$1m home rebuild has family future-proofed, minus the marble

Tamara and Brad Picking with kids Thomas, 21, Blake, 19, Hayden, 16, and Finlay, 12, are among the Melbourne families building a $1m home. Picture: Jason Edwards

When Tamara and Brad Picking were growing up, the idea of spending $1m building a home was the kind of thing only considered when thinking about winning the lottery.

They’re currently building a house that will cost that and more, and while it’s going to be their dream home it definitely won’t be “all marble and grand staircases”.

What they are getting is a home they hope will future proof their own lives, and give their four sons Thomas, 21, Blake, 19, Hayden, 16, and Finlay, 12, the space and amenity to stay at home, potentially with partners, until they’re ready to make their own home purchase.

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“For our dream home it will tick all the boxes, all of the children get their own bedroom and their own bathroom, and I get a proper pantry and all the storage — plus a big island bench where the family can all get together,” Ms Picking said.

Mr Picking said it was “nothing like what we grew up in”, and things like hydronic heating and solar panels would be a boon, but a big part of the seven-figure price tag was just surges in material and trade costs.

“Pre-Covid you would have got it at a fraction of today’s prices,” Mr Picking said.

After knocking down the Bentleigh home they first moved into with two babies in 2006, the couple are building with Metricon — adding a second storey that will increase their living spaces as well as the accommodation and bathrooms.

The Picking family’s revamped home is coming together quickly as they prepare for a future-proofed residence. Picture: Jason Edwards.

The couple initially looked at a renovation but eventually decided to demolish their old home in favour of a new one, given the cost of a complete upgrade wasn’t too much more — and relocating was ruled out due to the exorbitant tax costs involved.

“Stamp duty was just giving money away when you could be reinvesting that into your own property,” Mr Picking said.

And they’re not alone. Another family across the road from them started their street off with an about $700,000 new home build before the pandemic, but since then about a fifth of their street has either upgraded or is in the process of doing so.

The Pickings are also pretty confident they’ll get more than $1m back out of the home, given they’ve designed it so that they never have to leave.

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