Most people will at some time, have been tempted by the possibility of what a house could be, rather than the stark reality of what stands before them. What may look tired and dated to many, will hold a secret and undeniable appeal to those who take in the essence of a home. Enter stage left, the great Australian dream of renovating a fixer upper. Helped along with the steady stream of home improvement and renovation realty shows, the idea of renovating a home speaks to those who are into sustainability, character houses, and good old-fashioned DIY. But in the current market, there is also a practical benefit to choosing a home which “needs a little TLC”.
It will not come as news to many that the current property market we are experiencing is pushing many local buyers out of the market. Properties in Queensland are selling for more and in a shorter amount of time. If you are looking to buy your first home, or just need some statistics to back up these claims, here are some facts.
- The clearance rates at auctions for Queensland from 7 June 2021 to 13 June 2021 were 75% as reported by realestate.com.au. In comparison, the 2019 September quarter saw clearance rates sitting at 44% in the sunshine state, and that was considered a great result at the time (https://www.corelogic.com.au/news/strongest-quarterly-clearance-rate-june-2017-quarter).
- Figures released by the Real Estate Institute of Queensland (REIQ) indicate that property prices increased 6.1% over the final three months of 2020. To put this into perspective, this would see a $650,000 home increase in price to $689,650 in a three-month period. (https://www.reiq.com/articles/property-prices-are-rising-qmm/).
It is not all bad news for buyers though. With most anxious consumers looking for a contemporary turn-key house with all the modern features, there are still some bargains to be had. Here are some tips and tricks to keep in mind when planning to purchase a renovator.