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Renovations on the Rise

[28/09/2017]

A recent study has indicated that investors are increasingly choosing older properties over new builds.

The Mortgage Choice 2017 Investor Survey found 76.9 per cent of Australians intend to buy or have bought an existing dwelling, compared to 23.1 per cent who bought a new build.

This is slightly higher than last year’s result, which showed 79.7 per cent of investor’s preferred established property, while back in 2015 the percentage was 75.8 per cent.

Despite this being only a small change, this is a trend predicted by experts to continue for some time.

The preference is due to several factors influencing investors. Typically investors gravitate towards properties where tenants can move in immediately. This streamlines investment cash flow from rent as soon as possible.

When investors purchase an off-the-plan property there may be delays. Some investors may even have to wait several years before they can generate income from tenants.

Depending on the location and the condition of the home, existing properties can sometimes be more affordable and provide property investors with more room to negotiate price.

The ability and potential to renovate an existing home in order to raise its value has a large amount of appeal to many people as well.

8.4 million, 62% of Australia’s homeowners did some sort of renovation in 2016. This includes minor alterations and repairs (5.8 million), painting (3.7 million), plumbing and electrical (3.4 million) and decorative refurbishment such as curtains and carpeting (2.9 million).

People who have owned their properties for less than a year are the most likely to engage in renovation activities.

At the Southern Star Group, we have the right window and door for any renovation project. Visit our website to view our full range, including aluminium, from Southern Star Aluminium Windows and Doors, and timber from Canterbury Timber Windows and Doors.


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