Renovation Costs — Real Numbers from Our Projects
These are actual costs from our renovation team's recent projects across Melbourne:
Cosmetic (Light Touch): $3,000–$8,000
- Full interior paint (2 coats — walls, ceiling, doors, skirting, window frames): $6,200–$7,000 + GST
- SPC stone-plastic waterproof flooring: $62/sqm installed (e.g., 70m² house = $4,400)
- Basic clean (post-renovation): ~$350 + GST
- Full house deep clean: ~$650 + GST
- Oven deep clean: ~$130 + GST
Mid-Range: $10,000–$30,000
- Kitchen + partial renovation: $10,000–$12,000
- Full bathroom (demolition, waterproofing, retiling): $15,000
- Local bathroom repair (grout, tiles, waterproofing): $3,000
- Switchboard upgrade: $1,500
- Ceiling lights + exhaust fans (whole house): $2,000
- Colorbond fencing: $150/metre
Structural: $30,000+
- Full house renovation: $20,000–$30,000
- Shed demolition and ground treatment: $2,000 (excludes garbage disposal)
- Opening door in brick wall: $1,500
Recommended appliance brands for rentals: Midea (best value), Bellini, Esatto. Buy from Bunnings with PowerPass account for commercial discounts. Avoid premium brands (Bosch, Miele) — not cost-effective for rental properties.
Renovation Timeline — Speed Matters
Every week a property sits empty costs you $500–$800 in lost rent. Our renovation team operates on tight timelines:
Small renovation (cosmetic only): 1–2 weeks
- Paint, flooring, clean, minor repairs
- Tenant can usually move in within 10 days of settlement
Medium renovation (full house refresh): 2–4 weeks
- Paint, flooring, kitchen update, bathroom refresh, compliance upgrades
- Requires coordination of 3–4 trade teams
Our project management process:
- Pre-settlement inspection to scope work
- Trades scheduled before settlement date
- Work begins within 48 hours of settlement
- Daily progress tracking via our project management system
- Final inspection and deep clean
- Advertising begins 5 days before completion
Payment schedule for larger projects:
- Deposit: 30%
- Mid-stage (after painting/main work): 40%
- Final (upon completion): 30%
Emergency reserve: We recommend budgeting an additional $2,000 buffer for unexpected issues (especially in older properties).
Warranty coverage: All licensed plumbing work carries a 3-year warranty. Electrical work is covered by the licensed electrician's certificate. General workmanship includes post-completion support from the builder.
Highest ROI Renovations for Rental Properties
Not all renovations deliver equal returns. Here's what delivers the best rental income uplift:
Tier 1 — Highest ROI (do these first):
- Fresh paint (100%+ ROI): $6,200 spend can increase rent by $30–$50/week ($1,560–$2,600/year)
- SPC flooring (90%+ ROI): Durable, waterproof, tenant-proof. $4,400 spend for a standard house
- Compliance upgrades: Required by law but also signal "well-maintained property" to quality tenants
Tier 2 — Good ROI (do when budget allows): 4. Kitchen refresh: New benchtops, handles, splashback — $10K–$12K for significant rent uplift 5. Bathroom refresh: Retiling, new fixtures, waterproofing — improves tenant satisfaction 6. Outdoor presentation: Fencing, garden cleanup, letterbox — first impression matters
Avoid over-capitalising:
- Don't install a $40K kitchen in a $700K property
- Don't use premium materials (engineered stone benchtops are fine for rentals)
- Don't renovate bathrooms beyond functional requirements
- Don't move plumbing or drainage unless absolutely necessary
The numbers: A $10K–$15K renovation typically adds $300–$400/week in rent uplift and $30K–$50K to bank valuation. Cost recovery timeline: 8–12 months.
Materials tip: Our renovation team sources materials cost-effectively — flat-packed kitchens, SPC flooring in bulk, and commercial-rate paint. This keeps costs 20–30% below retail renovation prices.