For the past few weeks, there has been an increase in the number of renovated properties that are being listed on the market. Some of these houses have undergone timber flooring in Sydney which is a good chance for home buyers to grab turnkey homes. Majority of these homes were bought near the end of the housing boom in Sydney between 2014 and 2017. The prices of these properties have increased by 40 per cent in just a matter of three years.
During that time, home buyers are excited to take on renovation projects in a larger scale because they know that in the future they well be able to profit from the equity gains thus it will pay off the costs of the building and more.
Data from Hipages revealed that the increase in demand for tradespeople in the renovation industry has reached 16 per cent last year. This is mainly due to the Western Sydney area which has seen more housing activities than before. One year prior, data from the online tradespeople directory showed that the demand for renovation workers is coming from the older suburbs of Sydney. The projects came from suburbs with older properties that are badly in need of restoration including Crows Nest, Surry Hills, North Sydney, Newtown, Neutral Bay, Redfern, the lower north shore and even Darlinghurst.
Based on the recent Home Ownership report from Westpac, 82 per cent of the homeowners residing in New South Wales are thinking of undergoing a renovation project last year. The research was conducted with over 1,000 homeowners.
One of the renovated properties is a five-bedroom house located in Chats wood. The current owner bought the house for $2 million in 2015. Extensive renovation was done and the relisting price is now between $2.1 and $2.3 million. According to the real estate agent, the owners might have spent around $200,000 to $300,000 for the renovation. With this, he is expecting that properties available with good prices might be snatched up faster.According to Master Builders Australia, the renovation projects within five years time including timber flooring in Sydney will amount to $44 billion.