The surges in property values over the years pushes homeowners to extend their Melbourne homes rather than put them on the market. The trend was highlighted in this article Property values in Melbourne have recorded about a five-fold increase over the past 30 years. Suburbs such as Box Hill, Kew and Aspendale top the list for highest growth.
This has prompted homeowners to capitalise on their property’s value and add value to their homes.
The trend is also attributed to the growing popularity of apartment living. The REIV reports that new apartments rose by 11% in the last quarter and are continuing their steady growth. This has made it difficult for owners of established homes to sell their properties, as many prospective buyers prefer newer developments with modern amenities.
Home Extensions in Melbourne
Melbourne is home to some of Australia’s best coffee shops and restaurants, with new ones popping up all the time. But Melbourne also has some pretty unique homes. So read on if you want to make your house more spacious or add a little character to your home! We have compiled a list of 3 key areas extending their homes right now…
#1 Home extensions in Box Hill
You might wonder why so many people are extending their homes in Box Hill, and the answer is simple. It’s a great place to live!
More than 2,790 new apartments, five hotels, and high-rise workplaces have been built in Box Hill during the previous ten years, and the city’s population has increased from 16,480 in 2006 to more than 23,600 in 2019.
Box Hill has many people working in the CBD and has easy access to public transport options. The city centre is just a short train ride away, with its distinct character and feel.
Box Hill north is one of Melbourne’s fastest-growing suburbs. This means there will soon be more people in the area looking for larger homes catering to their growing families. Box Hill South is also experiencing rapid growth. It is likely to increase interest from residents wanting to extend their homes further into the yard and add another bedroom or bathroom.
#2 Home extensions in Aspendale
Aspendale is located on the Mornington Peninsula, just a short drive from the beach. It’s also home to some of Melbourne’s best restaurants, cafes and shops.
The median house price in this area is $ 1.4 million while the average household income is $86,000 per year, which shows how much residents value their own space! The average house size here is 2,300 square feet (217m²).
This suburb has become an increasingly popular place for young families, who are attracted by its proximity to schools and parks and its famous beaches. Retirees also choose Aspendale because it’s close to several golf courses and shopping centres, such as Chadstone Shopping Centre in Malvern East and Southland Shopping Centre in Cheltenham. Being such an ideal location, many residents change their homes to accommodate their need for more living space.
#3 Home extensions in Kew
Kew is a popular home extension area with some of Melbourne’s highest average property prices. The average Kew house price was $2,687,500 in 2022 making it one of the most expensive suburbs to live in.
Kew is one of Melbourne’s most picturesque districts, so expanding or upgrading your home can be a better choice than uprooting families and leaving the suburb you love.
Trusted Builders in Australia
There are many ways to extend your home. The key is to find a trusted builder that can provide you with the right solution at an affordable price. Duncan Thompson Extensions have all kinds of extensions on our portfolio, from small renovations to whole new wings. So if you’re looking for a builder who can help you design and build your ideal extension in Melbourne, then contact us today.