Heritage Overlays

A burden or a blessing?

This is a conversation I have had way too many times!

The common misconception that heritage protection is a bad thing astounds me.

In a recent Melbourne survey conducted by realestate.com.au, data confirms that Heritage-listed property remains a contentious issue for buyers.

Surprisingly, a huge 60% of buyers said a heritage listing would be a disadvantage, whilst only 12% said a heritage listing on a property would be a plus:

Most buyers appear to favour properties with period features, but research surprisingly indicates they aren’t wowed by gorgeous ornate features if there is a heritage overlay.
Surprising really because a heritage overlay usually only controls modifications to the exterior of a property.

The cost of buying a heritage home is expensive from the get-go. Most heritage listed homes are in the older more sought-after inner suburbs. So, there’s the exxy initial purchase price, plus reno costs, plus ongoing maintenance. And Australians do love to style a home!
Realestate.com data shows men consider heritage properties a disadvantage more than women. Maybe the blokes can’t see past the physical work of renovating (and maintaining), whereas women are perhaps more inclined to be wooed by the romanticism of the historical and cultural value of a property, and the legacy they can create.

Data also shows that both men and women over 35 were more against buying a heritage property than those under 35. Maybe the older Aussies know firsthand how challenging renovating and maintaining an older home can be. Some may be put off by childhood memories of old and cold and dark houses and prefer the modern comforts. Or perhaps too many people have had a bad experience flipping heritage properties because they didn’t hold them long enough.

Afterall, Aussies have made a sport out of flipping houses, but if they flip too soon ……. Patience is a virtue.