<p>Repeat buyers are one of the strongest measures of confidence in any apartment development.</p>

<p>At <a href="https://www.apartments.com.au/new-apartments/era-newcastle-west-124-126-bull-street-newcastle-west-nsw-2302">ERA</a> in Newcastle West, some purchasers are returning to <a href="https://www.apartments.com.au/developers/gwh">GWH</a> after living at the developer's One Apartments. Their decision to purchase again was driven by the quality of life they found after moving into their first GWH home.</p>

<p>Keith Wilton had spent years living in a house in East Maitland before deciding it was time for a change. Apartment living had always been on his radar, but he was selective about what he wanted.</p>

<p><iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/FH_1EzB-1vs?si=XScVlP1ERsTDJoME" title="YouTube video player" width="560"></iframe></p>

<p>"I had some boxes I wanted to tick," he says.</p>

<p>Keith points to the open-plan design, generous outdoor areas and considered inclusions as key reasons One Apartments worked for him.</p>

<p>“One of those things was a nice indoor open plan area, but also I wanted a nice outdoor open area that I could entertain on in summer or Christmases or birthdays,” he says.</p>

<p>He also found value in the smaller details, from integrated appliances to shared resident spaces including the pool, cinema and rooftop areas.</p>

<p>[smartcode_project:default project_id=135096 project_image_fid=356818]</p>

<p>After comparing several developments, he chose One Apartments because of GWH's longstanding local reputation and his own experience working with the developer on a commercial project more than a decade earlier.</p>

<p>"I knew that they were local, that the quality of the build was going to be up there. I'd looked at other apartment complexes around and close by, and I just knew that here was a better decision location wise."</p>

<p>Today, Keith says the move has completely changed how he experiences Newcastle.</p>

<p>"I enjoy living in this location because it's more of a lifestyle change. That Newcastle city living where you can walk to restaurants and bars and even beaches and parks and even shopping across the road."</p>

<p>[smartcode_project:default project_id=135096 project_image_fid=356828]</p>

<p>Beyond the location, he says it's the sense of community that has surprised him most.</p>

<p>"Everyone loves living here because they chose to live here, but everyone looks out for each other. It's a real great community feel here."</p>

<p>For Aimee and Lyle Goodman, the journey started almost by chance.</p>

<p><iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/tsioMLcnjas?si=zq-ys3JuWpfa5hFv" title="YouTube video player" width="560"></iframe></p>

<p>The couple happened to be having coffee in Newcastle when they noticed the site where One Apartments was about to begin construction.</p>

<p>"We were aware GWH was planning a development," Aimee says. "We made one phone call and things moved pretty quickly after that."</p>

<p>As busy business owners, they initially thought apartment living would simply reduce the maintenance that came with larger homes. Instead, it fundamentally changed how they spent time together.</p>

<p>"We actually catch up more as a family now," Aimee says.</p>

<p>"We've had homes with big yards and lots of space, but everyone ended up in different rooms. Here we'll have dinner together, the kids can play, and we spend far more quality time together."</p>

<p>[smartcode_project:default project_id=135096 project_image_fid=356829]</p>

<p>Lyle says their confidence came from GWH's reputation within Newcastle's building industry.</p>

<p>"I know people who've worked across different apartment projects, and whenever GWH came up the feedback was always the same. They're rock solid. They're quality."</p>

<p>That confidence only grew throughout the buying process.</p>

<p>"One of the things that really impressed us with GWH was the whole process, was the communication," Lyle says. "It was consistent, it was regular, there was no problem if we had some weird questions, there was no problems in getting answers."</p>

<p>[smartcode_project:default project_id=135096 project_image_fid=351104]</p>

<p>Aimee says one moment stood out.</p>

<p>"The project actually finished on time. We realised we needed to hurry up and sell our house because everything was happening exactly when they said it would."</p>

<p>The positive experience at One Apartments ultimately gave all three buyers the confidence to purchase again with GWH, this time at ERA.</p>

<p>Their confidence reflects what many buyers are seeking in today's apartment market. Location remains important, but so too does certainty around delivery, quality and long-term liveability.</p>

<p>[smartcode_project:default project_id=135096 project_image_fid=356822]</p>

<p>ERA builds on those foundations with 280 one, two and three-bedroom apartments across two landmark towers in <a href="https://www.apartments.com.au/developments/newcastle-west-nsw-2302">Newcastle West</a>.&nbsp;</p>

<p>Designed by <a href="https://www.apartments.com.au/architects/fk-australia">Fender Katsalidis</a>, the project will include more than 2,000 square metres of resident amenities, including a resort-style pool, gym, sauna, private cinema and rooftop entertaining spaces overlooking the harbour and coastline.&nbsp;</p>

<p>The development is also within walking distance of the Newcastle Interchange, Honeysuckle, Darby Street, the harbour foreshore, restaurants, retail and the city’s beaches, continuing the walkable lifestyle that existing GWH buyers say has transformed how they live.</p>

<p>[smartcode_project:default project_id=135096 project_image_fid=356826]</p>

<p>For Keith, the appeal remains straightforward.</p>

<p>"You feel at home even before you've moved into your home."</p>

<p>For Aimee, the change is measured in time.</p>

<p>“I just felt like I had more time,” she says.</p>

<p>[smartcode_project:default project_id=135096 project_image_fid=351102]</p>

<p>Construction at ERA is now underway, with more than half of the residences already sold and limited two and three-bedroom apartments remaining in the East Tower release. Priced from $980,000 for two-bedroom residences and $1.46 million for three-bedroom residences, buyers can secure an apartment with a 10 per cent deposit, with premium homes offering ocean views from Level 8 and harbour views from Level 10.</p>

<p>ERA is also backed by Resilience Insurance's 10-year Latent Defects Insurance policy, providing protection against structural or waterproofing defects for 10 years after completion. The project is anticipated to be completed in early 2028.</p>

<p>[smartcode_project_cta:default project_id=135096]</p>


Joel Robinson

From ONE to ERA: Why buyers are choosing GWH again in Newcastle West

<p>Virgate Property Group is preparing to commence construction of Verdé, its new apartment development in Melbourne's Arts Precinct at Southbank, following a strong run of sales that has seen more than half of the project's 173 apartments secured.</p>

<p>Verdé has attracted a broad mix of first home buyers, owner-occupiers upgrading from nearby inner-city suburbs and investors, with younger owner-occupier couples aged between 28 and 45 accounting for the strongest enquiry. Many are already living in Southbank, South Melbourne, Albert Park, Port Melbourne, South Yarra and the CBD.</p>

<p>"Verdé is located in one of the most desirable pockets of southern Melbourne," Blair Property Group Director Darren Blair, who is managing sales at Verdé, said.</p>

<p>"It's within walking distance of the Arts Centre, Royal Botanic Gardens, Albert Park Lake, and Southbank's restaurants and retail. It's a great lifestyle location with strong amenity and liveability, which made it a very attractive choice for the project."</p>

<p>[smartcode_project:default project_id=4661 project_image_fid=372549]</p>

<p>Virgate was already familiar with the precinct, having previously delivered the successful Domain House development in neighbouring South Melbourne. That experience gave the developer confidence to acquire the Coventry Street site and continue expanding its presence in Melbourne's inner south.</p>

<p>"We had been keeping an eye on the site and the broader precinct for a few months before deciding to move forward with the acquisition," Virgate said.</p>

<p>The project was ultimately secured in 2020 following feasibility studies, planning assessments and due diligence, with the brief centred on delivering "a high-quality, considered design that feels both refined and fit for purpose."</p>

<p>[smartcode_project:default project_id=4661 project_image_fid=314259]</p>

<p>Designed by <a href="https://www.apartments.com.au/architects/bruce-henderson-architects">Bruce Henderson Architects</a>, Verdé comprises 173 one, two and three-bedroom apartments priced from $599,000. The architecture is distinguished by a faceted glass façade that responds to both the site's outlook and Melbourne's changing light conditions.</p>

<p>According to Bruce Henderson Architects, the coloured glazing gives the building a distinctive identity while also providing privacy and solar shading, with residences oriented to capture views across the bay, city skyline and surrounding parklands.</p>

<p>Inside, <a href="https://www.apartments.com.au/interior-designers/designoffice">DesignOffice</a> has created interiors focused on natural light, efficient planning and enduring materials. Apartments feature engineered oak flooring, natural stone benchtops, floor-to-ceiling glazing and SMEG appliances, while a restrained material palette aims to complement the expansive outlooks rather than compete with them.</p>

<p>[smartcode_project:default project_id=4661 project_image_fid=372550]</p>

<p>Resident amenity has also been designed around everyday functionality rather than occasional use. Facilities include a concierge-serviced lobby, residents' lounge with fireplace, library and co-working space, gym, terrace garden with barbecue facilities, ground-floor café, and package delivery management.</p>

<p>The project's location continues to be one of its strongest drawcards. Positioned on Coventry Street, Verdé sits within walking distance of the National Gallery of Victoria, Arts Centre Melbourne, Royal Botanic Gardens and Albert Park Lake, while Southbank's dining precinct, Sturt Street trams and the new ANZAC Station are all nearby. The surrounding education catchment also includes Melbourne Grammar, Melbourne Girls Grammar, Mac.Robertson Girls' High School and several major university campuses.</p>

<p>The sales team says buyers have responded particularly well to the combination of location, design quality and long-term liveability.</p>

<p>"They're responding really positively to the quality of the design, premium resident amenities and the uninterrupted views. Many also appreciate the location and how connected it is to everything they need."</p>

<p>The ability to secure stamp duty savings before completion has also been a key factor for purchasers, alongside the opportunity to personalise finishes ahead of settlement.</p>

<p>With construction set to commence soon and more than half the apartments already sold, Verdé enters its next phase as one of the Arts Precinct's more established apartment developments, offering remaining buyers an opportunity to secure a residence before construction advances further. Expected completion is scheduled for late 2027.</p>

<p>[smartcode_project_cta:default project_id=4661]</p>


Virgate's Verdé Southbank moves toward construction as sales fly past halfway stage

<p>Downsizer-focused apartment development Kooyongkoot in Hawthorn has been recognised at the 2026 Better Future Melbourne Design Awards, taking home Gold and Silver awards in two categories.</p>

<p><a href="https://www.apartments.com.au/new-apartments/kooyongkoot-hawthorn-1-kooyongkoot-road-hawthorn-vic-3122">Kooyongkoot</a>, currently being delivered by developer PQD and designed by Cera Stribley, received Gold in the Interior Design – Proposed category and Silver in the Architecture – Proposed category.</p>

<p>The dual recognition reflects the design approach behind the boutique development on prestigious Kooyongkoot Road, where the focus has been on creating homes for downsizers seeking the space, quality and functionality of a detached house within a low-rise apartment building.</p>

<p>Rather than maximising apartment numbers, <a href="https://www.apartments.com.au/developers/pqd">PQD</a> and <a href="https://www.apartments.com.au/architects/cera-stribley-architects">Cera Stribley</a> limited the development to just 18 residences, allowing for larger floorplans, greater privacy, generous landscaping and expansive communal spaces.&nbsp;The majority of the apartments also benefit from corner aspects, allowing for dual sources of natural light.</p>

<p>Now around 70 per cent complete and on track for completion in November 2026, Kooyongkoot will comprise a mix of garden residences, ter​race apartments, sub-penthouses, and is crowned by two half-floor penthouses with direct lift access and private rooftop terraces.</p>

<p>[smartcode_project:default project_id=102717 project_image_fid=355297]</p>

<p>The Silver Award for Architecture recognised the way the building responds to its prominent corner position at the ent​rance to Hawthorn's Scotch Hill precinct, one of Melbourne's most established residential neighbourhoods.</p>

<p>Rather than competing with the grand homes that line Kooyongkoot Road, the architectural approach focused on restraint and longevity, using curved brickwork, generous landscaping and carefully considered proportions to integrate with the existing streetscape.</p>

<p>"The form feels fluid and timeless, as though shaped by the landscape itself – architecture that belongs, rather than competes," said Chris Stribley, Co-Founder and Managing Principal of Cera Stribley.</p>

<p>The judging submission also highlighted practical innovations throughout the building, including lift cores servicing only nine homes each, a central landscaped lightcourt designed to bring daylight and ventilation into the building, and fully enclosed private storage rooms with lighting, power and shelving to better accommodate residents transitioning from larger family homes.</p>

<p>[smartcode_project:default project_id=102717 project_image_fid=355293]</p>

<p>The Gold Award for Interior Design recognised the project's focus on long-term liveability rather than display-home aesthetics.</p>

<p>According to the awards submission, the interiors were designed from the inside out, prioritising how homes would function over decades of daily use through generous proportions, practical storage, durable natural materials and flexible layouts.</p>

<p>The specification includes natural stone throughout, upgraded acoustic glazing, V-ZUG appliances and fully enclosed storage rooms, alongside an amenity offering focused on wellness, entertainment and everyday convenience.&nbsp;</p>

<p>Residents will have access to a gym and yoga studio, a wellness centre featuring traditional and infrared saunas, a cold therapy shower and treatment room, as well as a residents' lounge and golf simulator/cinema room for entertainment.&nbsp;Kooyongkoot has also considered the everyday convenience of its residents by offering a private carwash and pet wash facilities on site as well as dedicated parcel lockers and oversized fully enclosed storage rooms.&nbsp;</p>

<p>[smartcode_project:default project_id=102717 project_image_fid=355303]</p>

<p>The project's attention to detail has already resonated with buyers. Earlier this year, Kooyongkoot recorded one of Boroondara's highest apartment sales when an $8 million penthouse was purchased by a Melbourne CEO downsizing from a nearby family home.</p>

<p>"Every detail feels deliberate, from the overall design down to the smallest touches," the purchaser said.</p>

<p>"The level of quality and refinement is exceptional, but what really sold it was how liveable it felt... It felt like a place where everything had been considered, not just a luxury building."</p>

<p>[smartcode_project:default project_id=102717 project_image_fid=355304]</p>

<p>Sustainability also formed a key part of both award submissions. Kooyongkoot is targeting a minimum 7.5-star NatHERS rating across all residences, supported by passive design principles, high-performance glazing, EV charging infrastructure, water reuse systems and a wellness model focused on lower-energy dry facilities rather than pools and large wet areas.</p>

<p>Located within walking distance of Scotch College, Methodist Ladies' College, Koo​yong Lawn Tennis Club, Aubur​n Village and Camberwell Junction, Kooyongkoot continues to target owner-occupiers looking to remain in Melbourne's inner east without compromising on space or quality. A limited selection of two, three and four-bedroom residences remains available, with prices starting from $1.9 million.</p>

<p>[smartcode_project_cta:default project_id=102717]</p>


Kooyongkoot wins Gold and Silver at Better Future Melbourne Design Awards

<p>New apartment supply has become increasingly constrained across <a href="https://www.apartments.com.au/developments/parramatta-nsw-2150">Parramatta</a> in recent years, with fewer projects progressing through to completion as development conditions have become more challenging.</p>

<p>It makes <a href="https://www.apartments.com.au/developers/novm">NOVM</a>'s 2021-completed <a href="https://www.apartments.com.au/buildings/the-lennox-parramatta-12-phillip-street-parramatta-nsw-2150">The Lennox</a> one of the most recently completed residential towers on the Parramatta River, and among the newest apartment developments in Sydney's second CBD.</p>

<p>With the project largely completed before the sharp escalation in construction costs and inflation following the pandemic, The Lennox is now offering pricing that would be difficult to replicate in a comparable new development in Parramatta today, or across much of Western Sydney.</p>

<p>The majority of the 413 apartments at The Lennox sold before and shortly after completion. A limited release of the remaining apartments has recently been brought to market by capital partner <a href="https://www.apartments.com.au/project-marketer/equitifund-group">Equitifund</a>, with entry-level pricing from $700,000 and two-bedroom apartments available from under $1 million.</p>

<p>Rising above the Parramatta River at 12 Phillip Street, The Lennox comprises one, two, three and four-bedroom apartments, appealing to first home buyers, young professionals, families, downsizers and interstate investors seeking a completed apartment in one of Australia's fastest-growing economic centres.</p>

<p>[smartcode_project:default project_id=5743 project_image_fid=372394]</p>

<p>Rather than positioning Parramatta as an alternative to Sydney's CBD, Equitifund believes the city has reached a point where it stands on its own merits.</p>

<p>"Parramatta is no longer simply an alternative to Sydney CBD, it's becoming a destination in its own right," Equitifund Executive Chairman Greg Huxley said.</p>

<p>"The Lennox captures that evolution with a level of quality and amenity that's difficult to match at its price point."</p>

<p>[smartcode_project:default project_id=5743 project_image_fid=953]</p>

<p>Designed by <a href="https://www.apartments.com.au/architects/marchese-partners">Marchese Partners</a>, the tower responds directly to its riverfront setting through expansive glazing and open-plan layouts that maximise views across the Parramatta River and city skyline. Interiors feature engineered timber flooring, stone benchtops, stainless steel appliances and floor-to-ceiling glazing, while generous balconies extend the living spaces outdoors.</p>

<p>Marchese Partners says the project was conceived to balance high-quality apartment living with practical, long-term functionality, pairing larger, efficient floorplans with amenities more commonly associated with five-star hotels.</p>

<p>That emphasis continues through the resident facilities, which include a 20-metre rooftop swimming pool, fully equipped gym and wellness spaces, full-time concierge, a residents' lounge, function room, private lifts, secure basement parking and rooftop communal areas overlooking the Parramatta River. Ground-floor boardwalk retail and dining further activate the riverfront and integrate the building into the surrounding public realm.</p>

<p>[smartcode_project:default project_id=5743 project_image_fid=925]</p>

<p>Australian housing and finance group Equitifund has secured the remaining apartments, believing there are few completed apartment opportunities in Parramatta that offer the same combination of location, amenity and pricing.</p>

<p>Equitifund National Sales Director Ben Hamblett says buyers are increasingly recognising that premium apartment living no longer needs to come with Sydney CBD pricing.</p>

<p>"The Lennox is where aspirational living becomes attainable," Hamblett said.</p>

<p>"Wake to river and mountain views, step into Sydney's Second CBD, and arrive home to resort-calibre amenities, all without the harbour price tag."</p>

<p>Hamblett says owner-occupiers are also attracted by the convenience of having Westfield Parramatta, Church Street's dining precinct, Parramatta Park, Riverside Theatres, Western Sydney University and major transport connections all within walking distance.</p>

<p>"At The Lennox, lifestyle is not an afterthought, it is the foundation."</p>

<p>[smartcode_project:default project_id=5743 project_image_fid=5374]</p>

<p>The Lennox places residents within walking distance of Parramatta Square, Westfield Parramatta, Church Street Eat Street, Parramatta Station, the ferry wharf, Light Rail, the future Sydney Metro West, Parramatta Park and CommBank Stadium, reinforcing Parramatta's position as one of Australia's most connected metropolitan centres outside Sydney's CBD.</p>

<p>Equitifund says buyers visiting the display suite consistently comment on the quality of the finishes, generous floorplans, river and skyline views, and the walkability of the location. The project has attracted a broad mix of local professionals, upsizers, downsizers, buyers relocating from Sydney's inner suburbs and interstate investors seeking long-term growth opportunities.</p>

<p>That demand aligns with Parramatta's continued evolution as an economic powerhouse. Equitifund Research and Market Insights specialist John Bekiaris says sustained population growth, infrastructure investment and expanding employment opportunities continue to support long-term housing demand across the city.</p>

<p>"Parramatta has evolved from a satellite city into one of Australia's most important economic centres. Population growth, infrastructure investment and employment are all supporting sustained long-term housing demand."</p>

<p>[smartcode_project_cta:default project_id=5743]</p>


The apartment price gap drawing Sydney buyers west

<p>A luxury beachfront apartment at Rainbow Bay has more than doubled in value since it sold off the plan six years ago, setting a new local apartment record in the process.</p>

<p>The three-bedroom apartment in the Flow development on Petrie Street, the first of four new projects locally by Paul Gedoun's S&amp;S Projects, has sold for $7.4 million, after originally selling for $3.27 million when the project launched in 2020.</p>

<p>The seventh-floor apartment, comprising 187 sqm of internal living space and a 54 sqm balcony overlooking Froggies Beach and Snapper Rocks, was purchased by a local family.</p>

<p>The transaction was negotiated by Pezet Matheson director Kerry Pezet and equates to more than $30,000 per sqm.</p>

<p>Pezet said the sale reflected the limited opportunities to buy into the boutique beachfront development.</p>

<p>"The sale highlights the rarity of opportunities within the boutique beachfront development, where residences seldom become available," Pezet said.</p>

<p>"Flow is one of the Gold Coast's most tightly held buildings. Buyers from our database move quickly when residences become available, and achieving an off-market sale at $7.4 million demonstrates the depth of demand for property of this calibre."</p>

<p><img alt="Flow" data-entity-type="file" data-entity-uuid="c585b206-2130-4eee-a50c-3f27c51a7c70" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-06%20at%208.33.25%E2%80%AFPM.png?VersionId=m3pHRDV62Y3fvN.XQuQHq.52ilTWpRLf" /></p>

<p>Flow was the first of four luxury apartment developments delivered by Paul Gedoun's S&amp;S Projects at Rainbow Bay and was completed in 2023.</p>

<p>Positioned on the beachfront overlooking Snapper Rocks, the residence includes three bedrooms, three bathrooms, a powder room and views stretching north along the coastline towards Surfers Paradise.</p>

<p>Pezet Matheson Residential principal Mitchell Lambert said buyers continued to prioritise quality beachfront apartments in tightly held locations.</p>

<p>"Flow Residences offers a rare combination of elevated beachfront positioning, architectural excellence, comprehensive resident amenity and premium finishes, which is exactly what discerning purchasers are seeking," Lambert said.</p>

<p>"The transaction further reinforces Rainbow Bay's reputation as one of Australia's premier coastal lifestyle destinations, where limited supply and growing demand continue to support strong market performance."</p>

<p>Pezet Matheson originally marketed and sold out Flow off the plan, making the latest transaction a return to one of the project's original buyers.</p>

<p>Paul Gedoun is selling his third project, <a href="https://www.apartments.com.au/new-apartments/radia-rainbow-bay-271-boundary-street-coolangatta-qld-4225">Radia Rainbow Bay</a>, after recently completing, and selling out, <a href="https://www.apartments.com.au/buildings/esprit-217-227-boundary-street-coolangatta-qld-4225">Esprit</a>. He has plans for a <a href="https://www.apartments.com.au/news/qld/first-look-s-s-projects-proposes-88-apartment-wellness-tower-at-coolangattas-boundary-street">fourth building</a>, 88 apartments on <a href="https://www.apartments.com.au/new-apartments/209-213-boundary-street-coolangatta-qld-4225">Boundary Street</a>.</p>


Rainbow Bay apartment doubles in price since off the plan sale during pandemic

Renovation

<html><body>
<p>EXPERT OBSERVER</p>
<p>The stated purpose of the Morrison government’s HomeBuilder program is to stimulate the economy and create construction jobs during the COVID-19 pandemic.</p>
<p>Our research shows home improvements could do much more than just add capital value and a spare room. They can also restore or maintain a person’s ability to live independently – whether they are older, have a disability, are unwell or have been injured.</p>
<p>In other words, these home improvements could transform life for any one of us at some point in our lives. They greatly improve people’s well-being and reduce dependence on carers. This affects a great many people – including <a href="https://www.aihw.gov.au/reports/australias-welfare/aged-care" target="_blank">nearly a million</a>who receive some form of aged care in their own home.</p>
<p><a href="https://images.theconversation.com/files/346496/original/file-20200709-26-1fsxe21.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/346496/original/file-20200709-26-1fsxe21.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a></p>
<p><span class="attribution"><a class="source" href="https://www.abs.gov.au/ausstats/abs@.nsf/0/1CD2B1952AFC5E7ACA257298000F2E76?OpenDocument" target="_blank">Australian Bureau of Statistics</a>, <a class="license" href="http://creativecommons.org/licenses/by/4.0/" target="_blank">CC BY</a></span></p>
<p>Our study of 157 people receiving community care found home modifications reduced the overall hours of care they required by 42%. Their quality of life (measured as <a href="https://www.cdc.gov/hrqol/concept.htm" target="_blank">health-related quality of life</a>) improved by 40%.</p>
<p>By reducing care needs and costs, and increasing independence and well-being, home modifications lead to a multitude of government, community and personal benefits. These include lowering the risk of COVID-19 transmission that providing and receiving personal care entails.</p>
<h2>What do home modifications involve?</h2>
<p><a href="https://www.ndis.gov.au/participants/home-equipment-and-supports/home-modifications-explained" target="_blank">Home modifications</a> specifically help residents to live safely and independently in their own homes.</p>
<p>The range of possible renovations is diverse, so costs vary widely. Minor modifications might be installing a grab rail in a bathroom to aid stability, or levelling a step at a front door. A major modification could install a ramp or a lift, widen door frames or provide a new bathroom.</p>
<p>Modifications must be tailored to individual needs, as no “one size fits all” – just like every home renovation.</p>
<h2>Enabling greater independence for longer</h2>
<p>My research measures how home modifications directly influence the amount of care needed to live, and continue living, at home.</p>
<p>The study included 157 Australians aged from 15 to 92 who received community care. Some had arthritis, cancer or a motorcycle injury. Others were born with a disability. All required care in their home.</p>
<p>Hours of care for participants (most of it unpaid care by family and friends) were compared before and after home modifications. The changes liberated them. Home modifications reduced or eliminated their need for help, restored their confidence in caring for themselves and reduced carer stress.</p>
<p>As people’s confidence grew, they were happier to venture out into the broader community. Importantly, relationships improved.</p>
<h2>Stories of lives transformed</h2>
<p>Simple home modifications meant David* no longer had to help his mother shower as she could safely do that herself. His mother was saved the embarrassment of her son being involved in what is normally a private activity. Instead, they could enjoy each other’s company with regular activities like shopping and having afternoon tea together.</p>
<p>Ravi* had a spinal injury as a result of an accident. He was glad to be back at home but was sleeping in a converted sunroom at street level because he couldn’t get to his bedroom upstairs. The only bathroom for showering was a small ensuite, up three stairs.</p>
<p><span class="caption">The house was not suitable for a wheelchair, so his wife had to help him get around their home. The effort required to take care of basic daily living activities left them too exhausted to even think about going out.</span></p>
<p>An accessible bathroom with a hand-held shower was installed, as well as a ramp at the home entrance. Not only was Ravi able to shower independently again, but he and his wife also regained their energy and interest in going out. He attributed home modifications to enabling them to go to the movies and a restaurant for the first time in the three years after the accident.</p>
<p><a href="https://images.theconversation.com/files/346809/original/file-20200710-30-1rh5a4k.jpeg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/346809/original/file-20200710-30-1rh5a4k.jpeg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=237&amp;fit=clip" alt=""></a></p>
<p><em><span class="caption">Simple modifications can enable a person to go to the toilet unaided.</span> <span class="attribution"><span class="source">Claire Cunningham</span>, <span class="license">Author provided</span></span></em></p>
<p>Genevieve* needed to go to the toilet often at night, but was unsteady on her feet. She had to wake her husband to escort her safely to the bathroom. Installing handrails from the bedroom to the bathroom, as well as reconfiguring the bathroom, meant she could safely take herself to the toilet at night.</p>
<p>Now that he was getting a good night’s sleep, her husband also expressed relief that he was able to continue his full-time job – he had thought he would have to give it up.</p>
<h2>People regain choice about where they live</h2>
<p>The design of a house can be the single reason that forces a person into an aged care home. A bathroom, kitchen, entrance and exit, as well as how rooms connect, can all dictate whether a person lives independently in later life.</p>
<p>Research shows how home modifications reduce fall risks. Think about an older bathroom where the shower has a hob or is over a bath. Such features commonly lead to falls, which can dramatically shorten lives or send us straight from hospital into residential aged care.</p>
<p>Of all the home modifications, my research showed those in the bathroom were most central to reducing dependence on others. They provided the freedom to shower and use the toilet without help.</p>
<p><a href="https://images.theconversation.com/files/346807/original/file-20200710-26-1qato57.jpeg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/346807/original/file-20200710-26-1qato57.jpeg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a></p>
<p><em><span class="caption">Bathroom modifications that allow people to shower while seated greatly reduce the risk of slipping and falling.</span> <span class="attribution"><span class="source">Claire Cunningham</span>, <span class="license">Author provided</span></span></em></p>
<p>For example, Heath* was 72 with a few overlapping health conditions. He had lost confidence using his shower and toilet on his own. His daughter, who lived five hours’ drive away, was convinced he would fall if he remained at home.</p>
<p>But Heath didn’t want someone coming in to help him shower. He absolutely did not want to go into a nursing home. Home modifications meant he could sit while showering independently and use grab rails to get in and out safely.</p>
<p><a href="https://images.theconversation.com/files/346497/original/file-20200709-38-42qd9y.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/346497/original/file-20200709-38-42qd9y.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a></p>
<p><em><span class="caption">A minor home modification like a hand rail might be all a person needs to continue living safely in their own home.</span> <span class="attribution"><span class="license">Author provided</span></span></em></p>
<h2>Modifications protect lives in a pandemic</h2>
<p>The ability to take care of our own bathroom needs during a pandemic is particularly critical. The close proximity required to <a href="https://www.health.gov.au/news/health-alerts/novel-coronavirus-2019-ncov-health-alert/advice-for-people-at-risk-of-coronavirus-covid-19/coronavirus-covid-19-advice-for-people-in-aged-care-facilities" target="_blank">receive</a> and <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2020-05-27/disability-workers-caring-for-coronavirus-patients-want-pay-rise/12286278" target="_blank">provide</a> care has been well documented. Who knows how much home modifications have helped to curb the spread of COVID-19 to people most vulnerable to it?</p>
<p>Australia is managing a pandemic while <a href="https://www.ndis.gov.au/understanding/ndis-each-state" target="_blank">rolling out the National Disability Insurance Scheme</a> (NDIS) and <a href="https://agedcare.royalcommission.gov.au/" target="_blank">reforming aged care</a> in the context of a <a href="https://theconversation.com/census-2016-reveals-australia-is-becoming-much-more-diverse-but-can-we-trust-the-data-79835" target="_blank">diverse</a> and <a href="https://www.abs.gov.au/ausstats/abs@.nsf/0/1CD2B1952AFC5E7ACA257298000F2E76?OpenDocument" target="_blank">ageing</a> population.</p>
<p>This research into home modifications highlights why renovations could be so much more than a new pool, kitchen island or cinema room. The government has a golden opportunity to reform HomeBuilder and encourage take-up of grants for home modifications. It would be a win for both tradies and the many Australians who may need help to stay at home.</p>
<p><em>* Names have been changed to protect anonymity.</em><img src="https://counter.theconversation.com/content/140639/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;"></p>
<p><span><a href="https://theconversation.com/profiles/phillippa-carnemolla-385251" target="_blank">Phillippa Carnemolla</a>, Senior Research Fellow, School of the Built Environment, <em><a href="https://theconversation.com/institutions/university-of-technology-sydney-936" target="_blank">University of Technology Sydney</a></em></span></p>
<p>This article is republished from <a href="https://theconversation.com" target="_blank">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/renovations-as-stimulus-home-modifications-can-do-so-much-more-to-transform-peoples-lives-140639" target="_blank">original article</a>.</p>
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Renovations as stimulus? Home modifications can do so much more to transform people’s lives

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<p>To echo a similar sentiment to last month’s Month in Review, the Northern Territory is the safest place in the country, according to the June Herron Todd White (HTW) residential report. </p>
<p>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.</p>
<p><span>"Our Chief Minister, Michael Gunner, is quotes as saying that the Northern Territory is now 'the envy of the country' and for good reason," the valuation firm sai.d </span></p>
<p><span>"Firstly, only two new COVID-19 cases this month, both of whom were diagnosed while overseas and then returned home to Darwin, taking our total to 30. </span></p>
<p>"Apart from the two recent cases who should both make a full recovery very soon, we still have no community transmission anywhere across the Northern Territory (source: Natasha Fyles, Health Minister, Northern Territory Government), a statistic championed to and throughout our community," the valuation firm said. </p>
<p><span>On the back of this, the Northern Territory government has implemented its ground-breaking road map to the new normal (source: Secure NT) that was released on 30 April. This road map allows a slow but safe return to some normalcy across the Territory not only from a health and safety but an economic point of view.</span></p>
<p><span>Stage 2 was the most recent change on 15 May which saw pubs, clubs, gyms, some indoor gatherings, museums, open homes and inspections and other businesses of the like re-open, with </span>an expected 1,500 people returning to work immediately (source: NT News). This was a welcome relief, not only as people enjoy the social interaction (from a safe distance) but also in getting the economic wheels to start turning.</p>
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<p><span>"As we start to see the easing of restrictions, how will this factor into the property market?</span></p>
<p><span>"In short, we are seeing a reduction in sales volumes, combined with a reduction in listings," the valuation firm said. </span></p>
<p><span>The March 2020 quarter saw volumes fall by 27 per cent (source: REINT magazine), however as this data is captured pre-COVID-19, the June quarter will show a clearer picture as to the full effects of the virus and its impact.</span></p>
<p><span>"Commentary in the market is echoing last month’s view of a wait and see approach as we wade through the pandemic.</span></p>
<p><span>"With the return of open homes part of the easing of restrictions, </span>hope remains that we may see an increase in transactions in the market," the valuation firm said. </p>
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<p><span>One positive that has come from the virus is the rise in renovations and the associated wider reaching benefits of this, the report noted. </span></p>
<p><span>A major factor in the Northern Territory has been the release of the Home Improvement Scheme. This scheme saw an initial $30 million of funding allocated to home and also business improvements where the government will give a voucher worth $4,000 if owners contribute at least $1,000 of their own money, or a voucher worth $6,000 if they contribute at least $2,000 of their own money with </span>the idea being to get screwdriver ready projects out the door.</p>
<p>The scope of possible works that could be done is quite varied and only needs to be completed by someone who is a licenced trade, not related to the recipient of the grant (source: business recovery.nt.gov.au).</p>
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<p><span>The report suggests the uptake on this was enormous. Funding was pushed out to $100 million by the Northern Territory government with the idea of getting 20,000 applications and work to be undertaken over the next six to nine months, a great incentive for not only home improvements but a kick starter for trades and services.</span></p>
<p><span>Another great positive in this scheme is that investors can also benefit, the government making it clear from the onset that investors who own a home and are a resident in the Northern Territory could also benefit.</span></p>
<p><span>Speaking with local agents, renovated homes continue to draw good enquiry and with the easing of open home restrictions, this will only improve. </span></p>
<p><span>Uptake of the scheme has also been varied, with homes in all areas and wide ranging price brackets taking up the opportunity to renovate and improve.</span></p>
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<p><span>Speaking locally, the preferred established locations are our northern suburbs, the report noted. </span></p>
<p><span>Being in a tropical climate with proximity to the beach, preferences lean towards larger outdoor living areas or the added benefit of a pool.</span></p>
<p><a href="https://www.realestate.com.au/sold/property-house-nt-anula-133034166" target="_blank">23 Yanyula Drive, Anula </a>(pictured below) is an example of a typical three- bedroom, one-bathroom home found in these, the HTW report noted. </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/2020/7/6/anula.jpg" alt=""></p>
<p><span>With the added benefit of a pool and larger entertaining area, this renovated home sold for $585,000.</span></p>
<p><span>Compare this with properties without the pool or entertaining area that are currently for sale for anywhere up to $100,000 less in some locations.</span></p>
<p><span>There are however some minor drawbacks of the scheme. Any property owned in a trust or company name cannot apply and if a property is owned in joint names, one grant will be applied to both owners. </span>Some works are excluded such as solar panels and works on a do-it-yourself basis.</p>
<p>"While these may frustrate some owners, we see great overall benefits for this scheme, not just for economic restart but the revitalisation of property in the Northern Territory as a whole," the valuation firm said. </p>
<p><span>"Where to from here? As said in previous reviews, the matter of COVID-19 is still very much in the wait-and-see position. </span>The Northern Territory has been tremendous in flattening the curve and we are now beginning to see the easing of restrictions as a result of the swift action taken.</p>
<p><span>"What does that mean for the property market?If we can continue on the current trajectory, with social distancing and also avoiding the second wave, we may see confidence return much sooner than expected with local sentiment already beginning to turn." </span></p>
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Darwin property market sees benefits of the Home Improvement Scheme: HTW residential 

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<p>The containment of COVID-19 has allowed the state government to put into action its roadmap for easing COVID-19 restrictions which was met with open arms for those in the property industry, according to the June Herron Todd White (HTW) residential report. </p>
<p>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.</p>
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<p><span>At the time of writing, South Australia has registered only one new case of COVID-19 since 23 April and has become the first state to be free of any known COVID-19 cases.</span></p>
<p><span>As of 11 May, restrictions were eased on the number of attendees at open inspections and allowing on-site auctions to take place.There is a sense of optimism in the air.</span></p>
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<p><span>In terms of the numbers, days on the market for metropolitan Adelaide currently sits at 54 compared to 45 during the same period in 2019 whilst listing volumes nationally have trended lower, the report noted. </span></p>
<p><span>"Interestingly dwelling values have been resilient recording a 0.4 per cent increase over the month of April.Agents are reporting a similar story indicating that stock is hard to find however buyers are still active in the market," the valuation firm said. </span></p>
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<p><span>The motivations of those active in the market must be well tuned when considering a renovation. What motivates one market participant to throw on the overalls and pick up a paint brush can be vastly different to the next.</span></p>
<p><span>For owner-occupiers, a lack </span>of space during working from home arrangements may have forced the hand to give a renovation project the green light whilst a minor renovation may make an investor’s rental property stand out from the crowd in a deepening rental market.</p>
<p><span>When undertaking renovations, owner-occupiers are willing to extend themselves to achieve a level of comfort and amenity required for a long stay. </span>The thought process is spend now for what you want.</p>
<p><span>In 20 years’ time, the cost becomes negligible and you have benefited in lifestyle from the works undertaken. Conversely, investors seek out properties with good bones that need as little capital outlay as possible.Put simply, owner- occupiers will attempt to fulfil both wants and needs whilst investors look to fulfil needs.</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/2020/7/6/parkside%201.jpg" alt=""></span></p>
<p>An example of this differential can be seen in the sales of <a href="https://www.realestate.com.au/sold/property-house-sa-parkside-133257550" target="_blank">10 Dunks Street, Parkside</a> (pictured above) and 42 Stamford Street, Parkside (pictured below).</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/2020/7/6/parkside%202.jpg" alt=""></p>
<p><span>Each comprises a character stone dwelling on an approximately 350 square metre allotment. </span></p>
<p><span>Selling in April 2020 for $1.29 million and representing owner-occupiers, 10 Dunks Street, Parkside has been fully renovated </span>and extended comprising high quality fixtures and fittings across three levels of accommodation.</p>
<p>This property provides for the typical needs of a buyer and also the trimmings some in the market may want.</p>
<p>Conversely and representing investors, 42 Stamford Street, Parkside is currently listed for rent asking $520 per week and has had the floors polished, walls painted and the kitchen and bathrooms updated to an appealing standard.</p>
<p>This property has been brought to a standard acceptable in the market providing no more than the needs a potential occupant may seek.</p>
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<p><span>"Heritage restrictions and planning overlays catering to lower density development make the inner and middle rings ripe for those looking for a renovation project," the valuation firm said. </span></p>
<p><span>The suburbs of Nailsworth, Kensington, Colonel Light Gardens and Mile End are each located within five kilometres of the Adelaide CBD and are characterised by early to mid-century homes on allotments ranging from 150 to 1000 square metres. </span></p>
<p><span>Entry price points in these suburbs range between $450,000 and $850,000 with well-established and renovated homes ranging in price from $650,000 to $1 million plus.</span></p>
<p>Ripe for a renovation is the current listing of <a href="https://www.realestate.com.au/property-house-sa-kensington-133473982" target="_blank">14 Phillips Street, Kensington</a> (pictured below), which has been advertised to the market with an undisclosed asking price.</p>
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<p>The property comprises a brick bungalow disposed as two bedrooms and one bathroom on a 453 square metre allotment.</p>
<p>This property represents an entry level property in the suburb of Kensington.</p>
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<p><span>The report suggests renovating does not solely relate to detached dwellings. Strata units are popular with first home buyers and investors given the entry price point they provide.</span></p>
<p><span>The restrictive nature of a Strata Title means renovations can only take place within the four walls of the unit. </span>This can be a good starting point for first time renovators as one can get a taste for the process whilst being limited in the extent of work that can be undertaken.</p>
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<p><span>Strata units are typically found in suburbs established between 1960 and 1970 and are characterised by cream brick walls and terracotta-tiled roofs. </span>The Burnside council area in the metropolitan south-east is heavily populated with strata units.</p>
<p><span>Entry price points </span>throughout the council area range between $225,000 and $325,000 whilst renovated units become available in the high $200,000s and can push up to the low $400,000s at the top end of the market.</p>
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<p>A representation of an entry level property is the sale of<a href="https://www.realestate.com.au/sold/property-unit-sa-rose+park-132382350" target="_blank"> 10/1A Grant Avenue, Rose Park</a> (pictured below) which achieved a sale price of $263,500.</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/2020/7/6/rose%20park.jpg" alt=""></p>
<p><span>This property comprised a first floor unit disposed as two bedrooms and one bathroom providing original fixtures and fittings throughout.</span></p>
<p><span>The property is well located being only a short walk to Victoria Race Course and Adelaide Parklands.</span></p>
<p><span>The upper end of market parameters is represented by 6/3 Talbot Street, Erindale (pictured below) which achieved a sale price of $430,000.</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/2020/7/6/erindale.jpg" alt=""></span></p>
<p><span>This is a fully renovated, free standing unit comprising two bedrooms and one bathroom. The unit has a double carport and private courtyard.</span></p>
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<p><span>When considering a renovation, construction costs and materials can be a topic hotly debated over the dining table. </span>Construction costs appear to have remained stable over the past 12 months.</p>
<p><span>Costs can fluctuate depending on building size, quality and specification.Tastes in building materials continue to evolve with free-standing baths and glass </span>window kitchen splash backs becoming popular.</p>
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<p><span>Brick veneer and rendered hebel construction remain most common for extensions whilst vinyl timber flooring and stone bench tops have become standard inclusions.</span></p>
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<p><span>"With an uncertain sales market we may in the short term begin to see a trend where home owners renovate what they have instead of seeking something else.</span></p>
<p><span>"This coupled with record low interest rates may provide the perfect excuse to get a project moving," the valuation firm said. </span></p>
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What motivates market participates to renovate in Adelaide?  HTW residential 

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<p>To maximise any increase in value when renovating, it is best to do a full kitchen or bathroom renovation, according to the June Herron Todd White (HTW) residential report. </p>
<p>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.</p>
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<p><span>"We are now, at the time of writing this, almost two months into these tough social distancing rules, restrictions and temporary closures of many businesses across many industries.</span></p>
<p><span>"Although it feels like it has been a lot longer, it is still quite early into the influence this COVID-19 pandemic is likely to have on our lives, the (macro) economy and what was and will be considered the norm for many different things moving forward," the valuation firm said. </span></p>
<p><span>When specifically looking at the residential property market, there were some obvious sudden impacts, such as the banning of on-site auctions and all open homes to be by appointment only. </span></p>
<p><span>The report notes there were also sudden changes to levels of market sentiment, for instance how confident purchasers in the market felt buying a new property and committing to a mortgage in a time of current economic uncertainty or paying top dollar for a property in a desirable location.</span></p>
<p><span>"What has been less sudden and to be frank, what most of us are interested in, is the impact on property values," the valuation firm said. </span></p>
<p><span>The property market (value speaking) is a lag indicator, so changes in value due to the COVID-19 pandemic are still too early to call, however to get some indication of where things are tracking, the best evidence to look at is: properties that have sold from April to now; how long properties are taking to sell; and whether there have been (and how many) downward price adjustments made to properties with an advertised price guide.</span></p>
<p><span>Speaking specifically of Canberra, the market has held its ground since late March with </span>prices remaining consistent with pre-COVID-19 levels, but moving forward, it may be a case of groundhog day with prices remaining where they are and growth very much negated by the fact that confident market sentiment is no longer there.</p>
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<p><span>The topic of renovations and value-adding is a contentious one, the report noted. </span></p>
<p><span>Generally speaking, the kitchen and bathroom areas of a property are where it is wise to invest capital, either through regular maintenance or upgrading, as these are focal communal points of a property where significant time is spent.</span></p>
<p><span>In current circumstances, it is those who bought five plus years ago who are in the best position to do this, drawing on the growth in their equity of their property from good capital growth to pay for renovations to invest back into their property.</span></p>
<p><span>A local example is a property in the south side suburb of Chisholm, which has a median house price of $607,500 (source: realestate.com.au pricing data as at 28 April 2020).</span></p>
<p><span>Comprising a small, 1990s built three-bedroom, one-bathroom dwelling with a dated fit-out located on a small block, it was purchased in 2001 for a figure in the vicinity of $150,000.</span></p>
<p><span>Valued as it was, a figure of $450,000 was adopted based on the valuation assessment method. This represented a tripling in its value over that time period just from capital </span>growth.The client was able to tap into the increase in their equity to undertake an internal renovation, the report noted. </p>
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<p><span>Those who purchased during the market peak (2018 to 2019) haven’t seen the previous levels of growth continue, so the growth in their equity may not be sufficient enough to use to undertake renovations.</span></p>
<p><span>"Day-to-day work volumes on a ground level haven’t shown any noticeable increase in the number of requests coming through for owner occupied or investor properties being renovated," the valuation firm said. </span></p>
<p><span>The desire to undertake such a project may be there, as more people work from home and become aware of dated internal fit-outs or neglected maintenance, however home renovations are likely to be considered a luxury and non-necessity, therefore in a period of restrained consumer spending, </span>there hasn’t been a sudden rise in the number of renovation jobs for established properties.</p>
<p><span>Those that are coming through tend to be owner- occupied properties, the report noted. </span></p>
<p><span>Property owners in a position to invest back into their property are doing so for their primary place of residence and it tends to be suburbs where the majority of the residential stock was established in the mid-1980s and early 1990s, such as Isabella Plains, Calwell and Theodore. </span></p>
<p><span>These properties are now 25 plus years old and are showing their age through dated internal fit-outs and worn appliances.</span></p>
<p><span>In the current circumstances, </span>these properties also tend to be the most sensible to renovate, particularly three-bedroom properties, as their buy-in price point tends to be in the low to mid $500,000 range.</p>
<p>Their post-renovation buy-in price point usually ranges from high $500,000 to mid $600,000 depending on the level of finishes and if the property is a bathroom plus ensuite property.</p>
<p>Properties within this price range are sensible to renovate as they are consistently within an in-demand price range due to their relative affordability in the context of Canberra, where the median house price at the end of 2019 was $788,621 (source: domain.com.au - Domain House Price Report, December Quarter 2019).</p>
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<p><span>"When renovating your property it is also important to consider that a half-hearted approach, so to speak, won’t necessarily see an increase in value as opposed to a full renovation, for example, if your property has a dated internal fit-out, choosing to (just) update the vanity unit in the bathroom, </span>or appliances only in the kitchen but leaving everything else as is," the valuation firm said. </p>
<p>This is often because it is an expectation of the market that these high-use items are in good working order and merely updating them is bringing the property in line with what the market expects when paying for a habitable property.</p>
<p>To maximise any increase in value when renovating, it is best to do a full kitchen or bathroom renovation.</p>
<p>A three bedroom house with a renovated bathroom in Chifley has recently been sold for $702,500.</p>
<p>The family home at <a href="https://www.realestate.com.au/sold/property-house-act-chifley-133723218" target="_blank">5 Lamb Place</a> (pictured below) was offered for sale for the first time in 54 years. </p>
<p>It comprises three bedrooms, separate lounge, meals area, double garage and covered storage area. </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/2020/7/6/chifley%20.jpg" alt=""></p>
<p>A current listing is a single level duplex with renovated kitchen in Holt, which is priced at over $498,000.</p>
<p>The three bedroom, two bathroom home is situated at <a href="https://www.realestate.com.au/property-duplex+semi-detached-act-holt-133902570" target="_blank">2 Bushby Place</a> (pictured below).</p>
<p>It comes with open plan living and dining areas, master room with ensuite and backyard with vegetable gardens. </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/2020/7/6/holt.jpg" alt=""></p>
<p><span>The report suggests another important thing to consider is price. It is important to source multiple quotes. </span></p>
<p><span>One local example saw a client in the suburb of Richardson source two quotes for the renovation of their </span>bathroom, which was a relatively small size, measuring 5.4 square metres.</p>
<p>The two quotes were $40,000 and $25,000. Richardson is one of Canberra’s most affordable suburbs and to outlay a significant sum for a small bathroom renovation did not make economic sense as buyer demand for high-end bathroom fit-outs in Richardson isn’t strong.</p>
<p>"Before undertaking any renovation work, consider what the market demands in a specific location in order to invest effectively and avoid overcapitalising," the valuation firm said. </p>
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Canberra renovation work volumes remain stable: HTW residential 

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<p><span>Market activity in Darling Downs has slowed significantly over the past six to eight weeks as a result of COVID-19, according to the June Herron Todd White (HTW) residential report. </span></p>
<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>
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<p><span>The report notes many vendors withdrew their properties from the market during the initial shut down period and many selling agents are now reporting having limited stock on the market.</span></p>
<p><span>Selling agents are also reporting that genuine buyers are still active in the market (ie. those who had sold just prior to the COVID-19 shutdowns and need to buy elsewhere or government employees relocating) and cash buyers are beginning to emerge, seeking the opportunity for a good buy.</span></p>
<p><span>The restriction on open homes for several weeks resulted in selling agents receiving genuine buyer enquiry rather than sticky-beakers. Open homes have re-commenced in the past week and agents are reporting moderate attendance so far.</span></p>
<p><span>In the broader Darling Downs region, property managers are still reporting good demand for rental properties, the report noted. </span></p>
<p><span>There is limited short-term rental accommodation homes in this region and accordingly, it has been somewhat insulated from an influx of short-term letting properties such as those listed on AirBNB coming back on to the long- term rental market.</span></p>
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<p><span>"Commentary has been made by both CoreLogic and realestate.com.au representatives regarding the potential for increased demand for properties within a two hour radius of capital cities after COVID-19, due to buyers seeking a lifestyle change to less crowded regional areas and with new work from home routines having been established.</span></p>
<p><span>"This applies to many areas within the Darling Downs region and is cause for optimism in our area," the valuation firm said. </span></p>
<p><span>Renovate your way out</span></p>
<p><span>There has been a significant growth in property owners undertaking extensive renovation projects in recent years, possibly driven by television shows such as The Block.</span></p>
<p><span>In the Darling Downs region, this is particularly evident in the city of Toowoomba, the report suggested. </span></p>
<p><span>"The well regarded and sought after suburb of East Toowoomba has seen a significant amount of home-owner renovations in recent times," the valuation firm said. </span></p>
<p><span>A majority of properties in East Toowoomba are older, character timber dwellings and there has been a noticeable increase in the number of these properties being brought back to life. </span></p>
<p><span>Some note-worthy renovations for this locality have maintained the original cottage style façade but have been extended to the rear with two level, contemporary style additions.</span></p>
<p><span>"There have only been a few renovations carried out in this style so far in East Toowoomba and they have generally been completed by owners of local, custom building groups as their own personal residence and then on-sold.</span></p>
<p><span>"Therefore, it is difficult to comment on the profitability of carrying out such an extensive renovation. In many cases, this has created a great deal of interest in those particular builders and resulted in additional renovation projects for them to complete for paying customers," the valuation firm said. </span></p>
<p><span>An example provided by the valuation firm is a fully restored and renewed home in East Toowoomba. </span></p>
<p><span>The four bedroom, two bathroom home at 31 Cavell Street (pictured below) was sold for $810,000 in 2019. </span></p>
<p><span>The home comes with tiled bathrooms, covered alfresco area and terrace, private courtyard and rear studio space. </span></p>
<p><span>The original features include high ceilings and black stained timber flooring. </span></p>
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<p><span>Well-renovated character dwellings in East Toowoomba are generally in the $750,000 plus price bracket, depending on the size and features of the dwelling, ancillary improvements such as pools and particularly the land size.</span></p>
<p><span>Renovation costs are currently quite high and in many cases, the cost of completing an extensive renovation is not reflected as added value on a dollar for dollar basis, the report noted. </span></p>
<p><span>Nearby suburbs such as Mount Lofty and North Toowoomba are also seeing some renovation of older timber homes, but to a lesser extent than that of East Toowoomba.</span></p>
<p><span>"There is significantly less home renovation being carried out in the lower price brackets and in other suburbs across Toowoomba. We also note that there is limited renovation activity in our regional areas such as Warwick, Stanthorpe, Gatton, Kingaroy and Dalby," the valuation firm said. </span></p>
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Extensive home renovation projects grow significantly in the Darling Downs region: HTW residential 

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<p><span>To date, there are still no clear indications of the impact of COVID-19 on property values in the Mount Gambier region, according to the June Herron Todd White (HTW) residential report. </span></p>
<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>"Whilst the market has softened as a direct result of government enforced restrictions and general economic uncertainty, we are yet to see this reflected in any value correction.</span></p>
<p><span>"As restrictions begin to ease and some normality resumes, we remain positive that the impact will be limited, however we are not naive to the fact that there will be ramifications within the property market," the valuation firm said. </span></p>
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<p><span>What about renovations?</span></p>
<p><span>Bunnings is certainly packed on the weekends and our DIYers are making the most of lock down time! However, from what we can see at the moment, it would appear as though the top priority on everyone’s renovation list is to complete small jobs that were already on the to do list," the valuation firm said. </span></p>
<p><span>Larger renovations often take longer to plan and generally rely on the availability of tradies and they are not easy to grab in our region at short notice.</span></p>
<p><span>"In our region, major renovations need to be considered quite carefully. The cost of demolition, altering and reconfiguring existing improvements can quickly make any renovation very expensive, without necessarily seeing any improvement in the dwelling," the valuation firm said. </span></p>
<p><span>"Prior to completing any major renovations we would recommend that home owners ascertain the current value of their home (have a valuation done), consider the cost of the proposed renovations and then add the two amounts together. </span></p>
<p><span>"What can you buy in the current market for a similar price? Are you best to do the proposed renovations or perhaps consider buying a property at a similar total cost where someone has already done all the hard work? This is a simple way to have an informed opinion on the best way to tackle the question of whether to renovate or not." </span></p>
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<div class="section"><span>Set on a 641 square metre block, the 10 Degaris Street home (pictured below) comes with lounge room, renovated kitchen, and paved pergola area. </span></div>
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<div class="section"><span>The property was last sold in 2012 for $210,000.</span></div>
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<div class="section"><span>A current listing is a renovated three bedroom home in Mount Gambier with a price guide between $175,000 to $185,000.</span></div>
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<div class="section"><span>The 53 Boandik Terrace home (pictured below) comes with open plan lounge and dining, three carpeted bedrooms, tiled bathrooms and separate lounge. </span></div>
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<div class="section"><span>It is located just a short walk to schools and shopping centre. </span></div>
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Major renovations in Mount Gambier need to considered carefully: HTW residential

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<p><span>The COVID-19 restrictions have given homeowners the chance to review their living spaces, with many people looking at ways to further improve their homes, according to the June Herron Todd White (HTW) residential report. </span></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>Corelogic recorded a 0.2 per cent price increase in the Perth median house price to $477,000 throughout April, indicating that values remained steady in the initial impact stages of COVID-19.</span></p>
<p><span>The number of listings decreased five per cent compared to the previous month with 11,670 properties recorded for sale at the end of April, which is below historical numbers and indicates that the market is moving towards a period of undersupply – depending on where demand levels out.</span></p>
<p><span>When home open inspections were temporarily banned due to the Coronavirus restrictions, the Real Estate Institute of Western Australia (REIWA) recorded under 300 sales transactions per week during April compared to recording over 500 transactions per week over the same period last year. </span></p>
<p><span>The week ending 10 May recorded a 32.7 per cent increase in sales activity with 527 sales recorded in the Perth region compared to the previous week. </span></p>
<p><span>Confidence within the market is slowly beginning to recover which has been helped by home opens being reinstated with a maximum of 10 people allowed and a further maximum of 20 people allowed as of 18 May.</span></p>
<p><span>Within Perth, the REIWA recorded 5420 properties for rent as of 10 May, which is a four per cent decrease in comparison to four weeks before and 23 per cent lower than this time last year.Leasing activity has increased by 31.5 per cent from the end of April to the start of May.</span></p>
<p><span>Until recently, agents across south-west Western  Australia were experiencing very few enquiries and were frustrated by the inability to interact with potential purchasers due to restrictions on home opens.As a result of the lack of sales transactions, it has been difficult to get any firm idea as to the effect on values.</span></p>
<p><span>"The easing of Coronavirus restrictions has seen a flurry of new enquiries however it is not yet back to the pre- pandemic levels," the valuation firm said. </span></p>
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<p><span>Prior to the world pandemic, Western Australia’s property market was improving consistently with consecutive levels of growth being recorded, the report noted. </span></p>
<p><span> Senior Research Analyst for Domain, Nicola Powell, said that houses in Perth were being discounted at an average rate of 7.85 per cent during April, compared to 11.9 per cent recorded last year.</span></p>
<p><span>One real estate agent reported that 60 per cent of their transactions were between one and three per cent of the original asking price.</span></p>
<p><span>"Many believe that Western Australia will perform stronger than other states given its stage of the property cycle before the impact of COVID-19, however many industry experts have stressed concern that the government incentives are only a short term solution and that we could be in for more pain in the long run," the valuation firm said. </span></p>
<p><span>Renovations</span></p>
<p><span>The Coronavirus pandemic has produced very few upsides, however one positive outcome has been the increased time spent with our families, friends and loved ones, the report noted. </span></p>
<p><span>The extended homestay period has brought boredom to a whole new level for some. The COVID-19 restrictions have given stir-crazy homeowners the chance to review their living spaces, with many people looking at ways to further improve their homes.</span></p>
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<p><span>"Renovating is well known for increasing the value of property as well as bringing new life to dated dwellings, however we do know that alterations almost never boost value at a one-to-one ratio with cost," the valuation firm said. </span></p>
<p><span>With many experts tipping the Australian property market to plummet between one to twenty per cent over the coming year, renovating could look like a fine prospect to offset some of that damage for people with job security.</span></p>
<p><span>Though solid statistics are sparse, one article by 9 News suggests that Australian renovation jobs were down 15.55 per cent in April 2020 compared to March, however this is not in line with the anecdotal evidence we are seeing on the ground.</span></p>
<p><span>Commonwealth Bank of Australia economist, Gareth Aird, recently said that “there has been a 25 per cent increase in credit and debit spending on household furnishings and equipment compared to a year ago”.</span></p>
<p><span>Simon Bligh, Chief Executive Officer of credit bureau Illion, said the average Australian spent 38 per cent more per week on home improvement compared to before the lockdown (Sydney Morning Herald, 2020).</span></p>
<p><span>"Although renovation work generally drops when there’s a dip in consumer confidence, this has never been combined with residents having spare time around the house, so it will be interesting to see which way the pendulum swings over the June quarter, especially since restrictions appear to be changing almost weekly," the valuation firm said. </span></p>
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<p><span>In the early stages of the pandemic, much of the expectation was for renovation work to slow down as the supply chain for home improvement parts and equipment was halted and product availability from China was lacking, the report noted. </span></p>
<p><span>On top of this, looming social distancing restrictions posed a threat to tradespeople working in close quarters. Fortunately, as of 18 May, restrictions were relaxed to allow gatherings of up to 20 people. </span></p>
<p><span>This should provide some relief to developers, builders and tradespeople alike, however applying the four square metre rule may still be tricky in some work sites.</span></p>
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<p><span>Many building and renovation businesses have had to change the way they operate alongside the rest of the country by adding services such as video call consultations, where consultants take a virtual tour through the home as the owner shows them around.</span></p>
<p><span>Small projects such as updating blinds and carpets, landscaping, gardening and painting have seen Bunnings and other outlets quickly run out of stock and many residents have become keen DIYers during long stretches at home.</span></p>
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<p><span>In terms of what we have experienced here in Western Australia, chatting with agents, property managers, investors and homeowners suggests that renovation work has in fact increased, particularly in the upper middle price bracket of circa $700,000 plus. </span></p>
<p><span>This may be due to hierarchal employment and the fact that younger and older, lower income earners have (generally) been hit the hardest or are not in a financial position to be thinking of renovating.Historically low interest rates have clearly been enticing homeowners into refinancing to top up their borrowings.</span></p>
<p><span>Historically low prices provide fantastic opportunities for anyone willing to tackle a new renovation here in Western Australia.</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/2020/7/6/parkwood.jpg" alt=""></span></p>
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<p><span>The Parkwood property at 23 Romney Way (pictured above) is under contract for $370,000.</span></p>
<p><span>The circa 1974 build comprises four bedrooms, one bathroom and a single garage with an attached carport, built on a 713 square metre allotment.</span></p>
<p><span>This shows exceptional value for money if you are willing to get your hands dirty and renovate, as the same block of land ten kilometres further from the CBD can cost substantially more – minus the hous</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/2020/7/6/piara%20waters.jpg" alt=""></span></p>
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<p><span>This Piara Waters property at 7 Artisan Pass (pictured above) sold in February 2020 for $810,000.</span></p>
<p><span>The circa 2009 build comprises four bedrooms, two bathrooms and a double garage on a 713 square metre allotment.</span></p>
<p><span>Despite the glaringly obvious difference in the quality of improvements, it really does demonstrate the value for money in older suburbs where you can give properties a new life.</span></p>
<p><span>"If you spent $350,000 demolishing and rebuilding the Parkwood property, or less on a smaller scale renovation, then you could have a similar quality build on the same amount of land for cheaper and ten kilometres closer to the city," the valuation firm said.  </span></p>
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<p><span>The cost of renovating during the Coronavirus pandemic has seemingly remained stable (though it is hard to tell as prices fluctuate significantly from builder to builder), only increasing if time is a major factor or if products aren’t available from the usual suppliers.</span></p>
<p><span>"We have however heard of projects being quoted with extended completion times due to social distancing restrictions. This should ease up as restrictions are loosened over coming months."</span></p>
<p><span>Generally, the cost of a major kitchen renovation starts from circa $20,000 and can increase upwards of $50,000 depending on the size of the kitchen, whether you are removing walls or choosing high quality, unique fixtures and finishes. For bathrooms, major renovations start at circa $15,000 and can carry on upwards of $30,000 (again depending on several factors).</span></p>
<p><span>These costs can of course be lower if you are only completing minor works, spend wisely or assist in the works yourself.</span></p>
<p><span>As noted in previous editions, Houzz Australia’s 2016 Houzz and Home Report states that homeowners spent an average of $31,000 on major renovations of a large kitchen (more than 12 square metres) where all appliances and cabinetry were replaced and $21,840 for a small kitchen (less than 12 square metres).</span></p>
<p><span>The Houzz and Home Report also showed that the average spend on major bathroom renovations was $16,440 for a large bathroom (more than five square metres) and $14,770 for a small bathroom (less than five square metres) (Domain, 2017).</span></p>
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<p><span>"Entry prices for new dwellings come in at circa $190,000 plus for a completed product.If you add in the cost of a potential demolition ($15,000 to $25,000), then you’re looking at a minimum of $200,000 to $250,000 for a standard project style build.Consider renovating if your home is looking a little dated, but you love the area you live in.</span></p>
<p><span>"You can get a completely new look and fresh feel for easily under $100,000, or if you live in an older character home, finished renovations can look amazing and can be highly contested when put up on the market," the valuation firm said. </span></p>
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<p><span>Suburbs such as Mount Hawthorn, Wembley, and Mount Lawley, all being within five kilometres of the CBD, have seen a flurry of action recently. </span></p>
<p><span>Further out of central Perth, suburbs such as Canning Vale and Atwell are creeping towards the ripe renovation age of between 30 and 35 years old - this is the median dwelling age for renovations.</span></p>
<p><span>"Canning Vale was zoned rural under the Metropolitan Region Scheme until 1994, making the residential development’s age around 25 years old, so we should start to see an influx of renovation projects in these areas throughout the pandemic and beyond," the valuation firm said. </span></p>
<p><span>The main areas ripe for renovation in the south- west tend to be older character homes in South Bunbury and East Bunbury, the report noted. </span></p>
<p><span>A character home in need of renovation can be picked up for mid- $300,000s and once renovated, can sell for mid to high $500,000s, with higher values achievable after extensions or additions.</span></p>
<p><span>Other areas such as Busselton can see older homes renovated, usually as the front lot of a strata development however they are usually demolished to make way for modern units.</span></p>
<p><span>The cost of renovations and additions are such that it is often just as affordable to construct a project style home as is the case in many of the smaller country towns.</span></p>
<p><span>"In summary, there are many areas throughout Western Australia where renovation projects are a worthwhile exercise – however there are also areas that are ripe for gentrification, where the value add of a new dwelling easily outstrips the prospects of a renovation.</span></p>
<p><span>"Part of our service offering is the ability to offer before and after valuations based on your project plans. When weighing up where to spend your hard earned savings, it’s well worthwhile paying for some professional advice."</span></p>
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Are renovation projects worthwhile in Perth? HTW renovation 

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<p><span>The majority of development applications in the eastern suburbs relate to renovations and extensions, 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 report notes renovations are generally made by owner-occupiers looking to enhance their current home to meet their changing needs and include examples such as renovations of terraces in Paddington and Woollahra, to second storey additions to semi-detached homes in Maroubra and Randwick, to huge extensions and renovations to large prestige homes in Vaucluse and Bellevue Hill.</span></p>
<p><span>"While we do see full renovations of units and townhouses in the eastern suburbs, it is more often the case that a part renovation is undertaken to get an uplift in rent for investors, or an uplift in price for owners looking to sell after the renovation," the valuation firm said. </span></p>
<p><span>These renovations often focus on the works that will give you more bang for their buck such as a new kitchen, bathroom renovation or new floor coverings.</span></p>
<p><span>"Given the local government areas of Woollahra, Waverley and Randwick have a significant proportion of development applications relating to renovations and extensions, we took a look at the number of new development applications lodged so far this year and how that compared to last year," the valuation firm said. </span></p>
<p><span>In the period to the middle of May this year, Woollahra LGA saw 150 new development applications lodged. This was slightly down on the 170 lodged over the same period last year. </span></p>
<p><span>Waverley had 150 in both years, while Randwick dropped from 270 last year to 215 this year. </span></p>
<p><span>"These numbers may reflect the stronger property market conditions in the first quarter of 2020 compared to 2019, with owners looking to sell rather than stay and renovate, but may also indicate that some owners may be placing larger </span>renovation projects on hold under the current COVID-19 environment," the valuation firm said. </p>
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<p><span>The report notes a good example of uplift in value from renovating in the eastern suburbs is a property at the southern end of the region in Chifley.<br></span></p>
<p><span>The original two storey, semi-detached, four- bedroom, two-bathroom dwelling (pictured below) situated on a thoroughfare opposite Long Bay Correctional Facility, sold in September 2018 for $1.15 million.</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/chifley%20before.jpg" alt=""></span></p>
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<p><span>After a full renovation, the property (pictured below) resold in November 2019 for $1.9 million, more than covering the cost of the renovation.</span></p>
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<p><span>Another example at 9 Jane Street in Randwick saw a detached, single level cottage (pictured below) sell originally </span>for $2.1 million in June 2019, then undergo a full renovation, before selling again in April for an undisclosed price above $3 million.</p>
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<p><span>"Both of these examples also benefited from an improving market between purchasing and selling. This is an important consideration for anyone looking to flip, as in a falling market it may be difficult to cover your total costs after completing the renovation," the valuation firm said. </span></p>
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Eastern Sydney sees decline in development applications for renovations: HTW residential 

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<p><span>The Northern Beaches area is heavily owner- occupier driven and most renovations occur for this purpose, whether that be for first-home buyers looking to add value or families looking to upsize but remain in their existing homes, 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>The report notes Freshwater is one of the most active suburbs for home renovations at the moment.</p>
<p>"The suburb has one of the highest number of outstanding development applications in the Northern Beaches Council with around 30, particularly high considering the size of the suburb," the valuation firm said. </p>
<p><span>Entry level into the Freshwater market for housing is typically $1.5 million to $2 million, depending on the position in the suburb, land characteristics and accommodation size.Generally speaking, construction works typically return their cost and often a profit.</span></p>
<p><span>"It is prudent to analyse sales in the local area of finished, renovated homes if creating equity is a major factor in your decision to renovate. </span></p>
<p><span>"The sales will assist in determining what the market is willing to pay for certain products, help set a construction budget and provide design ideas and concepts that the local market is receptive to," the valuation firm said. </span></p>
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<p>A recent example of this is <a href="https://www.realestate.com.au/sold/property-house-nsw-freshwater-133208874" target="_blank">70 Soldiers Avenue, Freshwater</a> (pictured above) which sold for $2.725 million on 9 April 2020.</p>
<p><span>This circa 1960s, four-bedroom, three- bathroom property recently underwent a full </span>renovation and is a good benchmark for owners looking to renovate their existing homes in the suburb.</p>
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Freshwater - the most active suburbs for home renovations in the Northern Beaches: HTW residential 

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<p><span>The prestige market on the Upper North Shore is seeing plenty of renovation activity, although this is not uncommon for this area of course, according to the latest Herron Todd White (HTW) residential report. </span></p>
<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>"It can traditionally be very hard to find a property that ticks all of your boxes at this higher end of the market, so usually buyers or owners are willing to renovate as needed and are more likely to have the funds to do so.</span></p>
<p><span>"This has become even more pronounced with the dramatic drop in the amount of stock coming onto the market during this COVID-19 period," the valuation firm said. </span></p>
<p><span>Home-owners who were looking to potentially upgrade prior to March this year may now be nervous due to the current uncertainty in the market and decide to renovate instead. </span></p>
<p>The report notes these same owners may now have slightly more time on their hands too, allowing them to investigate the renovation and associated DA process.</p>
<p><span>Renovations on the Upper North Shore, assuming undertaken to a quality standard, traditionally provide the added value of the completed work at a minimum.</span></p>
<p><span>"Of course there is always the odd property where over-capitilisation has occurred, but it is hard to go wrong in this sector of the market if owners follow the basic renovation rules," the valuation firm said. </span></p>
<p><span>An example of a recent purchase and renovation job re-sold in March this year for a substantially higher price.</span></p>
<p><span>The period property At 36 Powell Street, Killara (pictured below) sold in May 2015 for $2.75 million and was in dated condition throughout.</span></p>
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<p><span>After some small extension work, floor plan re-configuration and a full internal renovation, the property re-sold in March this year for $6.1 million (pictured below).</span></p>
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<p><span>"Of course there has been some market growth over this period too, but it is still a good example of the added value of quality renovation works.</span></p>
<p><span>"Situated on a good sized block with a highly desirable north-to-rear aspect and located in a well-regarded street, this was always going to see a substantial increase in value," the valuation firm said. </span></p>
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