As economic conditions improve, the amount of renovations being completed by Australian homeowners is increasing, according to the Housing Industry Association (HIA). Will you be improving your Bulimba real estate in the new year?
Renovating is strongly linked to the state of the economy and the subsequent amount of disposable income or savings that people have. The renovations market, which is worth around $28.5billion, has been experiencing a downward trend over recent years but is set to pick up, according to the HIA.
According to Shane Garrett, senior HIA economist, the low interest rate environment coupled with rising house prices has inspired householders to increase the value of their properties by renovating.
Brisbane and Gold Coast can expect a surge in activity, with most of the renovation renaissance being centred in Queensland.
"Despite the risks presented by the slowing economy, we can expect renovations activity to expand over the medium term. Growth will be driven by the upturn in New South Wales and stronger conditions in Queensland," said Shane Garrett.
Between now and 2018 the HIA predicts an increase in renovation activity of around ten per cent for the nation. Make sure your home doesn't lag behind and put some home improvements on the New Year's resolution list!
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