The Property
A 3-bedroom house in Brisbane's middle ring. Well-located, structurally sound, and with strong bones — but carrying a dated 1980s bathroom and original kitchen that were holding back buyer perception. The agent's pre-listing feedback was consistent: buyers were pricing in a $60,000–$80,000 renovation discount on every inspection.
The owner had equity but limited access to renovation capital. They'd been considering selling "as is" and accepting the discounted price, or taking on a renovation they couldn't fully fund. Neither felt like the right outcome.
The Partnership Structure
Eleva Property assessed the property and proposed a joint venture: we fund the renovation entirely, coordinate the project management, and the owner retains full title throughout. Proceeds above the agreed floor price are split between the owner and Eleva Property.
The owner's floor price was set at a level that guaranteed they'd receive more than the "as is" sale price — regardless of the final outcome.
The Scope of Work
Before — original 1980s bathroom
After — complete bathroom reset
The renovation scope was targeted:
- Complete bathroom reset: new large-format floor and wall tiles, new floating vanity, new toilet suite, new shower screen, recessed lighting, new fittings
- Kitchen refresh: new benchtops, new cabinet fronts and hardware, composite panel splashback, new appliances
- Full internal repaint throughout
- New hybrid vinyl plank flooring in living areas and bedrooms
- New light fittings throughout
- Exterior tidy: garden clearance, pressure wash
Total renovation timeline: 4 weeks.
The Outcome
The final sale price came in $88,000 above the pre-renovation assessment. Multiple buyers competed at inspection. The sale process was straightforward — no price reductions, no extended campaign.
The owner received their agreed floor price plus their share of the profit above it. Eleva Property recovered the renovation costs plus a share of the profit above floor. Both parties achieved a result that wouldn't have been possible independently.
Key Lessons from This Project
- Targeted scope outperforms broad renovation — the bathroom and kitchen refresh did the work, not a structural rebuild
- Presentation gap = price gap — buyers consistently priced in $60k–$80k more than the renovation actually cost
- Timeline of 4 weeks kept holding costs minimal and the market window open
- The JV structure converted the owner's equity into a better outcome without requiring capital access