While buying, renovating or selling a home is a big decision for most Aussie families, Sydney couple Michael and Carolina Prag did all three in the span of 12 months.
Throw in a huge milestone – having their first child – and it’s easy to see why they called 2025 a “whirlwind year”.
Utilising Ms Prag’s interior design expertise, the makeover of their Waverley home set them back $35,000 and played a huge part in their home’s value increasing by over $500,000.
Michael and Carolina Prag at their Waverley home which recently sold. Picture: Julian Andrews.
When they bought their three-bedroom home on High St for $2.55m in December last year, Mr Prag said they had always intended to give the dated eastern suburbs property a fresh look.
What they did not expect was to be putting in the elbow grease with a baby on the way.
“My wife, when she was pregnant, actually painted all of the fences outside,” Mr Prag said.
“The builders couldn’t believe it.”
As well as a fresh coat of paint, their renovation saw them knock down a few walls.
“We saw the scope to remove one of the bedrooms and make a much nicer, bigger living area,” Mr Prag said. “So we knocked down two walls as a result.”
MORE: Wilkinson to be stripped of massive $23m record
BEFORE: The Waverley home’s living area.
AFTER: A refurnish goes a long way.
Mr Prag said this decision opened up the home, allowing in more natural light and making the layout “more free flowing”.
“We also felt that it would maybe suit another young family or a couple that was looking to entertain,” Mr Prag said.
“So we looked for multiple options of how we could really add value, but also still suit what we wanted.”
The couple also removed an outdoor bathroom to make the backyard bigger.
MORE: 2026 shift tipped to slam brakes on Sydney home prices
BEFORE: The backyard was fully decked and included an outdoor lavetry.
AFTER: The backyard is now much more open.
Mr Prag said around 50 per cent of their home’s growth in value “was probably because of our renovation”.
The other half, he said, was simply down to the strong demand for eastern suburbs homes.
“At the end of the day it’s a freestanding house in the eastern suburbs,” Mr Prag said.
“Property prices are going up and that’s why we were very keen to try and buy something on a piece of land as opposed to an apartment or a townhouse.”
Waverley’s median house price has grown 6.6 per cent since the Prags bought their home, rising from $4m to $4.21.
Mr Prag estimated the costs of their renovation at around $35,000.
And it wasn’t all knocking things down – simple changes like a repaint in the kitchen have elevated the home’s look.
MORE: Inner west house price record smashed
BEFORE: The kitchen.
AFTER: It is amazing what some painting can do.
“Obviously, you have to spend money to make money,” Mr Prag said. “But you really don’t have to break the bank.
“You can still get something that’s much cheaper and looks much nicer if you place it in the right spot or use it in the right way.”
While they were not determined to sell their home, a run-in with Chris Volpatti of McGrath – who they bought from – sprung up a conversation about what they could do.
“We did the renovation in October and then we bumped into Chris,” Mr Prag said.
“He was selling a similarly sized house and he got a very good price for that one.”
MORE: Darling Point unit doubles in value in two years
BEFORE: The old dining area.
AFTER: The new dining area, thanks to a change in the floorplan.
A matter of weeks after asking if Mr Volpatti had any buyers who missed out, the Prag’s home was under offer.
Moving forward, the couple are looking to stay in the eastern suburbs, but in a home with some more room for their little one.
English (US) · 