Canberra sees active property renovating success: HTW

Canberra sees active property renovating success: HTW
Canberra sees active property renovating success: HTW

Construction of new dwellings in established areas in the ACT has been very active over the last one to three years, owing heavily to the Mr. Fluffy buyback scheme, according to the latest Herron Todd White (HTW) residential report. 

The report suggests that the scheme has forced many properties to be demolished, and as a result the land is resold on the market.

"The vacant blocks are incentivised by having increased development potential, where planning will allow multiple dwellings that can be unit titled and sold individually," the valuer said.

The fluffy vacant lands are being purchased by a mix of developers, investors and owner- occupiers who are looking to build.

Most developers are purchasing the land to utilise the increased development potential and constructing two dwellings on the blocks.

There are also multiple owner-occupiers who are purchasing the blocks to build single owner-occupied dwellings.

Most of these sales are in the older established areas of Canberra constructed between 1960 and 1980, such as Belconnen, Woden Valley, Tuggeranong, Inner North and Inner South.

"If a prospective purchaser were to buy one of these blocks, they could expect to pay between $350,000 and $1.5 million, depending on the location and specifications of the block," HTW said.

"If a prospective purchaser were to purchase an established, unrenovated dwelling in a similar area, they could expect to pay between $450,000 and $1.6 million."

Renovations are also common within these older established areas due to ageing improvements (kitchens and bathrooms) and larger blocks which provide the opportunity for property extensions.

A renovated three bedroom house in Nicholls has been sold for $615,000 (pictured above).

The home situated at 9/123 Kelleway Avenue comes with three bedrooms, spacious lounge and dining area, and rear yard.

It situated close to the Gold Creek Country Club with easy access to the relaxing walking tracks and close to local schools, public transport and playing fields.

Canberra sees active property renovating success: HTW 

Another three bedroom Ainslie house has been sold for $1.385 million (pictured above).

Situated at 5 Fisher Street, the extensively renovated home comprises of three bedrooms, open plan living/dining, marble-finished kitchen and large timber deck.

It is close to schools, parkland, shopping and transport.

Renovation Canberra

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