Repeat buyers are one of the strongest measures of confidence in any apartment development.

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.

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.

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"I had some boxes I wanted to tick," he says.

Keith points to the open-plan design, generous outdoor areas and considered inclusions as key reasons One Apartments worked for him.

“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.

He also found value in the smaller details, from integrated appliances to shared resident spaces including the pool, cinema and rooftop areas.

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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.

"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."

Today, Keith says the move has completely changed how he experiences Newcastle.

"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."

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Beyond the location, he says it's the sense of community that has surprised him most.

"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."

For Aimee and Lyle Goodman, the journey started almost by chance.

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The couple happened to be having coffee in Newcastle when they noticed the site where One Apartments was about to begin construction.

"We were aware GWH was planning a development," Aimee says. "We made one phone call and things moved pretty quickly after that."

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.

"We actually catch up more as a family now," Aimee says.

"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."

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Lyle says their confidence came from GWH's reputation within Newcastle's building industry.

"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."

That confidence only grew throughout the buying process.

"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."

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Aimee says one moment stood out.

"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."

The positive experience at One Apartments ultimately gave all three buyers the confidence to purchase again with GWH, this time at ERA.

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.

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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;

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;

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.

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For Keith, the appeal remains straightforward.

"You feel at home even before you've moved into your home."

For Aimee, the change is measured in time.

“I just felt like I had more time,” she says.

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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.

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.

[smartcode_project_cta:default project_id=135096]

Joel Robinson

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

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.

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.

"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.

"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."

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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.

"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.

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."

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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.

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.

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.

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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.

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.

The sales team says buyers have responded particularly well to the combination of location, design quality and long-term liveability.

"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."

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.

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.

[smartcode_project_cta:default project_id=4661]

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

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.

<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.

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.

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.

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.

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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.

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.

"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.

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.

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The Gold Award for Interior Design recognised the project's focus on long-term liveability rather than display-home aesthetics.

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.

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;

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;

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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.

"Every detail feels deliberate, from the overall design down to the smallest touches," the purchaser said.

"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."

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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.

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.

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Kooyongkoot wins Gold and Silver at Better Future Melbourne Design Awards

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.

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.

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.

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.

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.

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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.

"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.

"The Lennox captures that evolution with a level of quality and amenity that's difficult to match at its price point."

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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.

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.

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.

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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.

Equitifund National Sales Director Ben Hamblett says buyers are increasingly recognising that premium apartment living no longer needs to come with Sydney CBD pricing.

"The Lennox is where aspirational living becomes attainable," Hamblett said.

"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."

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.

"At The Lennox, lifestyle is not an afterthought, it is the foundation."

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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.

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.

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.

"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."

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The apartment price gap drawing Sydney buyers west

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.

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.

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.

The transaction was negotiated by Pezet Matheson director Kerry Pezet and equates to more than $30,000 per sqm.

Pezet said the sale reflected the limited opportunities to buy into the boutique beachfront development.

"The sale highlights the rarity of opportunities within the boutique beachfront development, where residences seldom become available," Pezet said.

"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."

<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" />

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.

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.

Pezet Matheson Residential principal Mitchell Lambert said buyers continued to prioritise quality beachfront apartments in tightly held locations.

"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.

"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."

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.

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>.

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

Renovation

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If the queues at Bunnings are anything to go by, home renovation seems to be on the rise in western Sydney, according to the latest Herron Todd White (HTW) residential report. 
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.
"Niggling jobs that have been put on the backburner are now being addressed, be it patching a hole in the wall, reconfiguring the rear garden or even a second storey extension," the valuation firm said. 
Western Sydney is a diverse area for real estate and this allows residents a larger choice in property.
 Families who have outgrown their existing property have a number of options such as upgrading to a new property in the growth areas or buy an existing dwelling and renovate, the report noted. 
The north-west and south-west growth precincts have seen substantial development of new dwellings on smaller allotments over the past five years, with many buyers upgrading to these ready- made new products rather than undergoing an extensive renovation on their current dwelling.
"Given the lower price points in western Sydney compared to eastern Sydney, it is vital to analyse the current renovated sales to ensure you are not overcapitalising.
"This is particularly important for investors as it is dead money that could have been used elsewhere.Owner-occupiers may not be as concerned as over time these costs will be absorbed as the market improves," the valuation firm said. 
For years, investors have been actively buying older run down properties in western Sydney and updating the dwellings to not only add value but increase rental return.
The addition of a well-placed granny flat in the rear yard further increases the yield for the investor.
An example where this has worked is at <a href="https://www.realestate.com.au/sold/property-house-nsw-whalan-132604618" target="_blank">12 Aitape Crescent, Whalan</a> (pictured below) in the Blacktown LGA.
This three-bedroom, one- bathroom dwelling sold for $366,000 in February 2019 and after undergoing a full renovation, sold for $520,000 in February 2020 through Raine &amp; Horne Penrith.
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"Regarding the cost to renovate, it seems that engaging a skilled tradesperson to complete some work is not a cheap exercise.
"One has only to look at the number of shiny, dual cab utes on development sites to see that skilled tradespeople are in hot demand, mostly thanks to the amount of infrastructure and construction within the Sydney metropolitan area," the valuation firm said. 
In Prestons, the difference between a renovated and unrenovated entry level home is demonstrated by the results of two sales this year.
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<a href="https://www.realestate.com.au/sold/property-house-nsw-prestons-132770486" target="_blank">18 Cedar Road</a> (pictured above), an unrenovated property, sold for $676,000 in January, while <a href="https://www.realestate.com.au/property-house-nsw-prestons-133243622" target="_blank">32 Grevillea Crescent</a> (pictured below), with a basic internal renovation, mainly to the kitchen and bathroom, sold for $740,000 at the end of March.
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Whilst not a large uplift, it would easily cover the cost of completing the renovation works, the report noted. 
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Western Sydney home renovation on the rise: HTW residential 

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The general sales activity and enquiry in Lismore, Richmond Valley and Kyogle areas have remained quiet, however, there does not seem to be any sense of a catastrophic drop in prices expected, according to the latest Herron Todd White (HTW) residential report. 
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The valuation firm suggest in locations across the nation, the downtime delivered by isolation has spurned on owners looking to improve their assets through maintenance and upgrade. This month’s HTW report highlights where renovations are on the rise and the price points and outcomes those markets can expect.
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"Following the COVID-19 restrictions in place from early March 2020, the question frequently asked is “How will the property market react during and after COVID-19?” 
"Nothing much has changed since our foray into this loaded question last month, apart from the fact that at least some restrictions are slowly being lifted," the valuation firm said. 
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"Providing locals are able to get back to work or retain employment and regain some sense of normality, a few brave souls have hinted at a launching pad for the local property market to rise!
"Think about it; the unprecedented low interest rates are unlikely to rise quickly due to a willingness by government and lenders alike to encourage the country to get going again...and this could be a scenario for some time yet," the valuation firm added. 
If a potential property investor, first home buyer or upgrader has all the boxes ticked for the lender, today could be a very good time to buy, the report noted. 
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Rental accommodation queries remain relatively strong.
With interest rates now at record low levels, there are a number of opportunities some may not have considered outside of the desire to buy a new build. 
Renovation could potentially feature in the minds of investors, developers, first home buyers and even upgraders. Borrow a few dollars to put some new life back into the tired and dated home.
The report suggests the cost is naturally going to be a key ingredient in the decision making as well as the end value of the final product.
"The option to do this in the Lismore region is to find an established, three-bedroom, two-bathroom dwelling within the $300,000 to $400,000 price bracket," the valuation firm said. 
For, Casino and Kyogle, a similar real estate product would be in the region of $250,000 to $350,000.
A three bedroom house in Casino was sold for $295,000 in April. 
The home at <a href="https://www.realestate.com.au/sold/property-house-nsw-casino-132689386" target="_blank">15 Beith Street</a> (pictured below) comes with L-shaped lounge and dining, modern kitchen, home office and garden shed.
It is located close to the Golf Course. 
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"There is no particular area of Lismore, Casino or Kyogle that has the upper hand on renovation activity.... diamonds in the rough can be found anywhere if you look hard enough," the valuation firm said. 
"Renovating an established dwelling rather than commencing a new build can achieve a lot....if done properly." 
A budget of less than $100,000 could provide an updated kitchen, bathroom, ensuite, general interior and exterior painting and floor coverings.
"Provided the renovation work emphasises the positive features that are already there OR introduces new features that the market place desires (do your homework for the areas you wish to invest or live in as each locality is different), then the cost to added value ratio could yield some reasonable capital gain....and nicer digs to reside in!" the valuation firm said. 
However, the trick is not to over capitalise. 
A good option is to seek out those large homes with only two bedrooms and a large living space, the report noted. 
Cut the living room to provide a third bedroom and the rental would naturally improve to reflect that of a three-bedroom home.
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Older style, turn of the century homes are quite popular for those with an interest in timber and the old world appeal.
One good example is a property at <a href="https://www.realestate.com.au/sold/property-house-nsw-girards+hill-129516530" target="_blank">62 Cathcart Street, Girards Hill</a> (pictured below), out of the flood area and an easy walk into the CBD.
The property is a beautiful, circa 1880s timber home with expansive verandahs and fully renovated interior that maintains the heritage character set amongst well established landscaping, trees and mature gardens.
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It sold for $880,000 in mid 2019, the price being a record for the suburb of Girards Hill in recent years.
However, the cost to renovate and maintain such prized, older-style, weatherboard homes needs to be strictly monitored as one could easily get carried away.
"In summary, from a conservative perspective, the purchase of an established house with opportunities to renovate would be a more viable option and purposeful stepping stone to something newer in the future without the millstone of large debt around the neck.
"There are land and house packages available today which are competitively priced but are still above the expected price for an established dwelling of average to moderate appeal.
"Besides, the established house does provide the opportunity for the owner to put their stamp of identity on the renovation project whereas a house and land package is simply that - what you see is what you get and any subtle changes to the design could bring on a wallet attack." 
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Tips for renovating established dwellings in Lismore/Casino/Kyogle: HTW residential 

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Well-renovated character homes in Byron are particularly desired in the market and could be targeted by a buyer renovating for profit, according to the latest Herron Todd White (HTW) residential report. 
The valuation firm suggest in locations across the nation, the downtime delivered by isolation has spurned on owners looking to improve their assets through maintenance and upgrade. This month’s HTW report highlights where renovations are on the rise and the price points and outcomes those markets can expect.
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"One month on and what was a blurry view of the post-COVID-19 property market is slowly coming into sharper focus, however with updates on travel restrictions, infection rates and government assistance packages coming at us thick and fast, the situation could be best described as fluid.
"A month ago, we were staring down the barrel of a lock down into September. The latest, good news is that intrastate travel in New South Wales will now be allowed from the start of July. This will be a welcome relief for the cash strapped tourism sector in Byron Bay and the surrounding shire," the valuation firm said. 
The report notes whilst the lucrative overseas market and interstate market is still out of reach, any visitor numbers are better than no visitor numbers for now. That is the good news.
There is, however, mounting evidence that residential sale prices in the shire may have softened since the start of the COVID-19 pandemic.
The following three examples show that some sellers have had to accept lower sale prices post-COVID-19 after listing their properties pre- COVID-19.
Exact property addresses are not given to protect the vendor’s and buyer’s privacy, however these are confirmed sales unless stated otherwise.
1. Acreageproperty, Binna Burra. Listedin February 2020 for $1.35 million. Sold in April 2020 for $1.2 million, an 11.1 per cent difference between list price and sale price.
2. Acreage Property, Nashua. Listed in February 2020 with a price guide of $1.29 million to $1.41 million. Sold in April 2020 for $1.08 million, a difference between price guide and sale price of 16.3 to 23.4 per cent.
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3. Duplex unit, Byron Bay (under contract). Listed in February 2020 with a price guide of $1.1 million to $1.2 million.Price guide adjusted in April 2020 to $995,000 to $1.065 million and is now under contract for $1.02 million, a difference between February price guide and sale price of 7.2 to ten per cent.
"Buyers and sellers should not be alarmed by these examples, but they should be alert to the fact that some properties are selling at prices well below the seller’s expectations," the valuation firm said. 
In the current market, sellers should be keeping right up to date on what is happening in their locations and be prepared to listen to the market rather than their hearts.
Buyers too, need to do their research, as there appears to be the opportunity to purchase at the lower end of some sellers’ price expectations, the report noted. 
"The bottom line is that there appears to be increased volatility across the market and at the moment, residential property can be expected to sell within a wider than usual price range," the valuation firm said. 
The report suggests buying a property at the lower end of the price range increases the opportunity to renovate for profit.
Renovating for profit is, however, traditionally fraught with danger due to cost overruns, over capitalising and market movement. It is best left to experienced renovators; novices need to tread carefully.
The Byron Shire is largely established with only a small number of residential estates offering new builds in the hinterland localities of Mullumbimby and Bangalow.
There are many older units and houses in beachfront towns and hinterland localities that could be described as ripe for renovation.
The report notes well-renovated character homes (timber houses from 1900 to the 1960s) are particularly desired in the market and could be targeted by a buyer renovating for profit.
A renovated three bedroom house in Ocean Shores has recently been sold for $745,000.
The <a href="https://www.realestate.com.au/sold/property-house-nsw-ocean+shores-132825202" target="_blank">51A Balemo Drive</a> home (pictured below) comes with multiple living spaces, modern kitchen, and undercover outdoor space. 
It also features solar hot water system, yard with established trees and scope for potential granny flat. 
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One of the more fashionable and profitable ways for owner-occupiers to add value to their properties in recent years has been the addition of a second dwelling or studio to their land.
The construction of a council-approved, self- contained bungalow or studio in a backyard has given many Byron Shire residents a steady income stream or somewhere for the extended family to live.
Notwithstanding the current over supply of rental properties brought about by COVID-19 (see last month’s Month in Review comments), there has been a shortage of properties to rent in the Byron Shire over the past few years and many homeowners and investors have sought to capitalise on this with a bungalow or studio addition.
Typically, a small two-bedroom studio or bungalow will cost around $175,000 to build, all in.
It will rent (depending on location) for approximately $375 per week or $19,500 per annum, gross rent.
A one bedroom home in <a href="https://www.realestate.com.au/property-house-nsw-mullumbimby-427810226" target="_blank">Mullumbimby</a> (pictured below) is currently on the rental market with a price guide of $365 per week.
The new home features open plan living, kitchen with gas cooking, separate bedroom and carport. 
It is located within walking distance to town centre. 
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"While you still have to factor in increased mortgage payments, management fees, vacancies, insurance premiums, etc., this represents a gross return of 11% on your investment.
"So, who wants to build a bungalow in Balgalow?" the valuation firm said. 
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How to increase the opportunity to profitably renovate in Byron: HTW residential

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Feedback from the Clarence Valley market suggests that the sales volumes are down, enquiry is down and holiday rental demand is down, according to the latest Herron Todd White (HTW) residential report. 
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The valuation firm suggest in locations across the nation, the downtime delivered by isolation has spurned on owners looking to improve their assets through maintenance and upgrade. This month’s HTW report highlights where renovations are on the rise and the price points and outcomes those markets can expect.
"Agents are reporting that some have taken their listed properties off the market, previously listed holiday properties are being leased out permanently, adding more supply and reducing rents," the valuation firm said. 
Agents are noting though that they are seeing less volume, there are more quality enquiries for sales properties.Value levels seem to have remained relatively stable until now.
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The HTW report notes prior to the Coronavirus, renovation was quite strong in the area due to the market rewarding updated, well-presented properties.
Renovation works are expected to be less common due to the Coronavirus.Renovations may occur in the main parent home as children lose their jobs and want to return home under the safety of greater equity held by their parents in these uncertain times which have negatively impacted employment.
"Due to the current uncertainty, those with financial resources are more likely able to renovate however working people with a mortgage may decide to defer spending money on renovation due to uncertainty about employment and secure income," the valuation  firm said. 
Investors likely are holding off renovating until such time as employment and tenants are in a stronger position to support payments of rent. 
Saying that, bank interest rates are still low and the area is seen as a long term growth area due to the new highway under construction and new jail. 
Renovations are likely still viewed positively by the market, particularly to out of town buyers from capital cities due to their more secure employment and income, the report noted. 
Renovation work in Grafton and Maclean on older style dwellings around $250,000 to $300,000 are not uncommon and some added value is expected to be rewarded by the market, although there are likely some Heritage issues to contend with in these areas.
A recent sale was a lowest weatherboard home situated within walking distance to Grafton CBD. 
The two bedroom, one bathroom house at <a href="https://www.realestate.com.au/sold/property-house-nsw-grafton-132698134" target="_blank">129 Fry Street </a>(pictured below) was sold for $278,000.
The home features lounge room with ornate ceilings, brick fireplace, timber floors and large backyard. 
<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/2020/6/16/grafton.jpg" alt="">
A current listing is a two bedroom Grafton house priced at $260,000.
The 134 Dobie Street home (pictured below) comes with two bedrooms and spacious living room, air conditioning and ceiling fans. 
It features hardwood timber flooring thourghout which is sought after by renovators.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/6/15/grafton%203.jpg" alt=""> 
"In the future, renovation work may likely be reduced due to the uncertainty around employment, expendable income and secure tenants," the valuation firm said. 
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Renovation work expected to reduce in Clarence Valley: HTW residential 

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Given that Inner North suburbs of Melbourne tend to comprise older dwellings, at least relative to the outer north, it is within these suburbs – including Coburg, Reservoir and out to Greensborough and Bundoora that most likely to see homes undergoing renovations, according to the latest Herron Todd White (HTW) residential report. 
The valuation firm suggest in locations across the nation, the downtime delivered by isolation has spurned on owners looking to improve their assets through maintenance and upgrade. This month’s HTW report highlights where renovations are on the rise and the price points and outcomes those markets can expect.
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Older homes, often held in families for many years and kept in their original state will often undergo impressive modifications and upgrades once sold to owner occupiers looking to make their homes larger, modern, comfortable and better suited to modern life. 
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The report suggests renovators can often expect to see healthy capital growth as a result of these renovations bringing these properties up to meet the expectations of potential purchasers for these areas.
There are a number of areas in the Inner North where ‘pop up’ rear extensions to existing heritage facades are becoming more commonplace as a means of meeting the requirements of heritage protections. 
"We have seen numerous examples of these, where older homes with small and enclosed living areas have been opened up, increasing natural light and utilizing spaces in a more functional way," the valuation firm said. 
"In recent months as a result of the Coronavirus pandemic, we have noted that the occurrence of larger renovations and extensions has reduced, bucking the trend of the past several years where renovations have been commonplace, particularly as a result of gentrification in many areas and a large number of homes constructed in the 1980’s becoming more obvious candidates for modernisation," the valuation firm said. 
Prime examples of this can be seen in Reservoir and Montmorency where homes with renovation potential can be purchased for between $700,000 and $850,000 and $800,000 to$900,000 respectively, the reported noted. 
"Once fully renovated, we are seeing homes in Reservoir achieve $1.1 million to $1.3 million and Montmorency, $1.1 million to $1.4 million," the valuation firm said. 
A three bedroom Clinker Brick Veneer house in Reservoir has recently been sold for $1.07 million.
The <a href="https://www.realestate.com.au/sold/property-house-vic-reservoir-133019962" target="_blank">31 Rubicon Street </a>home (pictured below) has been renovated and extended. 
It comes with open plan living, light-filled family room and decked entertainment area. 
It was last sold in 2007 for $476,000. 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/6/15/reservoir%201.jpg" alt="">
A current listing is an updated four bedroom house in Montmorency priced at $1.05 million to $1.15 million.
The<a href="https://www.realestate.com.au/property-house-vic-montmorency-133636602" target="_blank"> 3 Reichelt Avenue</a> home (pictured below) comprises two living zones, two updated bathrooms and study. 
It's situated within walking distance to schools, shops and cafes. 
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Investors in the outer north suburbs, looking to attract tenants or sell are more likely to carry out more modest or cosmetic renovations for ‘easy wins’, partly as a result of homes in these areas being much younger, with layouts not differing too much from new homes being constructed today.
The report notes minor renovations in these areas will tend to be limited to painting, replacing floor coverings, and perhaps a new kitchen, bathroom or deck.
"Moving forward, we expect that the prevalence of major renovations will continue to remain in parity with the economy and if this continues to deteriorate, then it is reasonable to expect that renovators will become less willing to spend big," the valuation firm said. 
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North Melbourne major renovations in decline: HTW residential 

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The idea of home improvement has been brought to light as of late with the extra time many of the population have had on their hands, according to the latest Herron Todd White (HTW) residential report. 
The valuation firm suggest in locations across the nation, the downtime delivered by isolation has spurned on owners looking to improve their assets through maintenance and upgrade. This month’s HTW report highlights where renovations are on the rise and the price points and outcomes those markets can expect. 
"Housing within many of the older suburbs in Geelong are at a perfect stage where a renovation or extension is exactly what is needed to revitalise one’s home and bring it back up to scratch with what’s currently trending and sought after in the current property market," the valuation firm said. 
Renovations are widespread across suburbs such as Newtown, Highton, Belmont and Geelong West. 
With many of homes in Geelong West having heritage overlays enforced the only option for many homeowners or buyers is to fully upgrade and refurbish internally with the front having to be left unscathed.
A three bedroom Belmont house which has been renovated throughout has recently been sold for $530,100.
The <a href="https://www.realestate.com.au/sold/property-house-vic-belmont-133586766" target="_blank">1/35 Digby Avenue</a> home (pictured below) comes with open plan kitchen, dining and lounge area, updated bathroom and decked alfresco area. 
It was last sold in 2016 for $380,000.
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A current listing is a two bedroom home in Geelong West priced at $499,000 to $535,000.
The renovated home at <a href="https://www.realestate.com.au/property-house-vic-geelong+west-133276326" target="_blank">202 Shannon Avenue</a> (pictured below) comes with open plan kitchen, living and dining, verandah, and enclosed carport. 
It is situated closed to shops, schools and Geelong CBD. 
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Extending and renovating these heritage listed homes has resulted in some masterpieces which combine timeless and classic architecture with modern materials and an open plan living space which is so prominent in housing in this current day and age.
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The report notes renovations obviously vary in price due to the nature of the works being conducted and not always is the amount spent on the renovation translated over to the overall new value of the property.
 In some cases when done right it can significantly increase the value of a home far greater than the amount spent on the renovation which can be seen by some record breaking renovated houses that have sold in the likes of Geelong West and Newtown over the past few years.
"Renovations are less popular in developing areas such as the ever expanding Armstrong Creek and Mount Duneed regions. This is ultimately due to the fact that no renovation or extension is required on these newly constructed homes still in excellent condition," the valuation firm said. 
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Geelong's older suburbs at a perfect stage for renovation or extension: HTW residential 

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Some areas in Melbourne’s West that Herron Todd White has seen a jump in renovation ‘As If Complete’ reports is the inner Williamstown and Newport region, according to the latest Herron Todd White (HTW) report. 
The valuation firm suggest in locations across the nation, the downtime delivered by isolation has spurned on owners looking to improve their assets through maintenance and upgrade. This month’s HTW report highlights where renovations are on the rise and the price points and outcomes those markets can expect.
"During these unprecedented times we’re seeing a concentration on the concept of improving your home or investment through renovation projects," the valuation firm said. 
Williamstown and Newport are much older and more established regions than most of Melbourne’s West which consists of newly developed housing estates.
 Because of this, older dwellings within these more established regions are far more likely to conduct a renovation or extension project due to owners wanting to revamp the older styled dwellings, the report noted. 
Renovations can be a costly process which can fluctuate in price due to a number of reasons. The scale of the renovation, materials used and chosen builder all play a massive part into how much a project might cost. 
"Homeowners within Williamstown in general have a much higher household income compared to homeowners living within Melbourne’s Western growth corridors and therefore they are able to put more money toward larger scaled and higher quality renovations. This can be anywhere from $100,000 to $600,000 depending on the works being done," the valuation firm said. 
A renovated Victorian home in Newport has recently been sold for over $1.1 million.
The Hawthorn brick house at <a href="https://www.realestate.com.au/sold/property-house-vic-newport-133547998" target="_blank">274 Melbourne Road</a> (pictured below) comprises three bedrooms, formal lounge, kitchen/meals area, and large deck.
It is situated close to shops, cafes and eateries. 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/6/15/newport.jpg" alt="">
A current listing is a renovated family home in Williamstown priced at $1.64 million to $1.69 million.
The<a href="https://www.realestate.com.au/property-house-vic-williamstown-133494918" target="_blank"> 185 Cecil Street </a>home (pictured below) comprises three bedrooms, three bathrooms, and pool.
Additional features include gas fireplace, designer appliances, solar system and alarm.
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The report notes housing within Wyndham and Melton in general are new to near new dwellings having only been built within the past five years. 
Because of this, the need from renovations and extensions are not as rife compared to that of the older and more established regions that have been around for decades. 
Smaller scaled housing projects such as pergolas, working sheds and landscaping is a common trend for home owners within these newly developed housing estates as it simply isn’t necessary for them to upgrade or extend on their newly constructed homes. 
Another factor is the size of the land generally being smaller in these high density urban growth zones and therefore there is an inability to extend any further on the dwelling that already takes up the majority of space on the land.
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Melbourne's inner Williamstown and Newport region sees jump in renovation: HTW residential 

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In the Eastern suburbs of Melbourne, the number of renovation jobs completed by Herron Todd White (HTW) has increased, according to the latest HTW residential report. 
The valuation firm suggest in locations across the nation, the downtime delivered by isolation has spurned on owners looking to improve their assets through maintenance and upgrade. This month’s HTW report highlights where renovations are on the rise and the price points and outcomes those markets can expect.
The report notes the outer eastern ring has seen a spike in renovation valuations. Suburbs such as Kilsyth, Blackburn, Doncaster and Wantirna have had measured growth in jobs for renovations. Ranging from complete renovations, partial renovations and additional spaces being created to the homes.
A renovated character home in Blackburn has recently been sold for $1.435 million.
The <a href="https://www.realestate.com.au/sold/property-house-vic-blackburn-133601306" target="_blank">2A Forest Road </a>home (pictured below)comes with formal and casual living and dining, four bedrooms, renovated stone kitchen, entertaining area and vegetable garden.
it is set just moments from school and public transport. 
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"The trend we are seeing, based on the ownership information provided by third party web service, Core Logic, is that it is mostly current owners who are renovating.
"Whether it is cabin fever or having a surplus of free time due to being isolated is speculative. What we do know is that there has been a significant increase in renovations being undertaken," the valuation firm said. 
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Due to the eastern suburbs being an established, older area with a range of Italianette, Victorian, Edwardian and Art Deco homes, the opportunity for renovation is a lot higher than suburbs in developing areas.
 In some cases, it is almost more expensive to renovate an old home with structural issues than building a new dwelling, the report noted. 
Though, due to the aforementioned style of homes being omnipresent in the Eastern suburbs, there are more restrictions for what is able to be renovated and planning approval can be more difficult and time consuming to attain.
Buildings that are heritage listed and suburbs with heritage overlay encumbrances can encounter obstacles when wanting to extend and renovate.
Largely because most heritage buildings require the front facade to structurally remain the same and there be no visibility of additional levels added to the home from the street frontage. This can greatly escalate building and labour costs.
"Depending on how far East you travel to buy a home with renovation potential, the outer East would have houses available with a purchase price of $700,000 and $1.2 million," the valuation firm said. 
A big trend seen in Glen Waverley and Mount Waverley is for buyers to purchase run down properties and build a new home with four or five bedrooms.
A current listing is a four bedroom house in Mount Waverley priced at $1.38 million to $1.49 million.
The<a href="https://www.realestate.com.au/property-house-vic-mount+waverley-133783346" target="_blank"> 1 Wills Avenue </a>home (pictured below) comes with formal lounge, kitchen/meals area, family room and double carport. 
It has future potential as a site for building a new home. 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/6/15/mount%20waverley.jpg" alt="">
"While this isn’t a renovation, it is an interesting trend seen over the last couple of years," the valuation firm said. 
The effect of COVID-19 hasn’t slowed down the construction industry completely. There are still many investors who are eager to build and develop even through this uncertain time.
"We are seeing basic renovations begin at prices around $150,000 to $200,000 and more substantial renovations priced around $400,000-$500,000.
"Sub-contractors and trades are in hot demand and renovations are definitely sought after during this period of isolation," the valuation firm said. 
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Eastern Melbourne sees a spike in renovation valuations: HTW residential 

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Building applications have hit an all-time high in homes within Melbourne’s southeast, according to the latest Herron Todd White (HTW) residential report. 
The valuation firm suggest in locations across the nation, the downtime delivered by isolation has spurned on owners looking to improve their assets through maintenance and upgrade. This month’s HTW report highlights where renovations are on the rise and the price points and outcomes those markets can expect.
The report notes many homeowners and investors are utilising this time to work on home improvements. 
With the Reserve Bank’s decision to cut rates down to a low of 0.25 per cent, this means it is cheaper than ever for homeowners and investors to borrow money to make improvements.
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"In established areas of the South East, we have seen suburbs including Hughesdale, Parkdale and Carnegie undergo renovations," the valuation firm said. 
A renovated Art Deco home in Carnegie has recently been sold for $1.225 million.
The <a href="https://www.realestate.com.au/sold/property-house-vic-carnegie-133579294" target="_blank">66 Neville Street </a>house (pictured below) comprises three bedrooms, marble kitchen, open plan living and dining area and entertaining deck.
It was last sold in 2012 for $570,500. 
 <img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/6/15/carnegie%201.jpg" alt="">
A timber Californian Bungalow in Carnegie with potentials for renovation and extension has been listed for $1.5 million to $1.6 million. 
The three bedroom, one bedroom home at <a href="https://www.realestate.com.au/property-house-vic-carnegie-133669942" target="_blank">14 Oakleigh Road</a> (pictured below) is currently under offer. 
It features decked verandah, central hall, north facing lounge and Blackwood kitchen. 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/6/15/carnegie%202.jpg" alt="">
Renovations works can range between $80,000 all the way to $300,000 for higher quality specifications. 
Renovators are also sourcing their own materials and doing DIY jobs in order to keep costs down, the report noted. 
Home improvements are more apparent in older homes, where owners are likely to undertake minor works or ‘gut out’ their entire home to install new finishes, appliances, fixtures and fittings while still maintaining the foundation and frames of the original dwelling.
The results usually speak for themselves, with increasing numbers of homes becoming more spacious, modern and customised to the owner’s lifestyle.
"Renovators and investors are choosing to renovate their homes for a number of reasons; one might to improve their current home to suit their lifestyle, others are renovating so they can sell it quicker and at a higher price in this current market which can yield great results," the valuation firm said. 
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Building application hit an all-time high in homes within South East Melbourne: HTW residential 

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