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CoreLogic NSW housing Update June 2017
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Regional NT June 2017
The month in review: Regional NT
By Herron Todd White
In the Alice Springs market, opportunities for renovating for sale are generally few and far between. This is due to the combination of construction and renovation as well as the market having been subdued for an extended period.
Not all is lost however, as there remains opportunities for the diligent buyer. The most common properties purchased for renovation are the ex Housing Commission dwelling stock that is released to the market via public auction, usually in sets of four or six at a time.
The price point for these can vary, especially with competing bidders on the day, however the last properties auctioned were in varying levels of condition and achieved between $205,000 and $310,000. These were all 3-bedroom, 1-bathroom detached single dwellings in established residential areas.
Significant works can be required for these properties but generally speaking, the typical requirements are full paint throughout, plastering, new kitchens, bathrooms, windows, floor coverings and electrical works. This type of renovated dwelling achieves varying results, however can range from $400,000 to $435,000 depending on the standard of renovation.
Other opportunities in Alice Springs can now be found with older style circa 1980s 2-bedroom units which have seen significant drops in value levels over the past three years, in some cases 30% or more. Entry level to this segment is now at less than $200,000, in some cases for units that not so long ago were achieving high $200,000s.
DISCLAIMER: The information contained in this article is correct at the time of publishing and is subject to change. It is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, Smartline recommends that you consider whether it is appropriate for your circumstances. Smartline recommends that you seek independent legal, financial, and taxation advice before acting on any information in this article.