RENOVATED homes on the Gold Coast are flying off the market as savvy sellers take advantage of time-poor buyers.
The Housing Industry Association predicts the state’s renovation market to increase more than $1 billion to $8.56 billion by 2019.
Renovation activity is projected to grow by almost 5 per cent this year and another 5 per cent next year before slowing to 3.3 per cent in 2019.
One couple who are taking advantage of the trend is Robina couple Brad and Tracey Welten who have just completed their fourth house renovation on the Gold Coast.
Their latest project at 7 Bronte Court, Robina included removing walls, installing a new kitchen, bathrooms, flooring and a paint job.
The property, unrecognisable from when they bought it, sold last week for $880,000 after six just days on the market. It was scheduled to go to auction later this month.
The pair, who have two children and another on the way, said a floorplan that could be easily modified was important.
“We like to be able to transform them into an open plan design by moving a wall here or there,” Mr Welten, a builder who runs Bradwell Constructions, said.
“With one wall gone it can open up an entire house.”
Harcourts Broadbeach — Mermaid Waters agent Nicky Cunningham negotiated the sale and said buyers were willing to pay a premium for renovated properties in the area.
“The entry-level for buying something not renovated has gone up considerably and so buyers like the fact they can move straight in and don’t have anything to spend,” Ms Cunningham said.
“They see the value in having something already done and completed.”
Another renovated home in Miami sold for .38 million last week in what was a suburb record for the western side of the Gold Coast Highway
Ray White Broadbeach agent Troy Fitzgerald negotiated the sale of 59 Pacific Ave and said the newly renovated four-bedroom, four-bathroom home attracted plenty of interest.
“We had 72 groups through the property over five weeks and most of them were very impressed that they could just walk in and not do anything to the property,” Mr Fitzgerald said.
“We’re seeing it more and more that people don’t want to do the renovations themselves, they want to buy a property where it’s already done.”
Kitchens and bathrooms are the most popular DIY project according to Master Builders’ latest building industry outlook
“They can make a home more liveable while adding value at the same time,” the report states.
REIQ Gold coast chairman John Newlands said homeowners renovated to improve their property for capital gain or because they wanted to stay in a particular suburb.
Originally Published: http://www.realestate.com.au