Login
iscover
Buyers in Australia’s prestige markets have increasingly opted for move-in-ready homes over properties needing renovations, even if it means paying a premium.
New data has shown that buyers in prestige markets have been reluctant to purchase property requiring extra renovation work, with demand ramping up for turnkey homes.
According to James Chase Buyer’s Advocacy founder George Cherchian, buyers with budgets between $5 million and $10 million have been rejecting fixer-upper dwellings.
Cherchian said that since the pandemic, rising construction costs and a shortage of tradespeople have put pressure on the industry, making renovations more difficult to complete.
Australian Bureau of Statistics (ABS) data has shown residential construction costs have risen by 43 per cent over the five years to September 2025.
Meanwhile, Master Builders Australia estimated that an additional 116,700 workers would be needed to meet the National Housing Accord’s five-year target.
Cherchian said that buyers have repetitively told him they were not open to renovating, even being willing to pay extra costs to avoid the additional work.
“Instead of buying something and paying half a million dollars less to renovate themselves, they’re more inclined to pay a premium and move into something that needs no work,” he said.
He added that families in the semi-prestige and prestige markets, with school-aged children and demanding careers, have particularly found the idea of managing a renovation unappealing.
“These are busy families juggling high-pressure jobs. Even minor upgrades – like a kitchen, bathroom or cosmetic improvements – can take weeks or months to manage."
“Many of our clients would rather pay more upfront to avoid the hidden costs, not just financially but in terms of time, stress and the uncertainty of dealing with tradespeople and delays.”
Cherchian said that the trend was particularly evident in more exclusive suburbs, where properties were located near desirable schools and lifestyle amenities.
“The combination of limited supply and strong demand from families looking for turnkey properties has kept these segments of the market moving despite broader economic headwinds,” he said.
“Prestige buyers today want simplicity and speed. They’re willing to pay for peace of mind and a smooth, stress-free move,” he concluded.
You might also like: [The renovation traps turning investor dreams into financial disasters]
ABOUT THE AUTHOR
You are not authorised to post comments.
Comments will undergo moderation before they get published.