PHOTO: “As soon as I walked in, I knew this apartment was what I needed,” says upgrader Lorri Hill. Photo: Derek Swalwell
At a time when demand for homes is so high, and supply so low, it can be a battle to upgrade to a bigger, better property.
However, especially with COVID-19 forcing us to spend more time indoors, there are more prospective buyers than ever dreaming of the respite of a lovely backyard, more space at home to give us a break from our nearest and dearest, and extra room for a study area to allow us to work comfortably.
“It’s the upgraders who’ve been the driving force behind the incredible rises in this market,” Domain’s Chief of Research and Economics, Nicola Powell, says. “We have such low interest rates and credit is so cheap, and at the same time, with COVID-19, we’ve been using our homes differently, and working from home.
“So, home-owners have looked at their homes and decided now is the time to either renovate or upgrade. The fact that prices are rising so fast means affordability can sometimes be a disincentive but, at the same time, capital growth is so strong, people think the gains will outweigh the cost.”
For Jette and Jon Doherty, it was more that they’d outgrown their house in Highett, in Melbourne’s south-east. When they’d bought and moved in 12 years ago, there was only the two of them. Now, with daughters Isabella, 12, and Helena, 10, they really felt as if they needed more space.
“We’ve been looking for a few years to upgrade so we would have more room and be closer to the beach,” says Jette, 45, a digital experience and design senior manager. “We always thought our house would be a stepping-stone to somewhere else, and finally we felt that time had come.
“Our children are getting bigger and it would be nice if we had more space so they could bring home their teenage friends and have their own space. COVID delayed things a bit but, in the end, we took on a buyer’s advocate to help us.”
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