Australia’s high-end property market is seeing a clear shift in buyer behaviour, with prestige buyers increasingly favouring turnkey homes over renovation projects — even if it means paying a premium.
According to buyer’s advocate George Cherchian (pictured), founder of James Chase Buyer’s Advocacy, clients in the $5 million to $10 million range are routinely turning down homes that require upgrades or construction work.
“When we discuss what clients are willing to compromise on, the consistent theme lately is that they're not open to renovating,” Cherchian said. “Instead of buying something and paying half a million dollars less to renovate themselves, they’re more inclined to pay a premium and move into something that needs no work.”
The move away from fixer-uppers comes amid record construction costs and long build times.
Data from the Australian Bureau of Statistics shows residential construction costs have jumped 43% in the five years to September 2025, while Master Builders Australia estimates the country needs an extra 116,700 workers to meet the National Housing Accord’s five-year target.
At the same time, new builds and major renovations are taking significantly longer to complete. Master Builders data shows the average home construction timeline is now 35.8% slower than a decade ago.
“These are busy families juggling high-pressure jobs and school-aged children,” Cherchian said. “Even minor upgrades – like a kitchen, bathroom or cosmetic improvements – can take weeks or months to manage. Many of our clients would rather pay more upfront to avoid the hidden costs, not just financially but in terms of time, stress and the uncertainty of dealing with tradespeople and delays.”
Reflecting continued strain on Australia’s building sector, new CommBank data shows a surge in home improvement activity ahead of Christmas, with small business revenue typically rising about 10% in the final quarter of the year. Construction firms recorded a 19% lift in revenue last Christmas, while electricians and plumbers saw increases of 16%, as homeowners rushed to complete upgrades before the holidays.
Cherchian said the trend is particularly strong in prestige suburbs close to top private schools and lifestyle amenities, where families want convenience and minimal disruption.
“For properties in trophy suburbs located near desirable schools, well-presented homes are transacting quickly,” he said.
Limited supply and resilient demand from families seeking move-in-ready homes have helped sustain top-end property values despite broader economic uncertainty.
“The combination of limited supply and strong demand from families looking for turnkey properties has kept these segments of the market moving despite broader economic headwinds,” Cherchian said.
“Prestige buyers today want simplicity and speed. They’re willing to pay for peace of mind and a smooth, stress-free move.”
For mortgage brokers, the preference for turnkey properties highlights a key financing trend: high-net-worth borrowers are prioritising certainty and immediacy. Larger loan sizes are increasingly directed toward completed prestige homes rather than construction or renovation finance — a sign that time, rather than price, is now the defining factor in top-tier purchasing decisions.
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