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Yeah if you were going to knock the place down you wouldn't be spending the $$$

However a nicer house will have less vacancy rates, plus added capital growth in case you want to reval and access some equity.

http://www.gumtree.com.au/s-ad/bundall/other-home-garden/complete-kitchen-with-stone-bench-tops/1066582367 Magic kitchens I think they are called. I'm in a similar situation as you with the next place I have to Reno. I've gone for the above kitchen for 3k rather than screw around fixing up...