Strong demand, low interest rates and record rises in household value have stimulated Sydney’s fixation with renovating homes in recent years. With investors, home owners and first-time buyers looking to beat price hikes and stay ahead of the pack, value-spotting in our Sydney suburbs has never been more important.
Note the trends, discover Sydney’s hot-spots and keep up with the action in an ever-changing Sydney property market to give yourself the best chance of long-term prosperity.
City & Inner West/East Housing Market
Inner Sydney City’s perception as a business and lifestyle hub has given rise to its affluence and whilst the urban sprawl can be daunting, housing market trends suggest renovation and construction have only increased in the recent years. In Inner Eastern suburbs such as Paddington and Darlinghurst, home renovations & additions are more attractive than the costs of moving, whilst in Inner Western suburbs such as Glebe & Leichardt, knockdowns & rebuilds are trending due to more space, accessibility and fewer restrictions. Speak to an Inner West Mortgage Broker.
What’s adding price value to Sydney City and Inner West houses?
- Light Rail Construction (Reduced Commutes)
- Proximity (Work & Play)
- Offers the closest balance between beach & city living
How to add value to Sydney City and Inner West Homes
- Rear lane access for parking (fighting for street parking is unpreferred)
- Attic or basement addition
- En suite addition (Wide terraces are preferred)
Eastern Suburbs Housing Market
The Eastern Suburbs’ lavish lifestyle and persona can be intimidating when entering, moving or renovating your home. However recent trends suggest buyers are discovering pockets of value slightly off the East’s beaten track. Speak to an Eastern Suburbs mortgage broker.
What’s driving renovation trends in the Eastern Suburbs?
- Duplexes – Affordable, low maintenance & an alternative to renovating older properties
- Proximity to CBD, beaches schools & shopping centres
- The South East being unearthed as a valuable alternative (Malabar vs Bondi)
Northern/Southern Suburbs Housing Market
The North has been characterised by a property development overhaul in recent years with growth in apartments and commercial establishments as the Northern Beaches population has increased. Top-quality home renovations and knock-down rebuilds have characterised the area in recent times with its most actively changing suburb being Curl Curl, traditionally a low-density residential suburb. Contact a Northern Beaches mortgage broker, or a Southern Suburbs mortgage broker.
What’s driving home renovation trends in the Northern Beaches?
- Beachside location & lifestyle
- Pockets of value are being identified (e.g. – Curl Curl vs neighbouring Freshwater)
- Its 1950’s brick/clad style housing is much easier to renovate in terms of construction
Despite the fact that it offers similar facilities and a coastal lifestyle, Sydney’s southern suburbs, which rest in the Sutherland Shire and St George region, have experienced slightly less home renovation activity as a result of slackening market conditions, leading to reduced profit potential when selling. The renovation activity that’s still taking place can be attributed to:
- Growing families looking to restructure living spaces
- Expansion of existing space to accommodate older relatives or stay-at-home kids
Western Suburbs Housing Market
In recent times, renovation activity in Sydney’s Western Suburbs has been fuelled by trade workers wishing to take advantage of their connections and personal skills, reduce costs and renovate themselves in a short period of time, as well as investors wishing to gain above-average rental returns. Speak to a Western Suburbs Mortgage Broker.
What’s driving home renovation trends in Western Sydney?
- More affordable renovation/rebuild options for first-home buyers
- A growing population
- Wide-ranging infrastructural projects (Westconnex/Western Sydney Airport)
Should I renovate or sell in Sydney? Key to consider:
A slowing housing market would naturally inspire more cautious attitudes and conservative behaviour in the world of renovating, re-building and investing. Despite Sydney’s flattening capital growth rates, homeowners should still feel comfortable in leveraging the market’s previously strong period of capital growth, to facilitate renovation funding and boost the value of their major asset.
Please call me on 0420 289 381 if you wish to discuss any future plans you may have.