Regional SA Property Market Update June 2020
Mount Gambier Property Updates
To date, there are still no clear indications of the impact of COVID-19 on property values in the Mount Gambier region. Whilst the market has softened as a direct result of government enforced restrictions and general economic uncertainty, we are yet to see this reflected in any value correction.
As restrictions begin to ease and some normality resumes, we remain positive that the impact will be limited, however we are not naive to the fact that there will be ramifications within the property market.
What about renovations?
Bunnings is certainly packed on the weekends and our DIYers are making the most of lock down time! However, from what we can see at the moment, it would appear as though the top priority on everyone’s renovation list is to complete small jobs that were already on the to do list. Larger renovations often take longer to plan and generally rely on the availability of tradies and they are not easy to grab in our region at short notice.
In our region, major renovations need to be considered quite carefully. The cost of demolition, altering and reconfiguring existing improvements can quickly make any renovation very expensive, without necessarily seeing any improvement in the dwelling. Prior to completing any major renovations we would recommend that home owners ascertain the current value of their home (have a valuation done), consider the cost of the proposed renovations and then add the two amounts together. What can you buy in the current market for a similar price? Are you best to do the proposed renovations or perhaps consider buying a property at a similar total cost where someone has already done all the hard work? This is a simple way to have an informed opinion on the best way to tackle the question of whether to renovate or not.