-133501166" target="_blank"> 639 Old Argyle Road</a> (pictured below) comprises four bedrooms, updated kitchen, renovated bathroom, and two car garage. </p>
<p>It also features study, fireplace, established gardens and fended paddocks. </p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/6/15/bundanoon%201.jpg" alt=""></p>
<p>A current listing is a four bedroom house in Burradoo with newly refreshed interiors. </p>
<p>The home at<a href="https://www.realestate.com.au/property-house-nsw-burradoo-133665234" target="_blank"> 12A Phillip Street</a> (pictured below) has been listed for sale with $1.45 million hopes.</p>
<p>It features new kitchen, formal and informal living zones, gardens and double garage. </p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/6/15/burradoo.jpg" alt=""></p>
<p>"We also notice a strong market for rural residential properties that have also been renovated to an excellent standard as well as the addition of good equine site improvements which appeals to the Sydney market looking for a hobby farm with good access to the city," the valuation firm said. </p>
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<p><span>"As affordability goes, we consistently hear the phrase Highlands tax from home owners and investors alike when talking about the cost of local tradespeople.</span></p>
<p><span>"Due to this, we are seeing owners bring trades in from Sydney or up from Goulburn in the hope of getting a more cost effective job done, but remember you get what you pay for and as always the importance of seeing a tradesperson’s work before hiring them based on price is as important as ever," the valuation firm said. </span></p>
<p><span>"Going forward we believe it’s likely that the renovation market will retain the trend of seeing good quality renovation achieving the price point it deserves." </span></p>
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Southern Highlands sees capital gains on high quality renovated homes: HTW residential 

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<p><span>The month of May progressed steadily for the residential property market in the Illawarra, according to the latest Herron Todd White (HTW) residential report. </span></p>
<p><span>The valuation firm suggest 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.</span></p>
<p><span>The HTW report notes sale prices appear to be holding with no obvious signs of any discounting happening.</span></p>
<p><span><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/6/15/thirroul%20.jpg" alt=""></span></p>
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<p>Notable sales include a $3.1 million sale in <a href="https://www.realestate.com.au/sold/property-house-nsw-thirroul-133480182" target="_blank">Surfers Parade, Thirroul</a> (pictured above) and a duplex in <a href="https://www.realestate.com.au/sold/property-house-nsw-austinmer-133320946" target="_blank">Toxteth Avenue, Austinmer </a>(pictured below)that sold for $2.35 million.</p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/6/15/austinmer.jpg" alt=""></p>
<p><span>The number of transactions has decreased slightly with realestate.com.au recording 88 residential sales in the Wollongong LGA in the first 20 days of the month (4.4 sales </span>per day).</p>
<p>This is in comparison to 102 sales in the first 20 days of April (5.1 sales per day). For a point of reference, RP Data recorded 585 sales for the two month period of April and May 2019 (9.6 sales per day).</p>
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<p><span>"Open homes have recommenced and local agents are reporting that while there is </span>less activity, it has not disappeared completely and all levels of the market have purchasers ready to complete sales," the valuation firm said. </p>
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<p><span>Home renovations are a big part of owning a property.Reasons for renovating can be wide ranging. </span>Flippers look to purchase an older, run down property, complete a full renovation and on sell the property, hopefully at a profit.</p>
<p><span>They have experience with a trade themselves and have other local contacts they can call on to get the renovation completed as quickly as possible. </span></p>
<p><span>Time is important as the longer they take to renovate </span>the property, the longer they have to pay holding costs, therefore most flippers will not undertake any renovations that require DA approval, such as an extension. A quick internal and external facelift and the property goes back on the market.</p>
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<p><span>The report suggests owner occupiers tend to renovate their properties at varying stages of their ownership of the property.</span></p>
<p><span>"First home buyers may not have a lot of spare cash to make too many updates initially but as the years go by they will look to spend their savings on renovations projects.</span></p>
<p><span>"Most upgraders tend to look to purchase a family home where </span>all the work is already done. It might be a new house or one that has been recently renovated," the valuation firm said. </p>
<p>Alternatively there are a few who will look to complete the renovation themselves and can therefore fit their own specific requirements into the project.</p>
<p><span>Full renovations or knock down and rebuilds are appearing in popular suburbs in the north or around the CBD which typically have older stock built during the migration boom of the 1960s.</span></p>
<p><span> These areas are transitioning and it is common to drive down a street such as O’Brien Street in Bulli or Storey and Donald Street in Fairy Meadow and see a real mix of new, modern homes next door to older original houses.</span></p>
<p><span>"The key to completing renovations of any scale during the current period is to find a builder who has proven experience and also availability.</span></p>
<p><span>"Most builders have been reporting a decent pipeline of work with new quotes still being prepared. Recent economic issues seemingly have not put a dampener on renovation dreams," the valuation firm said. </span></p>
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Illawarra builders report decent pipeline of renovation work: HTW residential 

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<p>The Coffs Harbour rental market appears to have held up relatively well, according to the latest Herron Todd White (HTW) residential report. </p>
<p>The valuation firm suggest 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.</p>
<p>The HTW report notes although some holiday rentals have switched to permanent, there is no dramatic oversupply and no sign that rental values are falling. </p>
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<p><span>"One month on from the start of the COVID-19 restrictions and we are seeing some light at the end of what may prove to be a long tunnel. </span>The market surprisingly has not come to an abrupt halt; more so, it has taken a cautious approach.</p>
<p><span>"We have experienced a distinct lack of supply of properties for sale with the property section of the local weekend paper becoming significantly smaller, although demand has not appeared to have dropped with supply.This has caused values to remain relatively firm with some noticeable good prices being achieved in areas where supply is down," the valuation firm said. </span></p>
<p><span>Given there are no active cases within the area and restrictions are slowly being lifted, the general feel is of positivity with the expectation that once domestic travel is given the green light, the Coffs Coast will be seen as a very attractive place to come for a holiday, giving the local economy a much needed shot in the arm.</span></p>
<p><span>"To renovate or not to renovate is an age old question. We have seen in recent years the modern generation’s appetite for new homes with a significant push towards new estates and building the dream.</span></p>
<p><span>"As land is becoming scarce within the region (with a lack of new estates coming onto the market), we are definitely seeing a move towards renovations and extensions, especially within well-established suburbs where vacant land is </span>no longer available," the valuation firm said. </p>
<p>Typically, these are the more sought after locations close to the beach and town, however renovation activity is not isolated to one specific location.</p>
<p>"We have seen many DIY home improvements over recent weeks thanks to COVID-19, however these are more your catch up on general maintenance items rather than full blown renovations," the valuation firm said. </p>
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<p><span>"We have seen building costs increase significantly over the past four years as increased demand for construction of new products and renovations has seen builders and trades stretched thin within the region.</span></p>
<p><span>"People’s expectations of the cost of renovations or extensions are often well under- cooked and depending on the degree of house improvement proposed, we are regularly seeing renovation costs in excess of the cost to demolish and rebuild a new home.An average renovation cost for a four-bedroom, two-bathroom home </span>to upgrade the kitchen and bathrooms, floor coverings and painting would start at $50,000 and up depending on the quality of fit-out.</p>
<p>"If we then start adding internal remodelling of floor plan, additional outdoor living, extensions etc, we are now talking $100,000 plus with major rebuilds often being in excess of $300,000 and if talking prestige homes $700,000 plus may not be out of the question," the valuation firm continued. </p>
<p><span>Examples of an area where renovation works are becoming part of the norm is the popular beachside suburb of Sawtell, dollar for dollar one of the most expensive areas in Coffs Harbour, the report noted. </span></p>
<p><span>"To compare, </span>we have examined some recent sales in Circular Avenue, a well-positioned street within walking distance of the main village precinct," the valuation firm said. </p>
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<p><a href="https://www.realestate.com.au/sold/property-house-nsw-sawtell-132629954" target="_blank">77 Circular Avenue, Sawtell</a> (pictured below) is a very modest original 1970 brick home with three bedrooms, one bathroom and single garage set on 531 square metres.</p>
<p><span>It sold for $700,000 in January 2020 which represents predominantly land value.</span></p>
<p><span><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/6/15/sawtell.jpg" alt=""> </span></p>
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<p>In February 2020, <a href="https://www.realestate.com.au/sold/property-house-nsw-sawtell-132637854" target="_blank">88 Circular Avenue, Sawtell</a> (pictured below) sold for $1.04 million (a record street price).</p>
<p><span>This is a fully renovated 1970s rendered brick home with four bedrooms, two bathrooms and double garage set on 663 square metres.</span></p>
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<p><span>"This property sold at auction with high demand and a price achieved above expectations, however when you compare it to 77 Circular Avenue, it </span>represents good buying.</p>
<p>"To achieve the same product on 77 Circular Avenue (notwithstanding a slightly larger lot size), the cost to renovate and extend the modest 1970 three-bedroom home to a four-bedroom, two-bathroom home would be in excess of $350,000 which would result in a total cost of $1.05 million plus the time and effort undertaken to achieve this.</p>
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<p><span>"In this case, it makes sense to buy the already completed property," the valuation firm said. </span></p>
<p><span>The main rule to renovations is to understand the added value of the cost of renovations and not to overcapitalise for the locality.</span></p>
<p><span>This is easier said than done and all depends on the underlying land value and the purpose and scope of the works, plus factor in whether it’s as a homeowner or investor. </span></p>
<p><span>The homeowner who has decided that their current place of residence is their forever home can afford to over capitalise to achieve the lifestyle benefits they desire within their budget.</span></p>
<p><span>However the investor should be shrewder and consider factors such as cost versus added value and only renovate areas that are required or value add by increasing rental return. </span>This could be in the form of secondary accommodation (granny flat) or reconfiguring the current space to provide additional bedrooms, the report noted. </p>
<p><span>"One point should be made when undertaking remodelling or conversions within the dwelling is to seek council approval before you start the project. </span></p>
<p>"One of the misconceptions with owners is that council approval is not required for conversions or reconfiguring internal walls so long as you stay within the current building footprint (that is no extensions or additions). This is incorrect; any moving of a wall or conversion of a garage etc has to be approved by council," the valuation firm said. </p>
<p>"If you undertake any improvements of this nature without approval, for all practical purposes, no one knows so who cares?However, the ramifications come when you wish to sell the property or need a valuation for mortgage security purposes; any works undertaken without approval will not achieve the full value.</p>
<p>"Even more so if you have converted the home into dual accommodation and rent separately for investment purposes or live on one side and receive rent in the other," the valuation firm said. </p>
<p>The report suggests this extra income will not be included in a valuation for mortgage security purposes as it is not council approved. This is critical when you require the extra rental to be included in your loan application to prove you can service the repayments, not to mention the insurance implications if an accident occurs.It is difficult to say what people should or shouldn’t do when it comes to renovation.</p>
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<p><span>"Our best advice is to seek the experience of your local Herron Todd White valuer to navigate and guide you through the market in your local area." </span></p>
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Coffs Harbour sees more renovation work due to COVID-19: HTW residential 

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<p>Renovation is a popular option in many parts of Sydney, particularly in inner Sydney and harbour side locations, according to the latest Herron Todd White (HTW) residential report. </p>
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<p><span>The valuation firm suggests that 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 residential report highlights where renovations are on the rise and the price points and outcomes those markets can expect.</span></p>
<p><span>The HTW report first provided a short COVID update. </span></p>
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<p><span>"Since last month’s edition, we have seen the number of daily new cases of COVID-19 in New South Wales remain low. We have also seen the first stage of the easing of restrictions and also the lifting of restrictions on live auctions and open homes.</span></p>
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<p><span>"This has at least made the process of selling more straightforward and has seen an instant bounce to auction clearance rates, back up above 70% for Sydney, mainly as a result of the number of auction withdrawals returning to more normal levels," the valuation firm said. </span></p>
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<p><span>The last month has still seen prices remain fairly stable overall, however as discussed previously, there are some localities and price points seeing some discounting. This is mainly due to the number of new listings remaining subdued, meaning </span>that supply and demand are staying relatively in balance. </p>
<p>The report notes that the concern is what will happen later in the year when government stimulus and mortgage pauses end.</p>
<p>There potentially could be a significant increase in new listings, some under distressed circumstances, which could have a large impact on prices heading into 2021.</p>
<p><span>"In the rental market we have continued to see an increase in vacancy rates and a fall in asking rents. Houses, somewhat surprisingly, have experienced a quicker fall than units over the past two months. </span></p>
<p><span>"With restrictions around travel within the state and within Australia likely to be eased in the coming weeks and months, short-term holiday rentals </span>that have been transferred to the long-term rental market may start to transfer back to the holiday market, easing vacancy rates," the valuation firm said. </p>
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<p><span>The valuation firm suggests renovation is a popular option in many parts of Sydney, particularly in inner Sydney and harbour side locations where extension and renovation of an existing home is a more viable option than a knock- down and rebuild.</span></p>
<p>These areas often have heritage and other planning restrictions that make it difficult to get approval to do a complete rebuild, the report noted. </p>
<p>In addition, it is also desirable to maintain the period features of older dwellings whilst upgrading the fit out and increasing the floor space.</p>
<p><span>A Victorian residence situated in the heart of Marrickville has recently been sold for $1.5 million. </span></p>
<p>The freestanding home at <a href="https://www.realestate.com.au/sold/property-house-nsw-marrickville-133533598" target="_blank">1 Hastings Street</a> (pictured below) presented a good opportunity for renovation. </p>
<p><span>It consists of four bedrooms, two bathrooms, large formal and casual areas and front veranda. </span></p>
<p><span><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/6/10/marrickville.jpg" alt=""></span></p>
<p><span>In the middle and outer rings, there is more of an appetite for knock-down and rebuild, increasingly for duplex and small townhouse style developments to take advantage of larger land parcels.</span></p>
<p><span>Granny </span>flat builds continue to be a popular option in these areas too, either for extended families or for those looking to obtain some additional rental income.</p>
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<p><span>"This doesn’t mean that renovations aren’t an option here, as owners look to enhance their homes by something as minor as a fresh paint or some additional landscaping, through to a full blown second floor addition and full renovation," the valuation firm said. </span></p>
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<p>A two bedroom granny flat in Bass Hill is currently on the rental market with a price guide of $400 a week.</p>
<p>The well maintained home at <a href="https://www.realestate.com.au/property-house-nsw-bass+hill-429296034" target="_blank">15A Handle Street </a>features large covered entertaining area, gas cooking and split system air conditioning. </p>
<p>It is situated close to local schools, transport and shops. </p>
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Renovation remains a popular option in Sydney: HTW residential 

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<p><span>It is not uncommon to see residential properties undergoing renovations throughout the inner suburbs of Sydney, according to the latest Herron Todd White (HTW) residential report. </span></p>
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<p><span>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. </span>This month’s HTW residential report highlights where renovations are on the rise and the price points and outcomes those markets can expect.</p>
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<p><span>The HTW report notes narrow laneways with skip bins and trucks parked on the kerb is an all too familiar sight for many older heritage style localities in suburbs such as Glebe, Surry Hills and Darlinghurst. </span></p>
<p><span>"This trend has been evident for many years now and we expect it to continue into the future, even within this current COVID-19 pandemic," the valuation firm said. </span></p>
<p><span>"One of the reasons we anticipate minor renovations to be evident in the short term is due to people being locked-up at home and looking for constructive projects to complete around the </span>house which will serve many purposes such as increasing the presentation of their homes and also providing much needed stimulation throughout this lockdown period," the valuation firm explained. </p>
<p>The report notes this could partially explain the continued demand and long queues at Bunnings Warehouse over recent weekends.</p>
<p>Even larger renovation projects have continued to be evident as owner-occupiers look to improve the value of their properties and engage builders and tradesmen at potentially reduced costs, at least in comparison to recent years.</p>
<p>A slowing construction sector, low interest rates and lack of supply in many locations and sectors are likely to encourage renovation projects in the near future.</p>
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<p><span>"Investment properties such as older style home units are also likely to see continued renovations as potential tenants are provided with greater choice at reduced asking rents," the valuation firm said. </span></p>
<p><span>It will be imperative that investment properties are presented in the best possible condition, otherwise tenants will quickly choose a competing property in superior condition or alternatively demand a discounted rental price for any sub-par properties.</span></p>
<p><span>When renovating it is essential to understand the main goals for doing so, whether that be to sell, rent, or purely to renovate to personal taste to live in long term regardless of how this appeals to the local market.</span></p>
<p><span>A few significant aspects to consider when deciding to renovate are in relation to possible heritage restrictions, planning limitations, site access and the scope of works being carried out, the report noted. </span></p>
<p><span>"We hear of many renovation success stories, however a significant part of this requires understanding the intended personal objectives of renovating a property and if renovating with the aim of selling for a profit, then timing of the market cycle (which can involve some level of luck) is important," the valuation firm said. </span></p>
<p><span>"Some other techniques to ensure </span>renovations are not overcapitalising is by focusing on what the local market desires most, researching recent sales of similar properties (on completion of the renovations) and then ensuring the cost to do the chosen works does not blow out your budget or exceed the market value of the finished product." </p>
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<p>A recent example of a blank canvas property at <a href="https://www.realestate.com.au/sold/property-house-nsw-glebe-133206994" target="_blank">47 Wigram Road, Glebe</a> (pictured below), which sold for $1.86 million at an online auction on 4 April, almost $200,000 above reserve, indicates that there is still demand for this type of original property that requires a full renovation.</p>
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Renovation trend continues in inner Sydney during COVID-19 pandemic: HTW residential 

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<p><span>The pandemic is not stopping the rooftop urban farm at Burwood Brickworks in Melbourne from producing top quality fruit and vegetables. </span></p>
<p><span>Under a new partnership between the shopping centre, </span><span>acre </span><span>Farm &amp; Eatery and Crossway LifeCare, that produce is now being delivered to local people in need.</span></p>
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<p>Source: <a href="https://www.facebook.com/BurwoodBrickworksShopping" target="_blank">Burwood Brickworks Shopping Facebook Page</a></p>
<p><span>While the restaurant connected to the urban farm remains closed due to COVID-19, the new partnership ensures </span><span>the farm’s produce </span><span>is regularly delivered </span><span>to Crossway LifeCare’s customer</span><span>s, to find its way into the homes and recipes of people who need it most.</span></p>
<p><span>Crossway LifeCare’s customers include people experiencing hardship such as relationship issues, </span><span>depression and anxiety, domestic violence, addictions and other challenging life situations. The community services organisation aims to help people in tough places flourish.</span></p>
<p><span>Eric Park</span><span>, Burwood Brickworks Centre Manager, says the partnership is about using a community resource to support people and families who may be experiencing food insecurity in these challenging times.</span></p>
<p><span>“</span><span>Part of the principle of the Living Building Challenge® at Burwood Brickworks is to take a different perspective on waste, by viewing and treating waste as a resource. It would be against the spirit of the centre for the quality produce grown in the community farm not to </span><span>be used for the community’s benefit, and </span><span>this partnership ensures that it will</span><span>,” says </span><span>Mr Park.</span></p>
<p><span>“</span><span>We are proud to support </span><span>acre </span><span>Farm &amp; Eatery in the donation of fresh produce to a community group with a real focus on helping people from all wa</span><span>lks of life.”</span></p>
<p><span>As COVID-19 restrictions ease, the retailers at Burwood Brickworks are busy working with centre management and Frasers Property Australia to open their doors to the community at the appropriate, safe time.</span></p>
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Burwood Brickworks donating urban farm produce

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<p><span style="font-size: 12.16px;">Current seemingly high rates of home ownership in Australia are masking a long-term problem of serious housing inequality between older and younger generations and between wealthier and poorer households, new AHURI research reveals.</span></p>
<p>The research, ‘Australian home ownership: past reflections, future directions’, undertaken for AHURI by researchers from Swinburne University of Technology examines the growth of home ownership and its tenure dominance in Australia after the Second World War, together with its fading, most notably for younger households (ages 25–44) over the last four decades.</p>
<p>While Australia’s overall home ownership rate appears to have held up well—it was 68 per cent in 1976 and 67 per cent in 2016—the rate is projected to decline to around 63 per cent for all households by 2040, and to 51 per cent for households in the 25–55 age bracket, down from 60 per cent in 1981.</p>
<p>‘A housing system in which one half—predominantly older homeowners—acquires wealth and the other half—generally younger renters—doesn’t, is a recipe for long-term social problems’ says lead researcher Professor Terry Burke of the Swinburne University of Technology.</p>
<p>The research suggests that while no single policy failure, single political decision or single market or state failure has eroded the ability to achieve the ownership dream, the change has come from complex shifts throughout the entire institutional environment.</p>
<p>While weakening affordability has been an important factor in this erosion, other factors should not be neglected including an increase in casualised employment, a financial and tax environment favouring rental investors, the emergence of new housing products largely designed for rental living, the inability of housing supply to match population and household growth, and the financialisaton of housing.</p>
<p>‘Broadly, Australia now has an institutional environment which no longer supports ownership as it did in the past,’ says Professor Burke. ‘This means the housing system will become more inequitable irrespective of what incremental housing policy reforms are made. Given this, we have to rethink what sort of housing system is appropriate for Australia’s future.’</p>
<p>‘Either we embrace fundamental and broad-based reforms to rebuild ownership or we accept a retreat from its historical dominance, moving to a system which has more balance between rental and ownership—what we can call a dual tenure system.’</p>
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