{"id":7941,"date":"2016-04-28T15:00:35","date_gmt":"2016-04-28T05:00:35","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=7941"},"modified":"2016-04-28T15:00:35","modified_gmt":"2016-04-28T05:00:35","slug":"hot-spots-in-the-reno-boom","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/hot-spots-in-the-reno-boom\/","title":{"rendered":"Hot spots in the reno boom"},"content":{"rendered":"

In his recent column in\u00a0Switzer<\/a>, John McGrath looks at why Sydney and Melbourne are currently Australia’s renovation hot spots.\u00a0<\/strong><\/p>\n

Here’s what he had to say:<\/h4>\n

Sydney and Melbourne are proving to be Australia\u2019s renovation (reno) hot spots right now, with the amount of money spent on renos in both cities far surpassing other capitals.\u00a0\"mcgrath\"<\/a>
\nNew figures from the Bureau of Statistics and modelled by Domain\u2019s Chief Economist\u00a0Dr Andrew Wilson<\/a>\u00a0show $1.882 billion was spent on renos in the\u00a0Melbourne market<\/a>\u00a0last year and $1.684 billion was spent in Sydney.
\nThe two big cities eclipsed the next in line \u2013 Brisbane, with just $766 million spent in comparison.
\nHere\u2019s the state by state run-down.
\n1. Melbourne $1.882 billion
\n2. Sydney $1.684 billion
\n\"map
\n3. Brisbane $766 million
\n4. Perth $500 million
\n5. Adelaide $299 million
\n6. Canberra $111 million
\n7. Darwin $57 million
\n8. Hobart $57 million
\nSo why the massive difference between\u00a0Sydney’s housing market<\/a>\u00a0and Melbourne and the rest?Source: ABS, Domain Group
\nWell, putting aside obvious factors such as larger populations and higher incomes, one of the reasons is that these two cities are at the end of a three-and-a-half year boom, so more people are finding it tough to buy and many are choosing to renovate instead.
\nThe Housing Industry Association\u2019s latest Renovations Roundup report shows renovation activity nationwide has increased for two consecutive years.
\nAlmost 1 in 4 renovation jobs have a budget of $12,000 to $40,000 and 13% are in the $200,000 to $400,000 range \u2013 which is the type of major renovation the HIA expects to see more of over the next few years.<\/p>\n

Another contributor to rising reno activity is low interest rates.<\/h4>\n

Many people fund home improvements by topping up their home loans and given interest rates remain at historical lows, it\u2019s a fantastic time to borrow because you\u2019ll be able to pay it off that much faster.\u00a0\"Construction-Renovation1-e1455666026422\"
\nAnother reason for a spike in renovation spending in the late and post stages of a boom is that buyers\u2019 budgets no longer stretch as far, so they begin targeting lower priced fixer uppers with potential for extensions in their favoured locations.
\nA great way to spend less with the assurance you can renovate right away is to target homes with DA approved plans already in place.
\nMake sure you read advertisements thoroughly as some agents don\u2019t include this information very high up in their ad copy.
\nA two bedroom property with DA approved plans for say, a third bedroom and second bathroom is worth more than a two bedder without approval, but not as much as a finished three bedder.\u00a0[adrotate banner=”13″]
\nSo this is a good way of getting the three bedroom home you need for less.
\nRenovating done well should increase the value of your property over and above the amount you spent but there\u2019s broader community benefits too.
\nEvery renovated home adds value to the neighbourhood and in the case of sleeper suburbs, it can completely change them from rundown lower socio-economic areas to prime blue ribbon neighbourhoods.<\/p>\n

But renovating doesn\u2019t just happen in up-and-coming suburbs.<\/h4>\n

\"location<\/h4>\n

Last year, the suburb with the largest renovations spend nationally was Mosman on Sydney\u2019s Lower North Shore, where local home owners spent a whopping $92 million to improve their homes.
\nMosman is one of those aspirational suburbs where people move in and stay put \u2013 they don\u2019t want to leave.
\nSo once they\u2019re in, they\u2019ll spend the money required to make their home perfect for the very long term.
\nIf you\u2019re thinking of renovating, the most important thing is to plan it well. Work out a budget, source well-qualified people and consider whether you can live through it or need to move out (usually a decision based on the scope of the job \u2013 as well as your patience!).<\/p>\n","protected":false},"excerpt":{"rendered":"

In his recent column in\u00a0Switzer, John McGrath looks at why Sydney and Melbourne are currently Australia’s renovation hot spots.\u00a0 Here’s what he had to say: Sydney and Melbourne are proving to be Australia\u2019s renovation (reno) hot spots right now, with the amount of money spent…<\/p>\n","protected":false},"author":176692471,"featured_media":5067,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[11,13,21,25,27],"tags":[],"class_list":["post-7941","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kevin-update","category-latest-story","category-renovation-topic","category-sponsored-channels","category-trends-topic"],"yoast_head":"\nHot spots in the reno boom - Realty Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/channels.realty.com.au\/realtytalk\/hot-spots-in-the-reno-boom\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hot spots in the reno boom - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"In his recent column in\u00a0Switzer, John McGrath looks at why Sydney and Melbourne are currently Australia’s renovation hot spots.\u00a0 Here’s what he had to say: Sydney and Melbourne are proving to be Australia\u2019s renovation (reno) hot spots right now, with the amount of money spent...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/channels.realty.com.au\/realtytalk\/hot-spots-in-the-reno-boom\/\" \/>\n<meta property=\"og:site_name\" content=\"Realty Talk\" \/>\n<meta property=\"article:published_time\" content=\"2016-04-28T05:00:35+00:00\" \/>\n<meta name=\"author\" content=\"rolanrush\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"rolanrush\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/hot-spots-in-the-reno-boom\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/hot-spots-in-the-reno-boom\\\/\"},\"author\":{\"name\":\"rolanrush\",\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/#\\\/schema\\\/person\\\/384a57ac9e52cb9bf19896cb15eaa52d\"},\"headline\":\"Hot spots in the reno boom\",\"datePublished\":\"2016-04-28T05:00:35+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/hot-spots-in-the-reno-boom\\\/\"},\"wordCount\":628,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/hot-spots-in-the-reno-boom\\\/#primaryimage\"},\"thumbnailUrl\":\"\",\"articleSection\":[\"Kevin's Update\",\"Latest Stories\",\"Renovation\",\"Sponsored Channels\",\"Trends\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/hot-spots-in-the-reno-boom\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/hot-spots-in-the-reno-boom\\\/\",\"url\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/hot-spots-in-the-reno-boom\\\/\",\"name\":\"Hot spots in the reno boom - 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