Melbourne homeowners turn to renovations

Inner-city property prices have been rising for some time, meaning that homeowners are finding it increasingly difficult to relocate. Melbourne is no exception to this rule, as figures show that values have been climbing for a while, creating pressure on an already tight property market.

The Australian Bureau of Statistics released its Residential Property Price Index for the March quarter of this year, which pointed to significant gains in the Victorian capital. Over the three-month period, values increased 0.6 per cent, making it one of the strongest rises in the country.

While this may lead more investors to enter the city, it also suggests that Melbourne property owners may be in no rush to move any time soon. Finding a comparable property for a similar price appears to be becoming less and less likely.

This is a trend that Slattery & Acquroff Stairs has witnessed over recent months, as it revealed in an August 22 article for Domain.com.au that Melburnians are preferring to improve rather than move.

"The reality in Melbourne is that land value is at an all-time high and will continue to become less and less affordable," acknowledged marketing manager Joel Acquroff.

"Therefore, adding floor space to a smaller land area is generally a far more cost-effective option."

Demand for products such as concrete grinders and diggers could soon therefore rise, as more people seek to make the most of the space they already have. Whether people decide to build an extension of perhaps change the layout of their home is yet to be seen, but with prices as high as they are, it's not surprising that maximising potential is so high up their agendas.

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