Would-be renovators could soon abandon plans to buy and extend original character homes as soaring building costs make move-in ready properties a more cost-effective option.
Selling agents say it now costs up to three times more to extend an existing dwelling than to build new, dampening dreams of many buyers wanting to put their own stamp on traditional heritage homes.
As construction costs continue to rise, agents say buyers seeking heritage villa or bungalow-style properties are focusing on homes already extended and renovated by previous owners, rather than take on the addition of contemporary, open-plan living areas themselves.
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8 Elizabeth St, Tanunda.
8 Elizabeth St, Tanunda.
8 Elizabeth St, Tanunda.
8 Elizabeth St, Tanunda.
“(Extending a heritage home) is becoming very expensive,’’ said Ray White Adelaide City selling agent Andrew Downing.
“And it’s getting harder to get trades as well.
“It (extending and renovating heritage homes) has always been a popular option … but sometimes the reality doesn’t work out – you might start off with a price (estimation of building works) but then you make changes here and there and it doesn’t stop (the price keeps increasing).’’
Mr Downing, whose listings include “Roseville’’, a stunning three-bedroom residence at 8 Elizabeth Street, Tanunda, said while demand for heritage-style homes was still strong, more buyers were seeking properties where the extension work had already been done.
Originally built in circa-1910 and boasting an Angaston marble façade, Roseville has been extensively renovated and extended to include a gourmet kitchen and expansive rear living area, a walk-in robe and ensuite to the main bedroom and a sparkling swimming pool.
“Even if you do a reproduction build, it’s still not the same as (an original) character home,’’ Mr Downing said.
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8 Elizabeth St, Tanunda.
8 Elizabeth St, Tanunda.
8 Elizabeth St, Tanunda.
8 Elizabeth St, Tanunda.
“We’ve had a fair bit of interest (in the Tanunda listing), including from those who want the character (of an older home) but they don’t want to do the work (to extend) – they want something ready to move-in.’’
McGrath Real Estate Group Glenelg director Paul McGrath said buyers often felt a strong emotional attachment to traditional character homes but many did not recognise the high costs involved in restoring and extending them.
“Everyone thinks they can do it (renovation work) for half price but they underestimate what’s involved,’’ Mr McGrath said.
“When you add on to something, you have to get everything matched up, whether that’s rooflines, ceiling heights – everything has to match up with this or that.
“Most people are uneducated to the true costs (of building extensions) and once you’re committed (have started building work) you can’t stop and they end up spending too much.’’
– by Lauren Ahwan
English (US) · 