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Buying a Heritage property? Here’s what you need to know.

20 July, 2021 / Category: Blog

Buying a Heritage property? Here’s what you need to know. banner image

Buying a Heritage property? Here’s what you need to know.

Victoria is known for preserving its historically significant properties, and it’s these homes that give the state its much-adored charm and character. While we can all appreciate the efforts of Heritage-listed locations and dwellings, if you’re looking to buy a Heritage property, there are some things you need to consider.

Let us walk you through it.

Victoria categorises Heritage protection in two ways:

Heritage listing

Private dwellings considered to have historical significance at a state level are protected by the Victorian Heritage Act 2017. At present, approximately 700 properties are listed on the Victorian Heritage Register.

What does this mean for you?

If one of these rarities crosses your path, before you make this Heritage home yours, we recommend doing your research to understand any outstanding or regular maintenance work required to keep the property in shape.

Heritage overlay

A heritage overlay is more commonly found in residential properties across the state and is often applied to an area (a street or group of streets) to retain the urban character.

Victoria has approximately 300,000 properties with a heritage overlay, and they’re considered historically significant to the local community, and the local council or shire administers their protection.

What does this mean for you?

Buying a property with a heritage overlay means you’ll likely live amongst a community with better quality streets and higher architecture standards. The market also tends to favour a heritage façade with a contemporary interior because it blends the best of both worlds, plus increases buyer demand and long-term capital value.

The challenges? If an overlay is present, building it into a multi-storey contemporary masterpiece is highly unlikely. Council planning permits tend to restrict demolition and some external alterations. In some instances restrictions around exterior painting, tree removal and water tank locations are also in place.

The overall verdict?

Owning and maintaining a Heritage dwelling will require more energy and investment than non-heritage properties. However, well-kept properties with historic character are highly sought after and attract a premium price.

Not sure what to do next?

Talk to our Infolio Projects team. We have a trusted and experienced team who’ll connect you with the right people at Council to determine what restrictions might apply to your property or potential property. In addition, our Infolio Projects team can guide you all the way through the renovation process.

We recently helped a client purchase a beautiful mid-century heritage home in Middle Park and they wanted to retain the façade but rebuild and modernise the rest of the house.

How we helped:

  • Before buying the property, Infolio completed thorough due diligence on the heritage requirements on the property.
  • We spoke to the Council’s Heritage Consultant to determine what the renovation restrictions might be.
  • We then sought advice from a planner and a local architect that specialise in heritage homes.
  • Finally, we assisted the client in securing the property off-market for a good price.

Get in touch today.

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