Over the past 12 months Supa Group have completed several home renovations and house extensions in Ringwood as well as the neighbouring suburbs of Mitcham, Vermont and Blackburn.
One of the reasons that there has been so much home renovation activity in these areas relates to the increase in the median house prices for these suburbs. According to propertydata.com.au the increase in value over the period between June 2013 and June 2015 has been 37% for Blackburn, 52% for Vermont, 53% for Ringwood and 57% for Mitcham. As a result existing owners have more equity in their homes and have comfort in spending money on home renovations or an extension to their main asset – the family home.
Whilst there has been a tapering of the increase in the median house price of these suburbs since June 2015 it is foreseeable that Mitcham, Vermont and Ringwood will have median house prices in excess of $1 million within the next twelve months to two years.
The history of the area is interesting. When Melbourne (then Port Phillip) was first settled in 1836 one of the first things done by Governor Bourke was to set up a survey office. Robert Russell (ever heard of Russell Street?) was a member of this survey team and one of their first tasks was to survey the Yarra River to Warrandyte. Much of this land had already been settled by squatters who were quite proficient at performing their own surveys. How they managed conflicts as to holdings without proper title can only be speculated.
In 1843 there were further official surveys of the area performed by William Darke. Already there were various routes through the area which became major traffic arteries, and remain so to this day. One example was the “Yarra Track”, now the Maroondah Highway.
By the late 19th century the rolling hillsides of orchards, market gardens, poultry and dairy farms must have seemed like Melbourne’s version of Arcadia. The railway from Camberwell to Lilydale was completed in December 1882. The first building at the Ringwood Railway Station was a goods shed, reflecting the fact that the movement of produce from the area was a more important consideration than the movement of passengers.
There were a series of land sales and subdivisions over the years. In the 1920’s there was more intensive subdivision which coincided with the electrification of the railway line. Due to the Great Depression that soon followed this, much of the land stood vacant until after the Second World War. Much of Ringwood has homes dated from the 1950’s although there are some pockets of earlier Californian Bungalows and scattered farmsteads.
These 1950’s homes generally have good bones, were constructed with good materials, and had plenty of natural light. They therefore are perfect candidates for renovations or extensions and owners can build with confidence knowing that they will not be overcapitalising. In the mean time they can enjoy the lifestyle advantages that a well thought out floor plan and updated amenities can bring.