There's a big difference between renovating your own home versus renovating your investment property. Here's some tips.
You know the euphemisms – a blank canvas, an opportunity to make your mark, worst house on the best street, ready to roll up your sleeves? Renovate or detonate?
But if you’re looking for a project and feeling a bit inspired by the success of The Block auctions, we have some suggestions for you from around Australia.
42 Marine Parade, Maroubra NSW
This 1960s time capsule floating on the clifftops at Maroubra has incredible views all the way to Bondi. Agent Fred Small from Laing & Simmons Double Bay says the market feedback on the price has been around $4 million. He describes it as a “classic older style rundown house – in this incredible position”.
The four-bedroom home is on the market for the first time in 42 years, and it’s due to go to auction on December 17.
57 Middlesex Road, Surrey Hills VIC
This 1920s cottage is subject to a pending heritage overlay and could really use some work but it’s in an excellent spot in the “English Counties District” in Melbourne’s East, and is on a big 848-square-metre block.
Agent Danielle Balloch expects it to sell for more than $1.5 million at its December 17 auction.
13 Woods Lane, Darlinghurst NSW
This one-bedroom, one-bathroom, original terrace is a deceased estate and comes with a raised courtyard, spiral staircase and views of Sydney Tower. It also features scorched kitchen cabinets, hanging wires and an overgrown outdoor area.
But it is in a great spot in the heart of Darlinghurst, just a few blocks from Hyde Park. The property is for sale under instructions from NSW Trustee and Guardian. .
965 Brunswick Street, New Farm QLD
This New Farm 1900s-era cottage is on the market for the first time in almost 70 years, and at one point belonged to John McCallum Snr, the builder of the Cremorne Theatre in South Brisbane.
The house has some original features and is located in one of the “most coveted lifestyle precincts”, according to the listing, sitting opposite the New Farm Park. It goes to auction on December 10.
15 Excelsior Parade, Marrickville NSW
Described in the listing as a “renovators dream”, this solid brick home on a 440 square-metre block is located in the middle of the hip inner-west enclave of Marrickville. It has four bedrooms and a large, flat backyard, so there’s plenty of room to capitalise.
Agent Tony Day puts the price guide at about $1.4 million plus, adding that fixing up the kitchen would be the main priority. “You’d get a nice house with $150,000 spent on it,” he says. It’s up for auction on December 10.
232 Williams Road, Toorak VIC
Famously fancy Toorak has plenty of mansions, but also contains this slightly down-at-heel Spanish Mission-style property on Williams Road. The listing describes the property set on a 385 square metre block as an “ideal candidate for a renovation and extension”.
Agent Richard Mackinnon from Marshall White Armadale says they are expecting around $1.3 million, which is well below the $3,900,000 median for Toorak houses.
It’s up for auction on December 3.
21 Wentworth Street, Paddington NSW
In the inner-east’s prestigious Sydney suburb of Paddington, this terrace has a charming period kitchen and delightfully retro feel.
It’s on a no-through road a stone’s throw from Oxford Street, with a private courtyard and a large balcony. It’s due to go to auction on December 10, with the listing giving a buyers’ guide of $1,400,000 – which is well below the Paddington house median of $2,095,000.
20 Norris Street, Coburg North
This period brick home in the emerging hipster suburb of Coburg North is priced at $570,000 to $620,000 – below the Coburg North house median of $760,000 – and sits on a 319 square metre block.
The kitchen and backyard look to need some work, but the bathroom appears to have had an update.
13 Toelle Street, Rozelle NSW
This original cottage in the inner west dates back to the 1900s and is in a “dilapidated” condition. It’s set on a 300-square-metre block and is close to the Bay Run and Rozelle Bay.
Retaining some quirky original features, there is room to extend upwards and definitely scope to redo the interiors. Agent Peter Gordon of Cobden & Hayson says the price guide is around $1.3 million – below Rozelle’s home median of $1,550,000. He says there has been a decent amount of interest from professional renovators and young families.
The property is scheduled to go to auction on December 10.
200 Brisbane Street, Bulimba, QLD
It’s not as close to the water as the neighbouring renovation opportunity on Shakespeare Street, but 200 Brisbane Street is on a level block that’s double the size at 804 square metres.
This original workers cottage hasn’t been up for sale since 1941, and the listing describes it as having “good bones”. It goes up for auction on November 26.
15 Gillman Street, Hawthorn East VIC
Close to the Camberwell shops, this “inspiring blank canvas” built in the 1930s comes on a 317 square metre block.
Agent Nathan Aron from Fletchers Manningham gives a price estimate of around $1 million to $1.1 million, which is below the $1,710,000 house median for the suburb, and says that while the property would need a complete renovation it has some great features such as 3.9-metre-high ceilings and the Hawthorn brick under white painted facade. It’s up for auction on December 17.
All house price medians provided by Domain chief economist Dr Andrew Wilson.