Australia Mega

(PRWEB) March 19, 2007

Rising land values is encouraging much more property owners to renovate their homes in the much more affluent suburbs of Perth according to Brett Wilkins, Managing Director of Coldwell Banker Pro Property.

Mr. Wilkins stated that the most current ABS figures display that in the numerous regions of the Western suburbs of Perth, expenditure on home renovations surged by much more than 35% in the course of the past monetary year.

?In the Town of Cottesloe, for instance, expenditure on home renovations surged by 68% to more than $ ten million in the course of the last monetary year.

?The greatest expenditure on home renovations in the course of the last monetary year in the Western suburbs was in the Town of Cambridge which totalled $ 18.39 million representing an improve in expenditure on home renovations of nearly 40% compared to the 2004/2005 monetary year.

House Renovations Expenditure:

Area???????????????? 2004/2005???????? 2005/2006

Vincent (T)???????? $ ten,490,900????????$ 14,491,400

Subiaco (T)???????? $ 3,472,300???????? $ 6,073,700

Peppermint Grove???? $ 3,394,100???????? $ 3,088,900

Nedlands (C)???????? $ 12,823,200????????$ 16,770,300

Mosman Park (T)???? $ 6,145,300???????? $ 9,012,300

Cottesloe (T)????????$ 6,167,100???????? $ ten,365,900

Claremont (T)????????$ two,872,300???????? $ two,535,500

Cambridge (T)????????$ 13,185,300????????$ 18,395,800

Source ABS

?Land values in numerous regions of the Western suburbs, in particular, have surged in the course of the past two years and this is encouraging much more home-owners to renovate their homes.

?With the median cost of a home in numerous Western suburbs now well above $ 700,000, numerous home-owners are now undertaking considerable renovations to their properties.

?Coldwell Banker Pro Property is obtaining that this home renovations trend is much more apparent in decrease priced regions in the Western suburbs. Numerous of these home owners are deciding to renovate their existing home rather than upgrade due to the fact of substantial expense of stamp duty. For instance, the stamp duty on acquiring a home really worth $ 1 million is nearly $ 50,000.

?As a result of this trend, there has been really powerful demand for character homes in these regions that can be effortlessly renovated.

?Our organization is also obtaining powerful demand for huge executive older type apartments in inner city regions which can be renovated. Numerous of these older type apartments can be purchased near land worth and for that reason are prime for renovation,” he stated.

Mr Wilkins stated that any person who was contemplating undertaking a home renovations project should consider the following points:

????Ensure that that the underlying land worth of the property is substantial and will continue to rise to ensure that you do not run the risk of more than-capitlise the property. You can do this by comparing the property you want to renovate the worth of equivalent properties which have sold in the regional location lately.

????If it worthwhile undertaking a structural inspection of the property by a licence builder to ensure that there are no key structural troubles.

????Kitchen and bathrooms should be crucial regions for renovation of an older home as these regions traditionally give the highest returns on expenditure.

????Considering improving the outside living regions due to the fact of the growing importance of life style living in the latest housing industry.

????If you are renovating a character home, you may possibly have to employ specialised tradesmen to ensure that renovations are in keeping with the authentic home.

????Ensure that you have sufficient finance to correctly total the renovations project.

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