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Heritage homes back in demand for Perth homebuyers

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2015-05-29
CHARACTER homes are continuing to demand big premiums from Perth buyers, despite a slowdown in the rest of the market.

From 1900s Victorian brick homes to classic weatherboard cottages, heritage homes are transfixing Perth buyers. While the average house sits on the market for 77 days — the longest in the country — houses with quality character features are continuing to outperform, estate agents say.


Brookwood’s Patrick Harper said while he had seen a cooling in the wider premium market, unique character homes were in demand.
“I’m often surprised by the range of buyers a character home will attract. Both young families and older couples will be interested and you can’t necessarily pick the typical buyer,” Mr Harper said.

 “Quality brick or stone homes from the 1900s always get particularly strong interest. And homes that are in good condition and have been renovated tend to attract a premium. However, there are also those that are a bit more knowledgeable who want to pay less for something they can renovate themselves.”
Heron Todd White director Brendon Ptolomey said it was an “unusual quirk” of the Perth market that character homes continued to sell well in market downturns.
“A heritage listing is something you consider when conducting a valuation,” Mr Ptolomey said. “However, that’s not to say a home being listed will magically add a premium to a home.
“Generally, if the home is in good condition and has been well maintained, a heritage listing will add to the appeal. However, if buyers feel they have to do a lot of work, the listing may concern them.”
Mr Ptolomey said buyers should check what grading a home’s listing was before purchasing to ensure they knew what could be done.
Heritage Perth executive director Richard Offen said there was a misconception that a heritage listing devalued a home.
“Numerous studies, including those conducted on homes in Shenton Park and Mount Lawley, show that a heritage listing will add value the majority of the time or, at worst, have a neutral effect,” Mr Offen said.
“There’s a widely held mistaken belief that if a home has a heritage listing you cannot change the light bulbs. However, that’s really not the case and, in fact, you can often do multiple extensions and renovations to a listed home, provided you work within the guidelines.”
But Mr Offen said buyers should consider a builder survey before purchasing.
“They can be expensive, but that way you won’t be faced by any nasty surprises,” Mr Offen said. “The maintenance is also something to consider, but generally a price heritage lovers are happy to pay for quality architecture.”
Fremantle estate agent James Ribbons, who has sold a number of character homes in the past six months, said they tended to outperform other homes because they attracted “emotional buyers”.
“If a home is unique or different and has something that can’t be replicated, it will usually attract a certain level of interest, no matter the market,” Mr Ribbons said.
“If you’re selling, you should try and capitalise on this emotion through styling and presentation, so you will get a buyer to fall in love with the house.
Mr Harper agreed sellers could capitalise on a home’s history in their marketing, but said they should be careful to be accurate as “astute history buffs” would pick up mistakes.
COTTAGE CHARMS APPEALS TO YOUNG FAMILY
WHERE most people see outdated carpet or unfashionable wallpaper, Michelle Robertson sees potential.
The interior designer purchased her second heritage-listed home — a 1900 brick Victorian cottage in Fremantle — with husband James and said she couldn’t imagine living in any other kind of house.
“The thing we both love most about heritage homes is the quality of the architecture,” Ms Robertson said. Mr Robertson, who works in the building industry, said the family was currently renovating.
“If you add extensions or modern features, you can create an amazing contrast showcasing the older features,” Mr Robertson said.
Ms Robertson said the perception that a heritage-listed home could not be renovated was untrue.
“You just need to work within the parameters,” she said.
FACTS FOR HERITAGE HOMEBUYERS
ANYONE can nominate a home for a heritage listing for a council, state or national list.
ENTRY to a state or council register does not mean a place cannot be modified or maintained.
A HOME can be registered on the state register without the owner’s agreement, but the owner’s views are considered.
SUCCESSFUL nomination is not solely based on the property’s age.
STUDIES suggest heritage listings generally add to the overall value of a home and, at worst, will have a neutral effect.
EXPERTS say you should get a builder’s survey on the character home so you can be sure of its condition.