Homeowners going renovations crazy
WHETHER it’s to sell or improve value, Gold Coast homeowners are behind a surge in renovations across the state.
Spending on renovations in the city hit almost $155 million in the year to June, according to the Australian Bureau of Statistics.
Surfers Paradise recorded the highest value at $14,773,600 followed by Southport ($11,614,600) and Nerang ($10,322,300).
Master Builders Queensland deputy chief executive Paul Bidwell expected the figures to steadily rise, with remodelling activity in the state “very strong’’.
As well as the ABS figures, Mr Bidwell said Queensland Building and Construction Commission data also showed it was already on the up.
“Those numbers have been really steadily increasing,’’ he said.
Kyle and Kimberley Bate bought a rundown Labrador home in 2011 with the intention of renovating.
“It was pretty well unliveable,” said Mr Bate, who runs ECP Constructions.
Mr Bate called on the help of a friends’ mother Sandra Smedley, who runs her own building and design company, to draw up a design while he and another carpenter undertook the work.
He said it was a tough job but it was worth it.
“Connecting the old and the new, it just worked,” he said. The couple have reluctantly listed it on the market so they can renovate another property closer to the beach, where they plan to stay with their young son, Lennox.
“Looking around, I keep having tiny little regrets that we’re selling,” he said.
“We love it but just wanted to get closer to the beach.
“We’re about to do the same thing, we just bought one in Mermaid Beach.”
Lambert Willcox Estate Agents director Mitchell Lambert, who is marketing the Labrador property, said he had noticed more homeowners taking on DIY renovations.
“You get the tax benefits if you’re in the trade or you’re handy,” he said. “Not only is it an exciting project, you can treat it as a job if you’re good enough at it.”
He said Australia had developed a good renovating culture off the back of reality TV shows like The Block.
“It’s a really good way to build equity,” he said.
“It’s come down to a question now of ‘when will it become unfeasible to renovate compared to building a new one’?”
Mr Bidwell encouraged homeowners keen to renovate to make sure those carrying WITH ALEISHA DAWSON & JESSICA BROWN out the work were licensed and get a few quotes to determine whether cost expectations were realistic.
“In a very busy market, if you don’t shop around, you are doing yourself a disservice,’’ he said.
According to Archicentre figures, renovations with no structural upgrades cost between $700 and $2800 per square metre.