The new year is approaching, and the
Australian housing market continues to
grow. In 2023, the average home price in
Australia stayed stagnant, according to Bill
Evans, Westpac's chief economist. However,
there is a potential for them to surge in 2024.
As stated in the market update, they
anticipate a 5% increase in house prices by
the next year.
So, for homeowners to take advantage of this
potential surge, it is essential to stay ahead
of the curve and make informed decisions.
Improving the value of the home can be one
way to get ahead. It allows homeowners to
get a reasonable price when they decide to
sell, refinance, or take out a home equity
loan. There are many ways to increase the
value of a home, and it's not always
necessary to spend a fortune.
Increasing Australian Home Value for the Year 2024
Just Patios
Ways to Improve Home Value
Start with Basic Maintenance
Before diving into any major renovations or upgrades, addressing any basic
maintenance issues is crucial. Some of the most common issues that require
immediate fixing include leaking taps, broken wood rot, cracks in the walls, broken
air conditioning units, blown light bulbs, etc. Ensuring that the home is in good
condition will make it more attractive to potential buyers and prevent any major
problems from arising in the future.
Build Relaxation Space
Outdoor areas are becoming increasingly important for potential buyers, especially
after the pandemic. Creating a space where people can relax and unwind is an ideal
way to boost the value of your home. For one, many people build custom patios and
decks to add to the overall appeal of their home. It's a great addition, and it doesn't
have to be expensive. Another way could be by adding a fire pit or an outdoor
kitchen for entertaining guests. These additions will not only make the home more
inviting but also add value to it.
Update the Kitchen and Bathrooms
Kitchens and bathrooms are often the first things that potential buyers look at
when considering a home. Kitchens are often considered the heart of the home,
and modernizing them can significantly increase the home's value by about 4-
6%. Simple upgrades such as replacing old countertops or cabinets, adding new
appliances, and updating fixtures can go a long way in increasing the value of a
kitchen.
On the other hand, bathrooms should be clean, functional, and modern. Simple
updates like replacing old tiles or re-grouting the shower can make a big
difference. Also, adding energy-efficient fixtures such as low-flow toilets and
LED lighting can save money in the long run and add value to the home. These
small changes can add up to 10% more in home value.
Make the Home Energy Efficient
Of course, taking care of the home's appearance is essential, but energy
efficiency is also a vital aspect that potential buyers consider. About 7 out of 10
buyers are willing to pay more for a home that is energy efficient and has lower
utility bills. Ways to make the home more energy-efficient include adding
insulation, sealing air leaks, upgrading windows and doors, installing solar
panels, etc. These upgrades can save money on utility bills while also increasing
the value of the home.
The Bottom Line
Increasing the value of a home does not have to be complicated or expensive.
Simple maintenance, creating relaxation spaces, updating key areas such as
kitchens and bathrooms, and making the home energy efficient can all
contribute to boosting the value of a home in Australia for the year 2024. By
staying ahead of the curve and making informed decisions, homeowners can
take advantage of the potential surge in house prices and ensure a successful
sale or refinance.
References:
https://www.novushomes.com.au/blog/will-property-prices-rise-or-fall-2024-
australia
https://auspost.com.au/home-contents-insurance/information-and-guides/top-
20-most-common-home-maintenance-problems
https://www.justpatios.com.au/patio-builders-brisbane/
https://dreamdoorskitchens.com.au/how-much-value-does-a-new-kitchen-add-
to-your-home/
https://www.propertynow.com.au/blog/how-much-value-does-a-renovated-
bathroom-add/
https://www.commbank.com.au/articles/newsroom/2023/11/energy-efficiency-
property-value.html
Australian housing market continues to
grow. In 2023, the average home price in
Australia stayed stagnant, according to Bill
Evans, Westpac's chief economist. However,
there is a potential for them to surge in 2024.
As stated in the market update, they
anticipate a 5% increase in house prices by
the next year.
So, for homeowners to take advantage of this
potential surge, it is essential to stay ahead
of the curve and make informed decisions.
Improving the value of the home can be one
way to get ahead. It allows homeowners to
get a reasonable price when they decide to
sell, refinance, or take out a home equity
loan. There are many ways to increase the
value of a home, and it's not always
necessary to spend a fortune.
Increasing Australian Home Value for the Year 2024
Just Patios
Ways to Improve Home Value
Start with Basic Maintenance
Before diving into any major renovations or upgrades, addressing any basic
maintenance issues is crucial. Some of the most common issues that require
immediate fixing include leaking taps, broken wood rot, cracks in the walls, broken
air conditioning units, blown light bulbs, etc. Ensuring that the home is in good
condition will make it more attractive to potential buyers and prevent any major
problems from arising in the future.
Build Relaxation Space
Outdoor areas are becoming increasingly important for potential buyers, especially
after the pandemic. Creating a space where people can relax and unwind is an ideal
way to boost the value of your home. For one, many people build custom patios and
decks to add to the overall appeal of their home. It's a great addition, and it doesn't
have to be expensive. Another way could be by adding a fire pit or an outdoor
kitchen for entertaining guests. These additions will not only make the home more
inviting but also add value to it.
Update the Kitchen and Bathrooms
Kitchens and bathrooms are often the first things that potential buyers look at
when considering a home. Kitchens are often considered the heart of the home,
and modernizing them can significantly increase the home's value by about 4-
6%. Simple upgrades such as replacing old countertops or cabinets, adding new
appliances, and updating fixtures can go a long way in increasing the value of a
kitchen.
On the other hand, bathrooms should be clean, functional, and modern. Simple
updates like replacing old tiles or re-grouting the shower can make a big
difference. Also, adding energy-efficient fixtures such as low-flow toilets and
LED lighting can save money in the long run and add value to the home. These
small changes can add up to 10% more in home value.
Make the Home Energy Efficient
Of course, taking care of the home's appearance is essential, but energy
efficiency is also a vital aspect that potential buyers consider. About 7 out of 10
buyers are willing to pay more for a home that is energy efficient and has lower
utility bills. Ways to make the home more energy-efficient include adding
insulation, sealing air leaks, upgrading windows and doors, installing solar
panels, etc. These upgrades can save money on utility bills while also increasing
the value of the home.
The Bottom Line
Increasing the value of a home does not have to be complicated or expensive.
Simple maintenance, creating relaxation spaces, updating key areas such as
kitchens and bathrooms, and making the home energy efficient can all
contribute to boosting the value of a home in Australia for the year 2024. By
staying ahead of the curve and making informed decisions, homeowners can
take advantage of the potential surge in house prices and ensure a successful
sale or refinance.
References:
https://www.novushomes.com.au/blog/will-property-prices-rise-or-fall-2024-
australia
https://auspost.com.au/home-contents-insurance/information-and-guides/top-
20-most-common-home-maintenance-problems
https://www.justpatios.com.au/patio-builders-brisbane/
https://dreamdoorskitchens.com.au/how-much-value-does-a-new-kitchen-add-
to-your-home/
https://www.propertynow.com.au/blog/how-much-value-does-a-renovated-
bathroom-add/
https://www.commbank.com.au/articles/newsroom/2023/11/energy-efficiency-
property-value.html