These results should give owners confidence to renovate or add an extension to their home without risking overcapitalisation.
Of these suburbs, Supa Group Constructions are currently working on projects in Windsor, Lower Templestowe, Hampton East and Northcote.
With the exception of Carlton, Cremorne and North Melbourne these suburbs have generous lot sizes that allow scope for improvement. Much of the housing stock in these suburbs was constructed during the period between WW1 and WW2 and lend themselves to extension as they were constructed of good quality materials.
This news will be of no surprise to followers of the property market. There are very few suburbs within a 15 Km radius of the Melbourne CBD that has a median price under $1,000,000.
This Northcote house recently sold for $1,223,000. A ground floor extension was added to the back of this lovely Northcote Victorian house.