As we all come out of lockdown and reassess our living situations, a common question Kiwi’s are asking themselves is ‘Should we move, or should we renovate?’ ‘And is that extra bedroom worth adding on?’
The answer depends on where you live. Real-time data from realestate.co.nz shows that you can win in most regions, but in some areas the average asking price for an increase in bedrooms can decrease. The Wairarapa region saw the biggest increase with an extra room almost doubling the average asking price. In May, average asking prices in the region increased from $552,755 for a three-bedroom home to $1,001,944 for a four-bedroom home.
The region to see the average asking price drop from three bedrooms to four bedrooms was Gisborne. Asking prices for a three-bedroom house in May were at $528,111 whereas a four-bedroom home was only commanding $515,000.
“This suggests that property hunters in the Gisborne region value a three-bedroom family home over a four-bedroom this month,” says Vanessa Taylor, spokesperson for realestate.co.nz.
Looking at the bigger centres now, going from three to four bedrooms in Auckland, Wellington or Canterbury saw average asking price increases of $278,065, $172,484 and $238,289 respectively.
“There are many factors involved with renovating your property, so make sure you do your research around what properties are selling for in your area before embarking on your journey,” says Vanessa.