Want to sell in Brisbane's best suburbs? Better call in the builders

If sellers in Brisbane’s premium suburbs want to remain competitive, they need to consider extensive renovations to attract wealthy buyers, builders and agents say. 

Some Brisbane agents have taken to urging their clients to freshen up their properties before placing them on the market. 

“The markets are evolving really rapidly,” said Place agent Linda Bywater.

She recently listed 58 Manson Road in Hendra, a home refurbished by its owners. It’s now a necessity for houses in the surrounding suburbs to be renovated, Ms Bywater said.

“Four years ago I could put up a standard off the plan home and sell it for top dollar,” she said.

Ann and Paul Hammond have owned the home since 1997, when they bought it for just over $300,000. The pair raised four boys in the Hendra house.

When they made the decision to downsize to Sydney, they figured it was time to turn the house into what they always wanted.

“We always wanted to finish the house but never had the time to do it,” Mrs Hammond said. “Now the last of our boys is moving out and we found the time to do it.”

The Hammonds hoped the additions would double the profit they would have otherwise earned on their old family home.

“I wanted to get the best value the house would be worth, so, really, that will still depend on the market,” said Hammond.

The paint job alone cost $20,000 and Mrs Hammond said she had not yet finalised how much the rest of the work cost. The house will be up for auction on December 17.

Graya Construction’s Rob Gray agreed it was becoming standard in upscale suburbs to renovate to squeeze as much from a property as possible.

“If you want to make hundreds of thousands you need to make some substantial changes,” he said. “You wouldn’t be able to make big bucks like that if you’re doing little things.”

Affluent buyers have driven the shift in the market and are happier to pay extra to avoid doing their own refurbishments, Ms Bywater said.

“It’s really about the completive context this type to town, the buyers here are the upscale type,” she said. “They’re prepared to pay more for [homes] in this area if they have to do little or nothing because it suits them better.”

Mr Gray and his brother recently attracted international attention for turning a hoarder’s former $750,000 home into a $2 million prestige property.

“There’s no too little or too much, the more you put down the more you’ll get back,” Mr Gray said. “At the same time, don’t over capitalise.”

“Work out the maximum you’ll get for your block of land and stick to that.”

His number one tip for adding value to a home is to get a pool built.

“You can double the money you put down on a pool if you get one put in,” Mr Gray said, adding it paid to target a specific type of house hunter.

“Get in your head of your buyer and just think about what that person will want,” he said.