Value of Home Renovations On The Rise
Renovations Could Bring Great Rewards
The newest numbers from the Australian Bureau of Statistics (ABS) reveals that the value of capital city home renovations went down this September quarter.
“Residential renovations to the value of $1.42 billion were reported over the quarter, which was a fall of 4.3 percent compared to that recorded over the previous June quarter,” said Dr. Andrew Wilson, senior economist for the Domain Group in a report from Your Mortgage.
Nonetheless, home renovations value in the first nine months of the year went up. Specifically, it increased by 1.1% which is around $46.1 million than last year’s data.
Melbourne leads the pack posting $501.2 million in renovation activity over the September quarter. That is over a national capital city market share of 35.4%. According to reports, home renovations value in Melbourne rose to 5.4% than in 2015.
Sydney also saw an increase in home renovations recorded for the past year. The region saw an increase of 3.2% to $1.4 billion over the first nine months of 2016 for an overall market share of 33.3%.
Home renovations can bring in financial opportunities for Australians. The low interest rates make it a perfect opportunity to sell properties at a higher price after renovation.
Top 3 renovation tips to get to started
- Hiring the right tradies is key to success. Source tradies from trusted and reputable online networks that have a strict vetting and screening process like Tradebusters or Tradebusters Connect
- List your renovation priorities. Is it a fresher kitchen or bathroom, or do want to add extra rooms and more living space?
- Work out your renovation budget and stick to it
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