Have you ever looked at a tired old property and thought, “There’s potential there,” but weren’t quite sure what to do with it?

Well, today’s show could be the spark you need. Because we’re talking about one of the most powerful – and underutilised – strategies for building wealth through property: strategic renovation.

In a world where construction costs are soaring and affordability is stretched, more investors are realising that they don’t have to wait for the market to deliver capital growth – they can manufacture it themselves.

And joining me to unpack this is Greg Hankinson – property renovations and development expert and director of Metropole Developments.

Greg’s seen it all – from simple kitchen facelifts to full-scale value-add renovations through to medium density developments, and he’s here to share his experience, tips, and insights to help you make your next investment a profitable one.

We talk through the key fundamentals of a profitable renovation, how to assess a property’s potential, the pros and cons of reno vs. new build, and how many successful developers started by simply buying, renovating, and holding.

 

Takeaways 

·         You can create wealth through renovations, not just market appreciation.

·         The renovation process requires careful planning and understanding of costs.

·         Successful renovations can lead to significant increases in property value.

·         It's essential to identify properties with renovation potential.

·         Avoid common mistakes like overcapitalizing or DIYing without experience.

·         Understanding local regulations and permits is crucial for renovations.

·         Market conditions can affect the feasibility of renovation projects.

·         Investing in renovations can provide better rental yields and lower vacancy rates.

·         A strategic approach to property investment is necessary for long-term success.

 

Chapters 

00:00 Unlocking Property Potential through Strategic Renovations

01:56 Introduction to Renovations and Property Development

04:43 Understanding the Profitability of Renovations

10:12 Financing Renovations and Building Equity

12:29 Common Mistakes in Renovation Projects

17:57 Assessing Renovation Potential in Properties

20:36 Opportunities in the Current Market

23:15 Conclusion and Future Steps in Property Development

 

Answer this week’s trivia question here- www.PropertyTrivia.com.au

·         Win a hard copy of Michael Yardney’s Guide to Investing

·         Everyone wins a copy of a fully updated property report – What’s ahead for property for 2026 and beyond

 

Join us at the Ultimate Property Development Workshop in Melbourne on November 8th

Click here for all the details https://realestateworkshop.com.au/

 

Greg Hankinson -  Director, Metropole Constructions 

 

Interested in getting involved at the “wholesale” end of the property market? We’ll help you become a property developer. Click here and find out how. https://metropole.com.au/develop/

 

 

Get the team at Metropole to help build your personal Strategic Property Plan Click here and have a chat with us

 

Michael Yardney – Subscribe to my Property Update newsletter here 

 

Also, please subscribe to my other podcast Demographics Decoded with Simon Kuestenmacher – just look for  Demographics Decoded wherever you are listening to this podcast and subscribe so each week we can unveil the trends shaping your future.