According to the latest study by Herron Todd White (HTW), homeowners in many parts of Sydney took advantage of the downtime in the midst of the COVID-19 measures to begin their renovation projects.
Matt Halse, local expert at HTW, said that it is not uncommon to see residential properties being renovated in the inner suburbs of Sydney, there has been a noticeable increase in projects started in COVID-19 restrictions.
"One of the reasons why we anticipate that minor renovations will be evident in the short term is due to the fact that people are locked up in the house and are looking for constructive projects around the house that will be used to many purposes, such as increasing the presentation of their homes and also providing the necessary stimulation throughout this foreclosure period, "he said.
Halse said that even larger renovation projects have started to gain momentum as they hire builders and tradespeople at potentially reduced cost.
According to a recent study by MCG Quantity Surveyors, manufacturers have become more inclined to sacrifice profit margins given the limited work in the pipeline.
"A slowdown in the construction sector, low interest rates and a lack of supply in many places and sectors are likely to encourage renovation projects in the near future" said Halse.
Renovations to the investment space are also expected to continue, particularly for older style dwellings. Halse said investors should consider this as potential tenants are offered a wide range of options and reduced asking rents.
"It will be imperative that the investment properties are presented in the best possible conditions. Otherwise, the tenants will quickly choose a competing property in a superior state or will demand a rental price at a reduced price for any property of inferior quality", he said.
Halse said it was essential for homeowners and investors to understand their goals before renovating their properties. Certain factors must be taken into account, such as those linked to any property restrictions, planning, access to the site and the scope of work in progress.
"Some other techniques to ensure that renovations are not overcapitalized are to focus on what the local market wants most, to look for recent sales of similar properties, and then to ensure that the cost of Selected jobs don't explode your budget or exceed the market. The value of the finished product, "he said.
Main suburbs:
bendigo
,
wiley park
,
willliamstown
,
alderley
,
mt colah
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