The market is ripe for home renovators
A home renovation project could set you back in the thousands of dollars so it’s natural to know whether it is a good time to be renovating.
And the news is good. Recent reports suggest that the market is ripe for home transformations and that home renovation projects are back on track in Australia.
In a report from Sourceable, it appears that Australia’s renovation sector is looking up even with the stronger house prices, low-interest rates and increasing number of houses entering the age group. Previously, in 2013, the market fell at $28.754 billion. Nonetheless, new numbers show that the market grew by 4.5% in 2015 after it increased by 1.2% in 2014, as reported by the Housing Industry Association.
Areas that grew more than other regions include Australian Capital Territory, Western Australia and Queensland. These regions saw 11.4%, 10.3% and 8.8% increase respectively in 2015. Although Victoria saw conditions flatten, activities still remain high when pitted against historic standards.
So should you invest in home renovations this year? There’s no harm in doing so. According to HIA, activities could further increase by as much as 5.4% – accounting for as much as $32.002 billion – in 2018.
“A significant portion of the work that is done in homes is in the 10-to-20-year age group,” explained Housing Industry Association senior economist Shane Garrett.
“Because of the fact that building activity was quite low from the early 1990s to the year 2000, that (a lack of homes in this age bracket) took its toll on renovations activity earlier in this decade.
“Now, the number of detached houses in that age group is starting to creep up again. It will continue to do so for another seven to eight years.
“So there are more houses now that are reaching that age group. This we think will contribute toward activity moving forward over the next few years.” He added.
Some of the most common works include bathroom and kitchen renovations, basic repair along with basic repair and maintenance. Furthermore, there is a considerable trend associated with homeowners transforming their homes completely rather than major renovations.
As with other trends and investments, the trick to getting it right is to work with the right people and comply with standards accordingly.
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