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20 July, 2021 / Category: Blog
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.
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.
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.
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:
As property advocates and property managers we love what we do. Searching, negotiating and securing the perfect property for our clients, sooner and on better terms.
