By ANEEKA SIMONIS
RESIDENTS in Cockatoo and Emerald are pouring more money into home renovations than those in any other Cardinia Shire township.
Home owners in Cardinia Shire’s hill region spent more than $4.17 million on renovation projects during July 2014 to June 2015, according to recently released building statistics.
Residential alterations and additions in the area took out close to a third of the total recorded amount spent on home renovations across Cardinia Shire – together just under $13 million.
Renovation prices in the area were significantly higher than other townships in the area, with Pakenham South renovations taking a total of $2.4 million.
The high renovation costs appear to inversely correlate with new housing developments, with the Emerald and Cockatoo area recording the lowest number of new houses built in the shire in 2014-’15.
Statistics indicate 36 new houses were built in the hills area during the time period, significantly less than in most other Cardinia Shire regions – particularly in Officer and Beaconsfield which accounted for a record 615 newly constructed houses.
The Officer housing boom almost doubled the number of residential homes being built in established area such as Pakenham which recorded 312 newly constructed houses in Pakenham North and 245 new houses in Pakenham South.
With all the brand new homes being built in the area, it’s no surprise that renovation values are significantly lower than in more established areas of the shire – with renovation costs in the Officer and Beaconsfield area taking an average of $1.5 million in 2014-’15.
It is estimated that houses in the Officer and Beaconsfield area fetched up to $142 million in 2014-’15 while those in Pakenham took out more than $116 million.
Housing construction appeared to be a lot slower in the Bunyip and Garfield area, with 36 residential homes built in the past financial year.
However, Port Ward residents did spend more than 2.2 million in home renovations during the year.