Australia’s Home Improvement Drive What Not to Miss Adelaide’s property value too increased by 0.4 per cent and Brisbane’s came close behind with a 0.2 per cent rise – however, not all those who secured the purchase of a property will be looking for an idyllic family home. As global investment attention turns to putting their dollar down under and the tourism market continues to go from strength to strength, many who spend their money on new property will be looking to fix it up and hand the job over to a real estate agent in order to secure them a profit. Home owners and entrepreneurs both have an incentivised role to play in this change as a stimulated economy and newly financially-empowered first time buyers look to secure.
Contributed by Emma Jennings New building and investment projects are springing up across the nation and potentially ‘trillions of dollars’ are flooding into the country from domestic and overseas investment. Self-declared ‘infrastructure Prime Minister’, Tony Abbott, is drawing in media interest and investment from across the globe from those not wanting to miss out on the nation’s infrastructural improvements – money that will percolate through the country and give a boost to Australia’s slow-but-steady postrecession economy. Boom Towns One of the major winners from Abbot’s overseas investment trawling will be the real estate market, which has for some years now seen rising property prices independent of the rest of the Australian economy. Already Sydney’s housing market is picking up from the relatively slow days of 2012 with the increasing number of foreign holiday makers and expats choosing the city as the location for their second home. Furthermore, with a second airport announced and set for construction in 2016 attention on Australia’s post-recession construction boom is set to rise still further with prices on the increase in every major city save for Canberra, seeing a 3.4 per cent boom in the last quarter of 2013. The country recently experienced its busiest and best auction week ever in the days leading up to Easter and Anzac day with a 78.5 per cent clearance rate on over 1,471 homes and its property value rising by 0.3 per cent.
Renovate to Accumulate Many people renovate to improve a particular feature on their house, to remove or improve an old or dilapidated aspect of the property, but some tend to see the operation as a multifaceted approach in order to overhaul and improve and sell their property at a higher price. Many renovators hire tradesmen to carry out renovation work, while others prefer to make the improvements themselves – whichever homeowners choose there are a great number of rules and regulations to factor in though thankfully a great deal of support and advice available from both federal and state governments to assist and guide in the renovation process, as well as a fair amount of encouragement to improve the safety, sustainability and green credentials of your property as well as the health of its inhabitants. Most importantly of all when selling on a house there are a few key guides that can flag up important issues that cannot afford to me missed, namely, those that will reduce the price of your home if not taken into account during the renovation process such as unwanted future local developments; outdated and harmful materials; upgrades relating to ecological-rating; and proper air ventilation. These are the items that need to be considered before any kind of building amendment takes place, and there is ample information available, as well as many contractor and surveying firms who will be more than happy to assess the property for upgrade or extension be it installing solar panels, removing outdated or harmful building substances, installing a garage or improving ventilation. With regards to selling on property in the next month or improving your home with half a mind to sell in ten years time it seems prudent do your research thoroughly to maximise the effectiveness of the money you will be investing. It is in the interests of the seller, estate agent and to some extent the buyer too to ensure that for every dollar you put into your home improvement, you get at least a dollar back in the end.
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