The Australian property market is now witnessing an increasing demand for renovated homes. In fact, around $1 billion of home renovations are being approved in Australia every month since February 2021.
These “turnkey properties” (meaning they’re ready to live in, no further work required) offer property buyers the ease and convenience of purchasing a home that’s ready to move into or lease immediately – and they’re willing to pay a premium for them.
These renovated homes attract more buyers because they stand out from standard properties, earning a higher sale price.
Let’s delve into the benefits of this growing trend and the opportunities it presents if you’re considering selling your home this year.
3 reasons behind the rising demand for renovated homes
As Sydney’s Northern Beaches property specialists, we’ve seen that the majority of residential property buyers today are willing to pay a lot more for more for a completely furbished home.
Here’s why:
- People value the time and effort.
With the exhaustion brought upon by years of pandemic problems, a lot of families have realised the value of time spent at home. The last thing they want to do is deal with the time-consuming management of having to redecorate, redesign or reconstruct a property.
This means they’re motivated to make it easier for themselves by buying an already renovated home that requires little to no repair.
- Property buyers want the best, minus all the hassle.
One of the main priorities of investors today is to buy professionally remodelled homes. With these kinds of properties, they’ll be able to avoid painting, plumbing, electricity and other ongoing maintenance issues that can eat away at their rental income returns.
By buying a renovated home, they can also ensure that current styles, designs and trends (such as those which suit the work-from-home setup) have already been incorporated.
- The costs for construction are high.
According to CoreLogic, the quarterly measure of residential construction costs recorded a 3.8% increase in the three months leading to September 2021. This figure was much higher when compared to the Consumer Price Index of 0.8% for the same period.
The surge in construction costs is attributed to shortages in building materials and trade availabilities. There may be a lot of approved residential construction going on, but it is both challenging and expensive to deal with supply chain disruptions and skilled labour shortages. As a result, many buyers simply opt to buy renovated homes or turnkey properties to avoid having to deal with time and budget blowouts of construction.
The benefits of selling renovated and turnkey properties
The ideal goal when selling your home is to have it purchased as easily as possible with the highest price.
Fortunately, this heightened demand for renovated homes and turnkey houses assists in selling your home more effectively during this period. By sprucing up the overall appearance of your residential property, you’ll be able to attract a wide range of buyers while also increasing your home’s value and your return on investment.
And the best part is that you don’t have to do this alone! Upstate offers a complimentary property concierge service to help you prepare your property for sale and position it as the best in the market.
How can Upstate help you?
If you’re selling your Sydney home with Upstate, you’re in very capable hands.
As the largest residential and commercial property agency across Sydney’s Northern Beaches, Upstate can provide you with experience, guidance and expert advice.
Our complimentary Residential Concierge team are also here, ready to provide you with personalised service to coordinate all of your property renovation and construction needs. Whether you’re remodelling, painting, styling, doing maintenance work or cleaning, we do everything so your property appeals to the highest quality of buyers.
Let’s discuss your selling options
We’re always here to help you.
Our Upstate real estate specialists can make your property goals come true. That’s because we’re a big agency, with the heart and determination of a boutique one.
Speak to your local Upstate team today and we’ll show you the possibilities that earn excellent results. We look forward to chatting with you soon.
The Upstate Team
