Renovators driving demand for period homes
Demand has been extremely high in the Bayside area, with hockingstuart’s data showing clearance rates were 75% on average during August. Rather than searching for their dream home, many people have been attending auctions with renovations on their mind.
Whether you’re planning on going the DIY route or bringing in the big guns to do the heavy lifting, renovating gives you the opportunity to create the home of your dreams. TV shows like The Block – which funnily enough is also located in bayside – are also inspiring renovations in the area.
Renovators are looking for the following in the Bayside area:
Period homes: At the top of the list for most people are period homes, such as California Bungalows and Edwardians. As property prices continue to surge and competition remains fierce at auctions, some thrifty buyers are hoping to transform these ‘ugly ducklings’ into next year’s top sellers.
Beaumaris on trend: Those priced out of leafy Brighton or Sandringham, where house prices are upward of $2 million, are now looking to Beaumaris (median house price of $1.6 million). The bayside suburb has seen the median house price surge by 14.6% in the last quarter alone, thanks to a large amount of older stock hitting the market, encouraging keen renovators to try their hand at the hammer and nail.
Buying for the bones: Rather than doing complete rebuilds, look for structurally sound homes that can be renovated internally to add a more modern feel and appeal to a broad range of buyers, but at a lower initial outlay. Many house hunters have been focussing their efforts in areas like Chelsea where the median house price is still below $1 million, so a renovation is less likely to blow the budget.