The Hidden Costs of a Bargain: Renovating Geelong’s Older Homes

Geelong’s inner-west continues to attract attention from buyers looking to escape Melbourne’s overheated property market. With significant price gaps between houses and units, such as a $912,000 difference in Manifold Heights or $600,000 in Newtown, it’s no wonder that first-home buyers, investors, and downsizers alike are flocking to suburbs that offer lifestyle and location at a fraction of the cost.

But for many, the “bargain” comes with a caveat: the true cost of turning a tired or ageing home into a safe and modern dwelling is often buried, literally, beneath the surface.

While property listings might boast character features, proximity to the CBD, and “renovator’s delight” potential, many of Geelong’s older homes sit atop outdated or damaged foundations. For a growing number of buyers, the first step after settlement isn’t choosing paint colours or bathroom tiles, it’s restumping.

Restumping, or replacing the structural stumps beneath a house, has become one of the most in-demand services in Geelong’s booming renovation sector. In suburbs filled with pre-war weatherboards and mid-century builds, it’s often not a matter of choice but necessity. Without proper structural support, homes can become unsafe, insurance coverage can be compromised, and any future improvements, extensions, open-plan layouts, or energy-efficient upgrades, are essentially off the table.

“With the number of older homes being purchased in places like Herne Hill, Geelong West, and Bell Park, we’re seeing a spike in structural work requests,” said a local house restumping contractor. “Buyers are often shocked at what’s required before they can even start cosmetic renovations.”

The trend is a direct result of broader shifts across Geelong. As the city’s population is projected to hit 500,000 within 25 years, and with an estimated 128,600 new homes needed to meet demand, the housing market is under increasing pressure. But while greenfield developments continue on the fringes, the city’s established suburbs remain in high demand, offering walkability, heritage charm, and access to schools and transport.

That demand, however, has exposed the real cost of older homes. Structural issues, asbestos removal, outdated wiring, and inefficient layouts can all drive up renovation budgets well beyond what buyers initially expect. It’s not uncommon for restumping jobs alone to cost $20,000 to $50,000, depending on house size, soil type, and stump condition.

It’s also fuelling a wider boom in the trades and home improvement industry. Local builders, engineers, and retailers report increased demand, not just for standard renovations, but for specialised services such as structural reinforcement, subfloor insulation, and drainage correction. Labour shortages and rising material costs have added pressure, extending timelines and forcing many buyers to stage their renovations over years rather than months.

“There’s a misconception that buying a cheaper property means spending less overall,” said a local conveyancer. “But in areas with older housing stock, buyers should budget for significant remedial work just to bring the property up to modern standards.”

The message is clear: while Geelong’s affordable units and older homes offer an appealing entry into premium suburbs, the real investment often begins after the keys are handed over.

For savvy buyers willing to take on the challenge, and the cost, renovating can still pay off. With a strong local economy, high livability scores, and long-term infrastructure planning, Geelong remains one of Victoria’s most promising property markets. But as more people dig into the foundations of their bargain buys, they’re discovering that sometimes, the biggest costs are the ones you can’t see.