Breathing new life into a Hamilton property for stronger returns
Located in the heart of Hamilton, this unit originally built in 1938 offered solid investment potential but needed targeted updates to stay competitive in one of Newcastle’s most desirable rental markets. The owner turned to Leah Jay’s Investment Services team to identify smart, cost-effective improvements that would boost both rental income and long-term value.
The Challenge
As a unit within a strata complex, the property presented some unique challenges. Outdated fittings, damaged window panes, and ageing electrical wiring were impacting its presentation and functionality. The owner wanted to modernise the space while keeping costs controlled and ensuring all upgrades complied with building and strata requirements.
The Solution
After a detailed property health check, Matthew Snedden from our Investment Services team recommended a tailor-made renovation plan focusing on essential updates that would deliver the greatest impact.
The scope of works included a full bathroom renovation, interior repaint, installation of a new cooker, and repairs to damaged windows. The property was also completely rewired to replace outdated cord wiring, improving safety and compliance. A new air-conditioner was planned, pending approval from the building management.
Working collaboratively with the strata’s owners’ committee, Matthew secured coverage for shared electrical and building-related costs. This reduced the owner’s out-of-pocket spend by around $10,000, keeping the total cost of works to approximately $36,000.
The Results & Client Testimonial
The results were immediate. Within ten days of completion, the property was re-let at $650 per week, up from $540, representing a rental increase of more than 20%. The estimated uplift to the property’s market value was around $100,000, marking a 13% ROI on a modest investment.
“Even smaller-scale upgrades can deliver significant value” said Matthew Snedden. “This project shows how thoughtful, well-executed improvements can strengthen a property’s performance, especially in high-demand urban areas like Hamilton.”
The owner was really pleased with the smooth, well-managed process and the professional coordination between the Leah Jay team, contractors, and strata representatives, stating that “I’m incredibly happy with the outcome! The renovations have lifted the property’s value and appeal, and it was leased again in no time.”
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Key Takeaways
- Focused renovations can deliver strong results without large-scale investment.
- Working with strata committees or shared ownership bodies can reduce personal costs and streamline approvals. Experienced project managers can help to facilitate this process.
- Rewiring and updating core systems safeguard compliance, value and tenant safety.
- Well-presented inner-city properties remain highly sought after and upgrades can help keep up with tenant expectations.
Need property advice?
If you’re interested in exploring your property’s potential or would like to learn more about a Property Health Check, contact our Investment Services team today.