To Renovate Or Not Renovate, That Is The Question?
We are often asked by property sellers whether or not they should renovate before putting their property on the market.
Our response varies depending on the type of property to be sold. For example, if a property is in an inner city location and looking a bit tired, the cost of painting internally and externally and renovating a bathroom or kitchen can often result in the renovation cost being returned twice in the ultimate selling price.
On the other renovating prior to sale often could be a waste of time and money. Typical example is the sale of a very old home on a potential development site, or one that requires a total renovation and extension before it can be classed as liveable. Presenting the property in a clean condition inside and out is all that is required to achieve the best price.
Selling Season Is In Full Swing.
The selling season is in full swing across Melbourne, regional cities and coastal towns.
In our opinion price levels are almost back to 2016/17 levels and we do not believe price rises will cease any time soon. The reason is simple. DEMAND.
Buyers who have been out of the market for 18 months are back in force. Low interest rates are contributing along with confidence in our future. We have a number of investor clients who we are representing at auctions and private sales and their renewed presence in the market is strengthening competition.
Suggested price ranges are frequently being exceeded by 10-15%!! Auction results are good each week but the main market (70% of all sales) which is sale by private treaty, is experiencing the same level of high activity and selling prices.