Renovation Costs — Real Numbers from Our Projects
These are actual costs from our renovation team's recent projects:
Cosmetic (Light Touch): $3,000–$8,000
- Full interior paint (2 coats): $6,200–$7,000 + GST
- SPC flooring throughout: $62/m² installed
- Deep clean and styling: $1,000–$2,000
Mid-Range: $15,000–$30,000
- Kitchen renovation: $12,000–$15,000
- Bathroom (tile, waterproof, fixtures): $15,000
- Switchboard upgrade: $1,500
- Ceiling lights + exhaust fans: $2,000
- Colorbond fencing: $150/metre
Structural: $30,000–$80,000+
- Restumping/foundation repair: $400–$800 per stump
- Termite chemical barrier: $1,200–$3,200 (with warranty)
- Shed demolition: $2,000
- Asbestos removal: Licensed professional required (varies significantly)
Mandatory Safety Compliance:
- Electrical safety check: ~$100 (every 2 years)
- Gas safety check: ~$100 (every 2 years)
- Smoke alarm inspection: ~$100 (annual)
- First-time total: $500–$650 including minor repairs
What Delivers the Highest ROI?
From our portfolio data, the highest-ROI renovations are:
- Fresh paint (100%+ ROI): $6,200 spend can add $10,000–$15,000 to perceived value and increase rent by $30–$50/week
- Kitchen update (80–100% ROI): Modern benchtops, handles, and splashback — don't need full replacement
- Bathroom refresh (70–100% ROI): Retiling shower area (1.8m height), new fixtures, waterproofing
- Flooring (70–90% ROI): SPC vinyl planks are durable, waterproof, and tenant-proof
- Street appeal (50–70% ROI): Front garden, letterbox, entrance painting
Traps to avoid:
- Swimming pools: High maintenance, insurance liability, limited buyer appeal
- Over-capitalising on kitchens: A $40K kitchen in a $700K property is wasted money
- Structural work without need: Don't restump unless there's active subsidence (20–25mm is normal in Melbourne)
- Asbestos removal when encapsulation works: If asbestos is stable and non-friable, paint over it instead of removing