Affordability constraints and flat market conditions are pushing buyers towards properties with renovation potential, according to LJ Hooker Wahroongha.
Speaking about the residential market in Sydney’s North, LJ Hooker Wahroongha principal Robert Ward said many potential buyers were showing interest in unrenovated properties.
While fully renovated properties would always attract strong demand, Mr Ward told Real Estate Business affordability constraints were driving many buyers towards older, more affordable properties which they can renovate according to their own needs.
With house prices the lowest they’ve been in many years, Mr Ward said renovation was also proving a popular way for investors to achieve capital gain.
“I think if you can get something which you can capitally improve that is the way of actually making money in a market like this,” Mr Ward said.
“The days of buying a property and waiting three years to sell have gone for the time being. The properties that I’m seeing increase in value have had some improvements made.”