If you love where you live but not your home, a knockdown rebuild (KDRB) might be the solution you’re after. It’s an increasingly popular way to get your dream home without moving suburbs, and in 2024, it’s more cost-effective than ever. Here’s everything you need to know.

What Is a Knockdown Rebuild?

A knockdown rebuild is just what it sounds like—demolishing your current house and building a new one on the same block. This approach is popular in areas where vacant land is scarce but property values are high.

Why Consider a Knockdown Rebuild in 2024?

Stay in Your Favourite Suburb
Why move when you can build a brand-new home in a place you already love? A knockdown rebuild lets you keep your familiar community, schools, and work commutes.

Customised Design
In 2024, homeowners are all about personalisation. You can design every part of your new home, from eco-friendly features to smart home technology. It’s a fresh start without the surprises that come with renovating an old house.

Avoid Stamp Duty and Moving Costs
Moving comes with extra expenses like stamp duty and agent fees. A knockdown rebuild skips these, allowing you to put that money into building a house that perfectly suits your lifestyle.

More Affordable Than Renovating
Renovations often reveal hidden issues that blow out costs. Starting from scratch on a clear block helps you avoid those surprises and can save you more in the long run.

Costs to Consider

A knockdown rebuild can cost between $350,000 and $750,000, depending on the size and style of the home. The average three-bedroom home rebuild is around $510,000. This includes design, demolition, and construction.

Here are some additional costs to think about:

  • Demolition: $10,000 to $40,000, depending on the size of your house and what needs to be removed.
  • Planning Permits: Ranging from $180 to over $50,000, depending on your local council and the scope of the project.
  • Temporary Housing: You’ll need to rent while your new home is being built, so factor this into your budget.

How Long Does It Take?

The average knockdown rebuild takes 6 to 12 months. Demolishing your old home usually takes 2 to 4 weeks, but factors like weather, site access, and hazardous materials like asbestos can add time.

Pros and Cons

Pros:

  • Custom-designed, energy-efficient home
  • Stay in the same community
  • Add value to your property
  • No hidden renovation costs

Cons:

  • You’ll need temporary accommodation
  • Demolition and construction waste can be high
  • Costs can increase depending on finishes and materials

Is a Knockdown Rebuild Right for You?

If your current home doesn’t suit your needs but you love your location, a knockdown rebuild can give you the best of both worlds—a brand-new home in the neighbourhood you’re already attached to. Just make sure to budget for all the expenses and allow time for approvals and construction.

With TMAP’s guidance, homeowners can confidently explore whether this strategy is the right step in 2024.