According to the REIV the median house price in Melbourne for the September 2016 quarter was $740,000. For inner suburbs the median price indicated was $1,336,500.
Table from REIV Website
If we take Northcote for example, the median price is $1,127,500. For a two bedroom home the median price is $950,000, while for a four bedroom home the median price is $1,615,000.
Obviously these median prices are for a mixture of renovated and un-renovated homes.
Based upon this median price, to sell your existing two bedroom home would cost in the order of $25,000 including advertising.
To purchase a four bedroom home (assuming you can buy one for the median price), the stamp duty alone amounts to $88,825. Add to this the State Revenue Office transfer fee and legal costs you will be paying in excess of $90,000 on the purchase.
Stamp Duty Calculation from SRO website
Taking into account these two costs alone, the average cost of moving within the suburb of Northcote for additional space is in the order of $118,000 even before you take into account the difficulty in securing properties in the inner city suburbs of Melbourne like Northcote due to the intense competition.
Any landowner who has held land in Northcote within the past five years will have seen strong growth in values and equity in their homes.
So the decision to undertake a renovation, Ground Floor Extension or double storey extension can be made easier when you consider that you can be miles ahead by not moving.
Another aspect to consider is the value that you add to your existing home by increasing the accommodation. One of the questions a bank valuer will always ask is the number of bedrooms and bathrooms that a house has. This, along with the land size is a good guide to the ultimate value of your home.
Over the past decade, Supa Group have constructed over thirty ground floor and double storey extensions in Northcote and surrounding suburbs such as Fairfield, Thornbury and Preston. As a price guide we recently finalised a double storey extension with two additional bedrooms, a break out area and upstairs bathroom for just short of $250,000. The all up costs including a new kitchen and Renovations of the existing downstairs area would have cost the owner somewhere in the order of $325,000.
If you like the area that you live in – your neighbours, the schools, local café and shops, then you should seriously consider a home renovation and extension and take your house from this
“The quality of tradesmen Supa Group employ are very good. Our original home was built by a volume builder and doesn't compare to the workmanship displayed by Supa Groups tradesmen.”Steve and Anna of Pascoe Vale South
“The works commenced in November and as promised the second storey was at lock up well before Christmas.”John and Grazie of Box Hill North
“Our previous experience of builders has not been great, however we immediately experience a far more professional, friendly and reliable approach.”David and Kathryn of Wantirna
“A big Thank You for a smooth project throughout all its stages, which did not interfere with our busy household of seven.”Naso and Eva of Bulleen
“Thank you for working with us over the last year to make our dream of renovating our much loved home a reality.”Mark and Catherine of Hampton
“Wez and I were very touched by the kind thoughts and flowers we received for our family loss, we warmly thank you so very much...and this is Supa Group!!!”Wez and Pina of Rowville
“You get results that make you smile every time you come home and open the front door. You get a home that brings you joy.”Steve and Jenny of Watsonia
“The Design process was like no other we have experienced. We were excited from day one and we are still smiling from ear to ear.”Kleanthis and Emma of Oakleigh East
“Our building supervisor Braidon Marshall was absolutely fantastic. He was friendly, approachable and accessible when we had a few issues out of hours. We sprung a leak on one rather rainy night, and he came to the rescue after his birthday dinner no less!”Danny and Melissa of Coburg
“The pleasant demeanor, accommodation of questions and assistance through the process has provide us with a feeling of a priority client. ”Peter and Louise of Alphington
“What was really impressive was that the building works were completed in an incredible 6 weeks!!!!”Chris and Michelle of Camberwell
“I highly recommend anyone to consider Supa Group for an extension on their home. I am absolutely delighted we chose Supa Group to make our dreams come true!”Tony and Claire
“We are very happy in our new home and we would like to thank all the staff at supagroup.”Dale and Cristina, Port Melbourne
“Supa Group has done a great job capturing our vision with the original ideas and plans we had in mind and the result is better than we would have expected.”Con and Daniella, East Keilor
“From initial plans right through to the end Supagroup have been polite, professional and super efficient and well organised. Thanks to everyone at Supagroup for helping realise my dreams.”Claudia, West Footscray
“We have no hesitation in recommending Supa Group and we have already started in our Church community, neighbourhood and Tin's work place.”David and Tina, Gladstone Park
“We would not hesitate to recommend Supa Group to any family or friends who may consider a house extension.”George & Elizabeth, Maidstone
“The end result has exceeded my expectations. Not only is the end result stunning but also the manner in which it was achieved was exemplary. I would have no hesitation in recommending Supa Group to others considering extending their homes.. ”Jane, Blackburn
“...we were looking for a no fuss solution, which would require as little input from us as possible. We certainly found that with the Supa Group. We found you professional and timely right throughout the building phase.”Peter and Rose, Taylors Lakes
“My family and I would like to thank you for your excellent quality of work done on our second level extension. It's been an exciting six months watching our house turn into the home we were hoping for.”Tom and Vicky, Mill Park
“We have found the whole experience of a new extension something interesting and exciting and are delighted to recommend Supagroup to our friends and neighbours.”Tim and Kathy, Beaconsfield
“Every day we look around and are amazed at what has been achieved. ...our journey with Supa Group has been amazing to say the least. ”Damian and Anthea
“We would not hesitate in recommending Supa Group to others that are thinking of renovating or extending.”Maria and Vince