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Following the renovation trends provides an evidence trail of the value path. This is especially important in Sydney where, amid the cooling, there are still some areas that remain buoyant. Here is an an overview of Sydney’s most popular renovation spots.
Detailed in the October 2018 edition of the Herron Todd White Month in Review report, Sydney has been a recent bed for renovation activity, which has not changed.
However, certain areas are seeing different renovation trends evolving:
Inner Sydney City, Inner West and Inner East
The Inner Sydney area has seen a rise in renovation activity over the last two years. The Inner Eastern side in particular — such as Darlinghurst, Paddington and Surry Hills — has been popular for additions and extensive renovations, which the report notes is a more attractive option for home owners rather than moving.
Darlinghurst was also picked by the report as being a popular suburb for renovated properties to sell.
Meanwhile, the Inner West areas of Newtown, Camperdown, Glebe and Chippendale are seeing additions and renovations, but the further west you go out, the more knockdowns and rebuilds gain in popularity, which is being seen in Leichhardt, Lilyfeld and Strathfeld.
Inner Sydney City renovation trends include rear lane access for parking and adding attic-level bedrooms and en suites in wide terraces and detached dwellings.
East
Renovation trends in the east of Sydney in areas like Little Bay, Chifley, Malabar, Matraville, Coogee, Bronte and Boni are split between lower-end and higher-end properties.
Lower-end properties in East Sydney are typically duplex developments and houses built between the 1940s and 1970s on large blocks of land and are largely being seen as low-maintenance options.
Higher-end Eastern Sydney properties are being held onto more often than being sold, and new high-end properties can take two years or longer, and the constant demand means it can be difficult to add one of these to your portfolio.
North and South
Northern Sydney properties, Curl Curl in particular, are seeing more intensive renovations and knockdown rebuilds on large blocks with first-floor additions.
Southern Sydney properties, however, as those seen in the Sutherland Shire and St George areas, are seeing fewer renovations and flips due to the softening of the market, which the report notes can impact on reasonable profit margins.
West
Renovation trends point to Western Sydney regions as the hotspot for flipping activity, as well as granny flat construction, which is due to upcoming enhanced transportation projects such as WestConnex and the second Sydney airport at Badgerys Creek.
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