Smart update or full renovation in Albury-Wodonga? HTW residential

The property market in Albury-Wodonga and surrounding region on both sides of the border appears to be holding quite well, according to the latest Herron Todd White (HTW) residential report. 

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.

"The cases of COVID-19 have been very, very low and the community has been adhering to all pandemic measures.

"Most agents are reporting a hold and wait type behaviour across the board, which resulted in significantly reduced sales activity for April and May, with an uptick in this third week of May as restrictions ease and the reopening of schools is now approaching for both New South Wales and Victoria," the valuation firm said. 

"With the number of final inspections on new homes and construction reports on proposed new dwellings increasing, we will continue to observe and analyse the likely effects on the tourism industry and the investor market in our region." 

If the carpark at Bunnings is any indication, home improvement has been front of mind for many with the expected result surely being property of all types receiving TLC, running second only to the amount of extra dog walking being witnessed across the country.

"Pre-pandemic vendors making the extra effort in property presentation were certainly reaping the rewards, so post-pandemic we might be set for a very good looking property offering in spring with gardens spruced, DIY updates of bathrooms and painting refreshes creating the longest lines at home improvement centres," the valuation firm said. 

Overall the renovation market in our area is quite targeted, due to property owners’ mobility in the market created by our housing affordability, the report noted. 

The risk of over-capitalising property is real if the price point and location are not spot on.

The house flippers are mostly purchasers with skill sets to renovate on a budget and this has been very evident in North Albury reaching further north now to Lavington and also parts of south Albury.

A renovated three bedroom unit in Lavington has recently been sold for $226,000.

The 2/585 Heathwood Avenue home (pictured below) comes with open plan living, contemporary kitchen and three bedrooms.

The unit is located in a well-maintained complex of only two. 

The report suggests the other active market segment for renovations are high end additions and renovations of character dwellings in central, small pockets of North Albury and all of old East Albury.

A three bedroom house located in Albury's iconic Jones Street is currently on the market with a price guide of $649,000.

The 722 Jones Street home (pictured below) comes with renovated bathroom, update kitchen, and open plan dining and lounge. 

It also features enclosed sunroom, triple length single garage and undercover carport. 

With only a select few master builders available, waiting times for these projects can be expected, up to two years for some builders, so substantial planning and patience is required in these good locations.

Renovation is not for the faint-hearted and the decision to renovate may sit below upgrading to a newer home, moving to a better location, building from scratch or demolishing and rebuilding.

The rewards are there for the very astute home owner or investor, however regional cities do not enjoy the same capital growth as the metropolitan property markets, so often a smart update rather than a full renovation can assist owners to enjoy some uplift to take the next property step or secure a better tenancy.