Brooke El Hakim Sales Agent 0412 110 023 Angela Andrews Sales Agent
Carey Head of Operations
Steven
Paul
Jessica
Jerrie
Francesca Gerardis Client Services Manager
Sheridan Green Front Office Manager
Jessica Samawi Operations
Renovation advice for home owners as demand continues
We are seeing the demand for renovated properties remain strong this year, as it has for the past three years.
For homeowners willing to meet this demand, there are benefits to be had from both fast, targeted refurbishments or long-term makeovers.
In its latest monthly review, national valuations company, Herron Todd White (HTW), observed that renovation costs can be cheaper than that of selling a home, and buying another one.
In terms of financial outlay, Cotality’s Cordell Construction Cost Index (CCCI) report for this year’s June quarter revealed there has been a 31.3% increase in national construction costs since the start of COVID-19 five years ago. Cotality research director Tim Lawless said this increase had created ongoing liquidity and feasibility challenges for builders and competition for skilled trades, which is likely to persist for several years.
Homeowners should definitely be prepared for major renovations such as a full kitchen makeover to potentially cost $40,000 plus. Bathroom facelifts can also be costly and for these types of projects, you will need a licenced electrician or plumber.
HTW also noted that the cost of replacing a kitchen or bathroom is significantly higher than it was five years ago, with the trades and construction industries still busy following the COVID “bubble”. But with that said, HTW said these industries – and their materials – are now more readily accessible.
Either way, if you’re planning to renovate or expand your property, you may be able to organise renovation finance or a construction and building loan with your current, or a different, lender.
Tips and advice
If you’re a homeowner keen to undertake a renovation, there are some important factors to consider before you start.
Firstly, do you like your current location? You might live in a neighbourhood with proximity to your favourite amenities and other useful services, including school catchment zones and your place of work.
Next, consider why you want to complete a makeover, as this answer will affect your budget and time. Are you an investor wanting to quickly update some cosmetic details before finding a tenant? Are you an owner modernising your property for potentially a strong sale afterwards? In both cases, you should opt for a targeted refurbishment that will maximise the property’s value.
If you’re a long-term, owner-occupier, you should still consider the possibility of a future resale. After all, the average amount of time people stay in their property is 11 years, according to PropTrack data in August 2023.
But in the short term, make a list of your priorities, beginning with essential items such as air conditioners or heaters. Depending on your time and budget, you may have to wait several years to complete your list.
Also remember that you can complete some changes yourself, which can save you time and money. These jobs include painting, tiling, installing curtains and blinds, building a backyard fence, and gardening. If you have a tradie mate to help you, even better. If nothing else, they can give you good advice and referrals.
Check with your local council before beginning any major extensions or structural changes to your home, especially if it is heritage listed.
Always obtain multiple quotes, don’t be afraid to ask for recommendations or referrals, and ensure any tradie you employ is licenced and certified. For sizable modifications, obtain a written contract outlining the work and payment details, costs, timeframe, and any guarantees and warranties.
Most importantly, stick to your budget, have a support network and take the time to enjoy the update once it is completed.
John McGrath CEO & FOUNDER
Strathfield | Bankstown | Canterbury
4 Hoskins Avenue, Bankstown
9 beds 4 baths 4 cars FOR SALE
Price Guide $2,500,000
View Saturday 3.30pm - 4.00pm
Agent David Sharma 0468 404 316 84 Fenwick Street, Bankstown 6 beds 5 baths 6 cars FOR SALE
Price Guide On Request
View Saturday 11.00am - 12.00pm
12/713 Hume Highway, Bass Hill
3 beds 1 bath 1 car
FOR SALE
Price Guide $549,000
View By Appointment
Agent David Sharma 0468 404 316
16 Statham Street, Belfield
4 beds 3 baths 2 cars
AUCTION Saturday 25 October 12.45pm
Price Guide $3,000,000
View Saturday 2.00pm - 2.30pm
Agent Michael Murphy 0486 123 888
Christina Heng 0423 682 901
Price Guide On Request
View Saturday 1.15pm - 1.45pm
Agent Jenny Tran 0468 867 968 4 Conway Road, Bankstown 4 beds 1 bath 2 cars FOR SALE
Agent Olivia Karacetin 0459 988 828
George Kapos 0428 110 000
47 Baltimore Street, Belfield 5 beds 3 baths 2 cars FOR SALE
Price Guide On Request
View By Appointment
Agent Nina Helmy 0432 326 304
Paul Tartak 0432 328 862
1/8 Albert Street, Berala
3 beds 3 baths 3 cars
Price Guide On Request
View Saturday 10.00am - 10.30am
Agent James Kim 0432 326 761
Moe Rasool 0425719446
7 Punchbowl Road, Belfield 3 beds 1 bath 2 cars FOR SALE
48/27 Bennelong Parkway, Wentworth Point 2 beds 2 baths 1 car
AUCTION Saturday 25 October 11.15am
Price Guide On Request
View Saturday 1.50pm - 2.20pm
Agent Ania Aquino 0433 123 569
Brooke El Hakim 0412 110 023
216/5 Verona Drive, Wentworth Point 2 beds 2 baths 1 car
AUCTION Saturday 1 November 5.15pm
Price Guide On Request
View Saturday 12.00pm - 12.30pm
Agent Ania Aquino 0433 123 569
Brooke El Hakim 0412 110 023
141 Bushel Approach, Gilead 1 bed 1 bath 1 car FOR SALE
Price Guide $689,000
View By Appointment
Agent David Sharma 0468 404 316
314/14 Nuvolari Place, Wentworth Point 2 beds 2 baths 1 car FOR SALE
Price Guide $730,000 - $770,000
View Saturday 1.00pm - 1.30pm
Agent Ania Aquino 0433 123 569
Brooke El Hakim 0412 110 023
Sh 1-6/10 Court Road, Fairfield FOR SALE
Price Guide On Request View By Appointment
Agent Brandon Nguyen 0431 560 560
Michael Ristevski 0414 374 370
B18/161 Arthur Street, Homebush West 1 car FOR SALE
Price Guide On Request
View By Appointment
Agent James Kim 0432 326 761
Strathfield | Bankstown | Canterbury
Price
Agent
Michael Ristevski 0414 374 370
Price
Price
Agent
How to buy your dream home at auction.
With auction clearance rates holding steady in a busy auction market, a growing number of buyers are starting to hone their bidding skills to win their dream property.
There’s much more to successfully bidding for a property than turning up and raising your hand. So, below, we have listed seven tips for buying at auction.
WATCH AND LEARN
It’s a great idea to attend a handful of auctions to get a feel for them. You’ll learn how auctioneers approach their task, and how prospective buyers respond. Sometimes, bidding becomes competitive and that’s when you have to keep a level head.
RESEARCH VALUES
To avoid overpaying, you need to work with agents and use websites to establish the likely value of a home that’s coming up for auction. Without doing this work, you’ll have no idea whether you’re about to snare a bargain or pay over the odds.
ON THE MONEY
It’s vital you have a pre-approved loan before bidding at any auction. If you’re successful, you’ll be expected to put down a deposit and proceed with the transaction. Failure to do so can lead to legal action.
SERIOUS INTENT
If you’re targeting a property, you should organise a building inspection before the auction to limit risk. Consider services like BeforeYouBid that turn around inspections quickly.
STRATEGY IS CRITICAL
Never wing it. Have a bidding strategy and spending limit, which should be determined by the amount a lender has pre-approved. Always stick to your strategy whether bidding is fast or furious or slow and cautious. If you don’t trust yourself, ask a friend or agent to bid for you.
FIRST-MOVER ADVANTAGE
If you’ve found your dream property, you should make an offer before it goes to auction. Occasionally, the owner will be happy to avoid the stress of auction day and accept if the price is right.
REGISTER YOUR INTEREST
You need to register to participate in an auction. So, turn up a few minutes early to do the paperwork and maybe chat with the agent about the degree of interest in the auction and the mood of the seller. All information is valuable!
