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CoreLogic NSW housing Update June 2017
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CoreLogic WA housing Update June 2017
South West WA June 2017
The month in review: South West WA
By Herron Todd White
The renovation revolution has yet to reach the south west of Western Australia.
Yes, there have been some renovations and additions to properties in the older character areas such as Bunbury, South Bunbury and East Bunbury where small character homes are renovated and extended to 4-bedroom, 2-bathroom homes.
However as a general rule, these are undertaken by owner-occupiers rather than investors with only minor increases in value above the cost of renovation. There appears to be very few smaller character homes being renovated without the extensions.
For example a 3-bedroom 1930s character home in South Bunbury can be purchased for as low as $275,000 to $300,000. A renovation and addition to the home could cost between $200,000 and $300,000 depending on the size and standard. The end value however could range from $500,000 to $600,000 showing very little profit.
With a plethora of new residential subdivisions surrounding the main cities and towns in the south west, the demand appears to be more for new dwellings. The values for new dwellings are also very competitive in relation to renovated homes.
The limited number of older character homes in the region means that the renovation revolution is unlikely to hit the south west.
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.