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Here’s an overview into the Sydney market for the most popular renovation hotspots, to give you an idea of where the most updated properties are hiding.
However, certain areas are seeing different renovation trends evolving:
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, 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 Glebe, 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 , Lilyfeld and Strathfeld., ,
Inner city renovation trends include rear lane access for parking and adding attic level bedrooms and en suites in wide terraces and detached dwellings.
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 mean it can be difficult to add one of these to your portfolio.
Northern Sydney properties, Curl Curl in particular, are seeing more intensive renovations and knock down 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 less renovations and flips due to the softening of the market, which the report notes can impact on reasonable profit margins.
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.