Canberra June 2017

The month in review: Canberra

By Herron Todd White
June 2017

Buyers looking to renovate in the ACT tend to gravitate towards the outer areas such as Belconnen, Woden Valley and Weston Creek. There are also some opportunities in the inner north suburbs of Lyneham, Watson and Downer. The majority of these houses were built in the 1960s and 1970s and are on much larger blocks than are available in new suburbs. Recently there has been some significant capital growth in these areas and well renovated houses have been selling at a premium.

In some cases renovators prefer the character of an older house but want the functionality of a modern home. This is especially true for original houses built in the 1930s, 1940s and 1950s in suburbs such as Ainslie, Braddon, Campbell and Yarralumla. Exgovernment houses in established suburbs which have been sold to private buyers are also popular for renovators. They are relatively small houses however are often on large blocks meaning there is good potential for extension. Popular options for exgovernment houses include adding more bedrooms and bathrooms and demolishing internal walls to create larger open spaces.

The majority of renovations in the ACT are in the detached housing market. Unit renovations have been done however the large supply of new apartments currently on the market has meant that the profits are relatively low for these projects. Owner-occupiers seem to be the most common to complete renovations on houses in the ACT.

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