Across Australia approvals for new construction have slowed considerably. Many home owners are renovating as an alternative to building.
But what I’m finding in Wembley, particularly over the last 12 months, is that people tend to knock down and build brand-new homes rather than renovating the old traditional character homes.
This is for a few reasons.
One is the cost per square metre of a renovation is far higher. Where a quality renovation will cost $1500-2000 per square metre building is around $1000.
Second, most older homes have ongoing maintenance issues that tend to make people think twice about a renovation.
Finally, the age and style of Wembley and the suburb itself is that a lot of the old character homes in really good condition to do an extension/renovation has diminished.
This now means that all of the old homes with no character and are in very poor conditions are being bowled over and new homes being built on great size blocks.
The question is will a character home with a nice renovation be worth more than a brand-new home with all of the modern families requirements?
The answer is that it really does depend on what the buyer is looking for, the quality of the renovation and its location in Wembley. South of Grantham and Nanson, Essex, mckenzie and Holland streets are the most aspirational and this is only 320 homes. Then the blue chip area is South of Ruislip and before Cambridge St and this is only 160 homes. For what it’s worth there are approximately 2300 residential homes in Wembley so these areas are highly sought after locations.
In broad terms a 4×2 single story renovated character home with alfresco, ensuite, open plan living and 2 seperate living areas plus off street undercover parking would fetch more than the same for a new build ticking all the “must have” boxes.