Renovation work expected to reduce in Clarence Valley: HTW residential

The valuation firm suggest in locations across the nation, the downtime delivered by isolation has spurned on owners looking to improve their assets through maintenance and upgrade. This month’s HTW report highlights where renovations are on the rise and the price points and outcomes those markets can expect.

"Agents are reporting that some have taken their listed properties off the market, previously listed holiday properties are being leased out permanently, adding more supply and reducing rents," the valuation firm said. 

Agents are noting though that they are seeing less volume, there are more quality enquiries for sales properties.Value levels seem to have remained relatively stable until now.

The HTW report notes prior to the Coronavirus, renovation was quite strong in the area due to the market rewarding updated, well-presented properties.

Renovation works are expected to be less common due to the Coronavirus.Renovations may occur in the main parent home as children lose their jobs and want
to return home under the safety of greater equity held by their parents in these uncertain times which have negatively impacted employment.

"Due to the current uncertainty, those with financial resources are more likely able to renovate however working people with a mortgage may decide to defer spending money on renovation due to uncertainty about employment and secure income," the valuation  firm said. 

Investors likely are holding off renovating until such time as employment and tenants are in a stronger position to support payments of rent.

Saying that, bank interest rates are still low and the area is seen as a long term growth area due to the new highway under construction and new jail.

Renovations are likely still viewed positively by the market, particularly to out of town buyers from capital cities due to their more secure employment and income, the report noted. 

Renovation work in Grafton and Maclean on older style dwellings around $250,000 to $300,000 are not uncommon and some added value is expected to be rewarded by the market, although there are likely some Heritage issues to contend with in these areas.

A recent sale was a lowest weatherboard home situated within walking distance to Grafton CBD. 

The two bedroom, one bathroom house at 129 Fry Street (pictured below) was sold for $278,000.

The home features lounge room with ornate ceilings, brick fireplace, timber floors and large backyard. 

A current listing is a two bedroom Grafton house priced at $260,000.

The 134 Dobie Street home (pictured below) comes with two bedrooms and spacious living room, air conditioning and ceiling fans. 

It features hardwood timber flooring thourghout which is sought after by renovators.

"In the future, renovation work may likely be reduced due to the uncertainty around employment, expendable income and secure tenants," the valuation firm said.