Desirable locations and homes ripe for renovation a good combination in Canberra
Homes advertised with the opportunity to renovate in desirable areas in Canberra remain very popular in the current market, agents say.
With homes hard to come by in popular regions like the Inner South and Woden Valley, older properties in need of sprucing up are golden tickets into these areas, and allow buyers to transform their homes into exactly what they want them to be.
According to the latest Domain House Price Report, the median house prices in the Inner South and Woden Valley are $2.03 million and $1.34 million, respectively. Both regions’ medians decreased over the quarter, by 1 per cent in the Inner South, and 4.3 per cent in Woden Valley.
Mario Sanfrancesco of Blackshaw Manuka said homes like 40 Brereton Street, Garran, owed much of their popularity to the sturdiness and lasting quality of their builds.
“Homes that you don’t necessarily need to add size to, don’t need to have a full-on builder involved with, or where you are undertaking a capital-intensive extension are very popular at the moment,” he said.
“Ones that are in good order, where the buyer can still buy into a very desirable position – like this home in Garran – and add some improvements to it, are great too.”
The Garran house is on the market for the first time since it was built in the 1970s. It has a number of drawcards which have made it popular with potential buyers.
With a block size of just over 1000 square metres, possibilities for renovations are endless.
“What is particularly lovely about this home is that it is quite elevated, so it’s got quite a lovely outlook,” Sanfrancesco said. “The house itself is double brick, and it’s in such good condition for a home of its age.
“The woodwork is in excellent condition … and everything else is in good working order, the kitchen has already been updated, and there is certainly more scope for buyers to add their own touches to it.”
The home has garnered good interest since being listed, from local Garran residents to people looking towards the opportunities it offers, Sanfrancesco added.
“We have had a good level of activity throughout the campaign – I’d say we might have had something upwards of thirty-odd groups so far,” he said.
“[Some prospective buyers are] considering the home as a relocation from the Inner South, considering it from the perspective of more bang for your buck.
“Garran is a very desirable spot, it is close to the hospital and is a very community-minded suburb … it’s just on the fringe of the Inner South, so it is still representing quite good value in terms of property.”
Check out these other properties ripe for renovation:
Red Hill
Private sale
Agent: Bastion Property Group, Theo Koutsikamanis 0431 543 649
Mawson
Private sale
Agent: The Property Collective, Jacob Stanton 0499 999 734
Farrer
Private sale
Agent: VERV Property, Jason Roses 0431 419 847
Red Hill
Private sale
Agent: Belle Property Canberra, Alexander Smout 0421 148 706
O’Malley
Private sale
Agent: Civium Property Group – Residential, Margaret Reynolds 0417 486 574
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