Taking Advantage of the Renovation Boom
It is now high time for renovations in Australia as the market is expected to be worth over $31 billion, according to the latest edition of Renovations Roundup released by the Housing Industry Association.
According to reports, the volume of renovation activity increased by 4.7 percent in 2015. This is considered to be the strongest growth since 2010.
Furthermore, in 2016, estimates suggest that activity will increase by another 3% considering the pace of expansion slowing to 1.4 per cent in 2017.
According to a report from The Urban Developer, the growth should also experience an uptick to 2.4 per cent in both 2018 and 2019. Generally, the volume of renovations is expected to rise from $31.38 billion in 2016 to $33.37 billion in 2019, an overall expansion of 6.3 per cent.
“With new home building set to fall back over the coming years, there will be increased reliance on home renovations activity as a source of demand within the industry,” said HIA Senior Economist Shane Garrett said.
“Home renovations’ demand has a lot going for it at the moment – low-interest rates, a strong pace of dwelling price growth in key areas and healthy labour market conditions in the larger cities.”
5 Tips To Managing a Successful Home Renovation
If you want to take advantage of the current market situation and get renovating, these tips with help you achieve your goals and add incremental value to your home:
- Talk to a local builder who does a lot of renovations in your area
- Write a list of your absolute “must-haves”
- Work out your renovation budget and stick to it
- Understand how far to take your renovation project
- Carefully select your tradies and always go for someone tried, tested and recommended!
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