Last spring, Secret Agent investigated the cost of rebuilding two period homes in inner Melbourne using current technology and materials. Our results below demonstrate that the prices paid for period property fairly represent the quality, history and scarcity of these types of homes in today’s market.
Using real examples of a Victorian terrace and an Edwardian house, we found that recreating these homes from scratch would cost at least $740,000 more than what you would pay for a genuine period home.
While it is possible to build a new home that imitates the defining features of Victorian and Edwardian houses, replacing period character to its full extent is almost impossible to get right. Note that the figures in the analysis of replacement values are conservative estimates only.
Victorian terrace: 51 Drummond St, Carlton
Last sold: $2,550,000
Cost to reproduce: $3,290,795
Additional cost: +$740,795
|Cost of vacant 282sqm land||$1,551,000||$5,500 per sqm*|
|Replacement of original shell||$1,100,000|
|New extension and fit out||$400,000|
|Architect and consultants fee||$150,000||10% of construction cost|
|Land holding fee||$69,795||4.5% p.a. over 12 months|
|Total||$3,290,795||if rebuilt in 2016|
|Last sold for||$2,550,000||built circa 1868|
*Based on recent sale of vacant land in Carlton North.
Edwardian house: 156 Page St, Middle Park
Last sold: $3,330,000
Cost to reproduce: $4,258,609
Additional cost: +$928,609
|Cost of vacant 345sqm land||$2,371,875||$6,875 per sqm*|
|Replacement of original shell||$900,000|
|New extension and fit out||$700,000|
|Architect and consultants fee||$160,000||10% of construction cost|
|Land holding fee||$106,734||4.5% p.a. over 12 months|
|Total||$4,258,609||if rebuilt in 2016|
|Last sold for||$3,330,000||built circa 1905|
*Based on ratio of median price difference between Carlton and Middle Park.
For a complete list of design and build considerations for both case studies, please read our full report.