Buyers looking for turnkey homes seeking out new knockdown-rebuilds
It’s a complex decision: extend and renovate an existing home or knock it down and create something completely new.
Aside from costs, other factors that home owners may need to consider include supply chain reliability for building materials, the availability of trades, and accurate project scheduling – not to mention the appetite of potential lenders.
Josh Morrissey of Hive Property, who lists this week’s Braddon feature property, says there is high demand for turnkey knockdown-rebuild homes that are new or near new.
“Many buyers are time-poor and prefer to buy a home that’s ready to go rather than take on, maybe, a two-year project,” he says.
“They’re willing to be flexible on an option meeting all their needs – their priority is to buy a quality property with perceived long-term value.”
Morrissey says the big issue in the turnkey sector, however, is supply. There simply aren’t enough of them.
“Demand is very strong and that keeps upward pressure on prices,” he says. “We often see rebuilds setting new price records.”
Sophie Luton of Luton Properties Manuka says buyers are looking for the certainty provided by rebuilds.
“Many are put off taking on a knockdown project given the cost and time variables in the construction sector,” she says.
“There are a number of risks that tend to push buyers toward the confidence provided by a built home – one where somebody else has taken on the uncertainty.”
Luton says the presence of knockdown-rebuilds in a suburb is a positive indicator that buyers (or builders) are seeing value that can be maximised.
Making the choice
Location
Buyers’ needs are a big motivator in choosing a location, such as their desire to move into an aspirational suburb, to build in their existing community or simply to take advantage of greater value.
Cost-effective
If the choice is between a renovation/addition project or a knockdown-rebuild, it is sometimes easier to start from scratch. A knockdown-rebuild can be more cost-effective than working with the existing house.
Go bespoke
Start with a vision and a blank page. A knockdown-rebuild offers complete control in the design of your new home, one that perfectly complements your needs and lifestyle.
Feature listing – Braddon
31 Batman Street
$3.3 million+
“Everything old is new again,” as the old Peter Allen song goes, but that could also sum up the emergence of rebuilds in traditional suburbs such as Braddon.
This stunning, brand-new, Adam Hobill-designed house has risen on a 541-square-metre block in leafy Batman Street and acknowledges its heritage roots with a classic Canberra red-brick entrance feature.
The contemporary two-storey home has a northerly orientation and strikes a sharply angled silhouette behind a privacy hedge and gated driveway.
Inside, it delivers 266 square metres of sun-filled living thanks to its optimal orientation.
Entry upon engineered oak timber flooring leads into either a living room or a home theatre, while behind these is the main bedroom with a dressing room and an en suite with dual vanities.
Congregate with your family and friends in the spacious living, kitchen and dining hub, highlighted by delicately arched window features.
Those with an eye for detail will appreciate the kitchen’s blue Elba marble island bench, breakfast bar, custom joinery and brushed rose-gold tapware.
The Smeg appliances include an induction cooktop, double ovens, an integrated fridge-freezer and a dishwasher.
Upstairs, the amenities continue with three more bedrooms and a rumpus room.
Outside, the entertaining options include front and poolside decks, and a covered al fresco area equipped with a barbecue.
A welcoming pool and fire pit complete the outdoor options, complemented by a fully landscaped garden with automatic irrigation and a 5000-litre water tank.
There’s also a double garage with internal access.
For sale in Braddon right now
34A Farrer Street
$1.995 million
2/1 Coolac Place
13/18 Batman Street
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