Once crumbling homes sold as “fixer uppers” have been returning to the market for sale or rent after mammoth renovation works and look barely recognisable, proving just how powerful a real estate facelift can be.
Many of the homes sold to renovators for jaw-dropping sums during Sydney’s last housing boom over 2013-2017 but are worth even more today after hundreds of thousands of dollars were poured into repairs.
A two-bedroom federation-style bungalow in Rozelle that sold in an “unliveable” state in 2016 recently came up for rent, revealing a markedly different interior.
The back of the property was a mere shell of wood beams, window frames and corrugated iron sheeting when the home sold for $1.688 million three and a half years ago but the shabby features have completely gone.
Today there is a contemporary home that commands about $750 per week in rent, according to property records.
A Paddington home on Iris St that sold without a roof in 2016 received an even more dramatic makeover.
The home, sold under the hammer for $1.19 million, was restored through a nearly $600,000 renovation.
The restoration involved a small extension and the installation of skylights. A new kitchen was also put in, along with a backyard deck.
The Iris St property was most recently rented out for about $950 per week.
Another Paddington terrace last sold with holes in the floor, walls of peeling paint and a backyard choked with debris and overgrown weeds was also extensively renovated.
The home on Broughton St was given a new lick of paint and the backyard was repaved to create a large alfresco area.
There is new flooring and airconditioning, along with skylights.
A once dishevelled terrace on nearby Harris St recently sold for $2.35 million after another extensive renovation – the home had previously sold for $1.4 million in 2016.
Before the renovation, large pieces of loose wood were used to patch over the uneven floors and a bathroom door was rotting. There were also pieces of canvas plugging up gaps in the bathroom walls.
Property records showed that after the $1.4 million sale – which was $250,000 above the price guide at the time – there was a development application for a $275,000 extension.
The extension appears to have added an additional level, while other renovation work has updated the inside with modern fittings and finishes.
Mortgage brokerage Two Red Shoes founder Rebecca Jarret-Dalton said it was likely there would be an increase in renovations over 2020.
The biggest renovations push would come from existing homeowners, she said.
“With the housing market bottoming out in mid-2019, the desire to sell up and upgrade the family home has been more of a pipe dream for most,” Ms Jarret-Dalton said.
“(Enter) renovators. This smart bunch are playing the odds. They approach their lender for a top up mortgage so they can unlock a little bit of cash and pump this into giving their home a facelift or complete makeover.”