Sometimes renovating can really mean replacing an existing home. Most people have seen homes in their street disappear, replaced by new houses. It's a trend that has gathered pace in recent years and looks set to remain.
A land shortage in established areas and a desire by families to stay in the same location, while being able to enjoy the modern living benefits offered with a new home, have been behind the trend.
Regina Barnes, sales and marketing manager for Domaine Homes, the Sydney-based home builders providing a specialised knock down and rebuild service, says the high cost of renovating is becoming a determining factor in decision-making.
"Once homeowners have looked at renovating, they often realise it is more economical to simply replace the old home with a new one.
"Building a new home can be as much as half the cost per square metre as renovating and everything is brand new, including the foundations, the plumbing and wiring," says Barnes.
"There are also big savings on stamp duty that would be incurred if you took the alternative option of buying another property in the same area. By building a new home in the same location, you can have exactly what you want and the latest in architectural styles. Each home also assists the NSW Government's BASIX sustainability requirements for water and energy conservation" Barnes says.