Renovation opportunities exist throughout Lismore, Kyogle and Casino: HTW
Within the regional city of Lismore and the surrounding established rural townships of Kyogle and Casino, there is no one definitive area that is suitable for renovation or major renewal.
Opportunities can exist throughout the area, providing the cost/benefit analysis is worth the investment, according to the latest Herron Todd White (HTW) residential report.
"That being said, it’s been noted over the past ten years that a certain heritage influenced suburb in Lismore City has provided good examples of renovating for added value," the HTW valuer said.
The suburb of Girards Hill holds a unique standing within Lismore City as it is primarily the favourite haunt of prospective purchasers looking for the heritage factor, the report said.
"Not only is it within close proximity of Lismore CBD (under one kilometre), the plethora of tired, older style homes over the years has benefited from the elbow grease of the various tradespersons and painter’s brush and roller to provide fully renovated, timber clad character homes by simply enhancing those typical features of the pre-war homestead or Federation style residence (such as high timber lined ceilings and walls, polished timber floors, timber fret work, ornate plaster and pressed metal ceilings, picture rails and, if fortunate enough to have, lead light windows.
"It is also important that the process of renovating the kitchen and bathrooms is in keeping with the overall ambience of the house.
"For example, a free standing, claw foot bath/shower is a key identifier."
Most of the work is generally carried out for the benefit of the owner-occupier, it noted.
Typically, unrenovated two and three-bedroom timber homes in Girards Hill would be attracting prices from $250,000 to $350,000 whilst the extensively renovated homes could reach the heights of $500,000 to $600,000 depending on land, dwelling size and position (flood free sites especially). Better quality renovations can be of a very high and appealing standard.
"A key point to remember in this particular suburb is to adhere to the Heritage Conservation rules for the local area," the valuer suggested.
This is there for a reason and is generally accepted by home owners who have a liking for the heritage features and like these to be protected.
In other suburbs, the trend for the majority of renovation works are carried out for the benefit of the owner-occupier with any thought of potential capital gain a secondary consideration to the immediate enjoyment of the property upon its completion.
"Yes...there are renovation projects available for investors throughout Lismore City, Casino and Kyogle.
"However, most of these are heavily dependent upon securing property which is needing some TLC and having a realistic repair or renovation budget in mind. A lot of these rub and buff projects are taken on with a view to buy and hold and increase the rental return...hopefully." the valuer said.
"The notion of house flippers operating in Lismore, Casino and Kyogle is generally limited as any potential gain is unlikely to be overly significant in such a short time frame, unless of course a real bargain can be snapped up, and only the most savvy and equipped investors would capture those well before the general public hears about them.
"Looking into the future, how will this method of property investment and owner occupier acquisition play out? Well.... a dog house is always a prospective palace in the eyes of its owner. The opportunities are there, you just need to sniff them out."
An example was a Girard Hill renovated three-bedroom house which was sold at $405,000 in July (pictured above).
Situated at 3 Showview Street, it comes with three bedrooms, new kitchen and bathroom areas, open plan lounge room and rear deck with views.
It is close to Wyrallah Road shopping centre, golf club and primary and secondary schools.
A current listing is a Casino recent renovated home with the price of $265,000 (pictured above).
Set on 829 square metres, the three-bedroom house situated at 18 Adam Street features new floor covering, fresh painting in all rooms, modern renovated bathroom and European style laundry.
The home is located within walking distance to Casino CBD, sporting fields and public transport is just around the corner.
