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market updates - Peter May and Brad Robson

12Feb

Knock Down and Rebuild: The New Trend Hitting the Western Suburbs

In Brisbane’s Western suburbs, a vacant lot is rare. When a small, run-down home on a large block is sold, the new owners generally begin the knock down and rebuild process.
Undertaking a knock down and rebuild is exactly what it sounds like; instead of renovating a home, the existing property is demolished to make room for a more modern home to be built on the lot.

So why are home owners opting to spend their money demolishing a home instead of just renovating? There are 4 major factors that contribute to the decision to knock down and rebuild, as Place Graceville outlines below:

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1. Cost

Scott O’Connell, co-agent to Peter May and Brad Robson, recalls 22 Merewether St, Corinda which sold in April 2018 for $578,000.

Scott says the 2 bedroom, 1 bathroom, deceased estate was in a state beyond repair. The wall paper was peeling, it was small, and it would have needed structural changes. The home sold for the land value.

“When we see a property in this state on the market, on a block this size, we often see a rebuild occur,” Scott said.

“The structural and renovation costs alone, would have cost hundreds of thousands. It’s far more cost effective to build a new home which has all the features the new owner wants.”

“Now the owners will have a home on a prime block of real estate in Corinda,” he says.

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2. Location

As land becomes increasingly scarce in West Brisbane, many families are opting to rebuild as it allows them to live in an inner-city location, with all the much-loved, amenities, in a home that suits their current lifestyle.

More commonly, buying and demolishing a rundown house in the inner city is the only way to secure land in these high demand areas.

3. Ease

Building a new home is an easier process than renovating an older home.

A fresh build allows the home to be built to exactly how the owner desires. The build can be planned to suit the owner’s current needs and it allows all the extra features which come with a new build. It doesn't have to be planned around other structures.

4. Space

Scott says knock down and rebuilds are increasing as people are looking for larger blocks.

“Queenslanders on large blocks are financially out of reach for most, as is renovating an older home,” Scott says.

“Instead, we’re seeing the knock down, rebuild process occur on larger blocks. Blocks anywhere from 750m2, 760m2 down to 500m2.”

“The drawcard of knocking down and rebuilding is that people can buy a bigger block, demolish the home and build a spacious, modern house which they can get a good return on, rather than a financial burden,” he said.

If you are interested in knocking down a house and rebuilding, contact Place Graceville today, your Western Suburb specialists, and we will help you locate the perfect block.

19Dec

Christmas Wrap 2018

This market wrap looks into the real estate market in 2018 for both sales and rentals and provides some insight ahead of time, into 2019.

13Nov

How Brisbane’s Property Growth is Impacting Kenmore

Just a stone’s throw away from the city lies Kenmore, a suburb which is at the heart of Brisbane’s property growth.

13Nov

What Could Labor’s Proposed Negative Gearing Changes Mean for Your Investment Property?

 

Gearing is a form of financial leverage. In real estate, when an investor borrows money to invest in an income-producing property, gearing is the money borrowed to buy this asset - usually a home loan. The income made from this investment property is either positively or negatively geared.

01Nov

Real Estate Wrap Up for the Third Quarter of 2018

In our latest market wrap, we will share what market movement we’ve seen in the third quarter of 2018 for both sales and rentals. We’ll also look forward to what we can expect over the horizon. Focusing in on Chelmer through to Oxley, the centenary suburbs and Indooroopilly west to Bellbowrie, including Kenmore and Chapel Hill.

26Jul

2018 Financial Real Estate Market Update

The 2017-18 financial year is now finished and we will share a few insights into what has happened in the marketplace, for both sales and rentals, in the past twelve months. Looking ahead to what can be expected over the horizon. Focusing in on Chelmer through to Oxley, the centenary suburbs, Indooroopilly and west to Bellbowrie, including Kenmore and Chapel Hill.

24Apr

Brisbane Real Estate Wrap Up - Quarter 1 2018

In our latest market wrap, you gain a little of our insight into what’s happening in the market. This wrap up provides an overview of the market movement we’ve seen in the first quarter of 2018 for both sales and rentals.

14Dec

Brisbane’s Western Suburbs 2017 Real Estate Wrap Up

On behalf of the entire team at Place Graceville, we would like to wish you and your family a very Merry Christmas and a safe, enjoyable holiday season.2017 has been a great year within the property space here in Brisbane, we’ve seen more steady, sustainable growth and rental yields in the western suburbs have largely held their ground.

21Nov

Have the doors been closed to first home buyers in Queensland this election?

Don’t you love elections, a time when politicians get to jostle for air time, promising us the world, trying to become the messiah of all issues great and small.

30Oct

Real Estate Wrap Up for the 3rd Quarter of 2017

Spring is well and truly under way and the traditional upswing in properties coming to the market is evident. Here at Place, we’ve seen a number of new homes come online feeding the appetite of some starving buyers that didn’t see much over the winter months.

11Jul

EOFY 2017 Report

This financial year, we have an information packed market update from the team here at Place Graceville. Not only has the end of the 2017 financial year marked the beginning of a raft of legislative changes that will impact Sellers & Buyers in one way or another, it also marks the end of another strong year for our team. After unlocking 3,456 doors, turning on 10,368 light switches, speaking to 7,248 buyers, presenting 1,152 open homes, conducting 63 auctions and selling 192 homes, we’re ready to do it all again.

10May

Budget 2017: What does it mean for you?

Last night the powers that be played with a few numbers and as with every budget, there is winners and losers. We’ve done the hard work for you and unspun the things we believe may impact the housing market. 

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stay informed

Every Thursday we deliver a market update straight to your inbox. Covering important changes to the real estate industry, new listings and recently sold properties.