We’ve all heard success stories of eagle-eyed investors buying the worst house in the best street, doing up the home and making a tidy profit when they sell it a few months later.
Also, with the huge wins of contestants on the latest season of popular renovation show The Block, fixing and flipping property seems to be a profitable means of wealth creation, especially in hot property markets like Melbourne.
If you’re thinking about renovating for profit in 2017, then look no further. We’ve rounded up some of the best fixer-uppers from desirable suburbs around Australia that are ripe for a reno project.
Inner-city gem- Richmond, VIC
Billed as ‘a brilliant opportunity!’, this sweet freestanding period home has one bedroom, two living areas, a seperate laundry and a good sized courtyard. It’s the perfect fixer-upper in terms of kerb appeal and location, being walking distance to trams, restaurants and cafes, bustling Swan Street and shoppers haven Bridge Road.
Advertised at $800-880k, the asking price is well below booming Richmond’s median house price of $1.199 million according to Your Investment Property Mag (YIP). The house will go to auction on February 18.
Solidly built forever home- Ivanhoe, VIC
On a huge 1000m2 allotment in the tightly held Fairy Hills precinct of Ivanhoe, this spacious five bedroom brick home c1921 has the makings for a beautiful family home. Stand out features include high ceilings, bay windows, an open fireplace and city views to name a few.
With easy access to Ivanhoe shops, cafes and restaurants, LaTrobe Uni, parklands, the Eastern Freeway, Ivanhoe Grammar and Girls Grammer, this residence would be a great investment for a growing family or savvy investor.
Post-war weatherboard- Stafford, QLD
Listed for the first time in 65 years, this eye-catching north facing home is crying out for some TLC. The ad spruiks three ‘good sized bedrooms’, an immaculate yard, a sunroom and potential to expose the hardwood timber floors throughout.
Seeking offers over $569,000, which is under the median house price for Stafford of $582,500 (YIP), this place is good buying for such a sizeable block (642sqm) only 7km from Brisbane’s CBD.
Historic cottage- Glenorchy, TAS
Your chance to ‘own a piece of history’. Just under 10km from the heart of Hobart this quaint cottage circa 1905 is in need of an internal makeover. The home has high ceilings, two bedrooms, one bathroom, a lounge area and open living and dining areas. The kitchen and bathroom are in need of drastic updates, but the bedrooms appear to be in good nick and would only require minor cosmetic freshening.
The listed price range is $180,000-$190,000, much lower than Glenorchy’s median house price of $267,000 (YIP). The property will be tenanted until May 5 2017, which gives you plenty of time to plan your reno budget and sort out your finances to snap up this beauty.
1940s charmer- Kensington, WA
Listed from $850,000, this cute 1940s home situated on a 506sqm block has a lot of potential for renovation and even extension. Only the bathroom and kitchen would need a major overhaul, with living areas and bedrooms in good repair.
If you’re looking for a home with old school elegance, this residence has a lot of beautiful original features such as high ornate ceilings, dark solid timber flooring and lead light windows and doors.
Only 7km from Perth’s CBD with close proximity to Victoria Park, South Perth Foreshore and primary and secondary schools, it’s easy to see why Kensington is such a highly sought after suburb.
Beach shack fixer – Sans Souci, NSW
On a level parcel of land approximately 520sqm, this little home is ‘ideal to renovate or knockdown and start again’. Marketed as ‘offering endless potential for transformation’, the home has two bedrooms, a seperate laundry, single car garage and two living areas.
Within walking distance of the beach, shops, cafes and schools, this home is sure to attract a lot of aspiring renovators. It’s up for auction on January 21 under instruction from NSW Trustee and Guardian.
Double fronted stone villa- Hindmarsh, SA
Priced at $550,000- $580,000, this incredible character home circa 1918 could be remodelled into something very special. Perfect for a growing family, the home has four bedrooms, a large open kitchen and meals area, off street parking, a large laundry, a seperate living room and a sprawling veranda and patio.
With beautiful polished timber floors throughout and immaculate period cornices and fireplaces, the large garden, and the kitchen and meals areas are the spaces most in need of improvement. The home is going to auction January 21.
Landmark home- Preston, VIC
This grand original home is situated on a large 700sqm corner block of ‘prime land with great potential to restore, rebuild or redevelop (STCA)’. The property ad contains no internal images so we suspect the home will require a major overhaul. The listing describes the home as character filled with three bedrooms, a seperate laundry and a kitchen and meals area.
The location is great with public transport (trains, buses and trams), Preston market, schools and parks all within walking distance. ‘A great opportunity’ looking for buyers in the vicinity of $890,000.
Location, location, location- Forest Lodge, NSW
Only 4km from Sydney’s CBD, this adorable white picket fenced dwelling has ‘outstanding potential’ to ‘update and capitalise on its superb address’. Just a stroll to Annandale village, cafes, parks, waterfront, light rail and buses.
With a generously sized courtyard, three double sized bedrooms, a garage with laneway access and additional storage, this home could be transformed into an attractive urban oasis with the right improvements. This place has an asking price of $1,865,000.
Terrific terrace- Redfern, NSW
Advertised for $1.3 million, the listing advises potential buyers to ‘get ready to renovate!’. The home has four bedrooms, with a large balcony off the master, a leafy courtyard, large kitchen, period fireplaces, high ceilings, original floorboards, one bathroom and a seperate laundry, all set for a ‘complete makeover’.
In one of East Redfern’s premier streets, this classic Victorian terrace is close to Surry Hills shops, Crown Street restaurants, Moore Park and Danks Street galleries. This home is the perfect opportunity for a seasoned renovator to roll up their sleeves and reconfigure and construct their dream home. The terrace will go to auction on February 4.
Cosy cottage- Carlton North, VIC
One of Carlton North’s ‘oldest and most original brick terrace houses’, this home is the very definition of a renovator’s delight. The first time it has been listed for sale since 1903, the home is billed as ‘ready for renovation from top to toe for the next century of ownership’.
Only 3km from Melbourne’s CBD, Rathdowne village, close to trams and buses, this two bedroom residence has loads of potential just waiting to be unlocked.
We hope this list of the best renovator’s delights for sale at the moment has inspired you to tackle a home reno project big or small of your own this year.
For more advice on renovating check out our guide to avoid a money guzzling renovation nightmare and tips to keep your home and belongings safe during a reno.
Happy house hunting!