10 Reasons Why Australians Renovate

The Perth property market is buzzing. With house prices surging and demand continuing to climb, many homeowners and investors are asking themselves the same question: “Should I buy a new property or renovate my existing one?” Both options have opportunities—but also hidden costs and challenges that are often overlooked. In this post, we’ll break it down so you can make an informed decision. The Reality of Booming House Prices Perth has experienced a significant rise in property values in recent years. This creates opportunities for homeowners but also adds pressure for buyers. Buyers face rising prices, limited inventory, and fierce competition. Homeowners may leverage their property’s value to fund renovations instead. Understanding the full financial and time commitment of buying is crucial before making a move. Option 1: Buying a New Property Buying a home might seem straightforward, but in a booming market like Perth, the reality is often more complicated and expensive than expected. The Hidden Costs of Buying 1. Stamp Duty In Western Australia, stamp duty can easily reach $15,000–$25,000 for a median-priced home. This is a one-time but significant upfront cost many first-time buyers overlook. 2. Agent Fees Selling your old property usually involves real estate agent commissions of 2–3% , sometimes higher. Buying a new property may also involve agent negotiation fees or closing costs. 3. Legal & Conveyancing Fees Expect $1,500–$3,000 in legal costs for title searches, contracts, and settlement processes. 4. Time Investment Finding the right property can take weeks or even months , especially in suburbs with limited stock. Open homes, inspections, and multiple offers add to the time and stress. 5. Moving Costs Packing, moving trucks, storage, and minor repairs can add $2,000–$5,000 depending on the property size. 6. Potential Renovation Needs Even “move-in ready” homes often require upgrades such as painting, landscaping, or kitchen/bathroom improvements. These hidden costs can quickly add $10,000–$30,000 . 7. Limited Supply Perth is experiencing a shortage of houses, meaning buyers often compete over the same properties. This scarcity drives prices up further and increases the likelihood of paying over market value .

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