IT’S A GREAT TIME TO RENOVATE, SYDNEY
HELLO AUTUMN: IT’S A GREAT TIME TO RENOVATE, SYDNEY
As I see it, it’s a great time to renovate in Sydney.
I’ve just completed alterations to my own home.
The changes complete the house, and give me great joy and satisfaction, every single day.
For me and my family, it was the right time to renovate.
Time is passing, and my family is growing up. Our domestic circumstances were sorted, our finances and building approvals were in place and the right builder was available.
I was prepared, so I could make the most of this opportunity as it presented itself.
The project ran smoothly and swiftly, completed within a record time of 12 weeks, with the construction cleaners in on the 21st December, just in time for Christmas.
Obviously, I relied on my professional experience and relationships to make it happen.
The MWa tried and true network of builder, design consultants, sub trades and suppliers were a joy to work with, as it all came together.
I had the confidence to know what I was doing was the right thing. Improving our home benefits me daily, improves my family life and contributes to my financial future.
I had the confidence to make the change I was seeking.
However, in the past few weeks, the news, all around, has been getting me down.
Today, I’m reminding myself that sometimes negative news has a stronger impact psychologically than positive news.
In the context of property, architecture, design and the renovation process in Sydney right now, the fundamentals are positive and I believe, will remain so, for the following reasons.
1 “Invest in your nest” remains a good idea
Our homes are are often our greatest asset, both financially and emotionally, and they are the stage upon which we live out our daily lives. Our families grow, circumstances change, our needs change and our homes sometimes need to change too, so that we can get on with our best lives.
2 Demand is strong
Demand for housing in Sydney is not going anywhere, and we all have to live somewhere. Housing affordability remains at a record high, and our homes are our safe havens. Nearly all the families I talk with over the past five years have expressed their concerns about how their children are going to afford a home in Sydney. Investing in our homes by adapting them for multi generational living one way forward.
3 The sales market is stable
If you are about to sell your home now, Cunninghams Real Estate (Balgowlah) is reporting that we “may be reading more negative, sensationalised reports in the media about the current real estate market, however we are finding that if a property is presented well and priced realistically, genuine buyers are definitely making moves and transacting in real estate”. Cunninghams RE have sold 60 properties in 60 days. “It’s a stable market with buyers who have the luxury of taking more decision time…” March 18, 2019 www.cunninghamsre.com.au
4 Quality remains a defensive strategy
If you view your home as a strategy for wealth management and your own piece of property investment – then find out more about why quality matters in Sam Saggers “The Future of Property Investing in Australia”. His thesis is that the future of successful property real estate in Australia is quality, as our populations grow and our cities become more dense. Improving the quality of your home is a defensive, common sense strategy.
5 Interest rates are low
Interest rates are historically low with the RBA cash rate at 1.5%, where it has been since August 2016. Some of the banks are predicting further rate cuts this year, depending on other economic indicators. Low interest rates equals low risk and more possibilities.
6 NSW unemployment is at a record low of 3.9%
Low unemployment is a key factor in maintaining housing demand and NSW unemployment figures are the lowest in Australia.
7 Its a great time to get the attention you need and competitive tenders
Consider the headline: “Construction slump with the residential sector experiencing its sharpest decline in six years.” The residential sector covers apartment building and large contract housing / greenfield development. It doesn’t necessarily include individual homes and alterations & additions. While the industry is not as manic as it has been for the past couple of years, it’s a great time to reap the benefits and get the attention you need. It’s a good time to get competitive building tenders. It’s a good time to “mend your nets”.
My outlook today is one that recommends we don’t let the bad news overwhelm us and put our lives on hold.
Residential design for new homes and renovations is a long term proposition, a long tail endeavour.
If you started today, it will take a year to plan, document, tender and seek approvals to build, and the average MWa renovation construction time on-site is around 9 months.
What will your home and life be like in December 2020?
If you are considering a change to your home, plan for the future and make a start now, with the advantages offered by the current environment.
What change are you seeking? What’s holding you back?
If you have one burning question for MWa, if there is something stopping you from moving forward to start your renovation journey, please email it to me directly on michelle@mwarchitects.net.au.
If I can answer it simply, I will. If I can’t, I may have a suggestion on how to move forward.
If you, or someone you know, would benefit from two hours of personalised, individual, face to face advice about their home and what’s possible, book an on-site consultation.
As everyone seems to be crazy busy, I have set aside one Saturday a month, just for initial consultations.
Next available Saturday is 27 April. $400 + GST. Call us on 0421 088 110.
Michelle