Home renovations are on the rise, according to the latest HIA report.
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“2016 marked the strongest year since WWII for new home building starts in Australia but our forecasts indicate that activity is set to decline on this front over the next three years,” said HIA senior economist Shane Garrett.
Mr Garrett said the construction industry will become more dependent on work related to renovations, which at present account for a third of all residential building work.
“Detached house building in Australia reached very high levels between 1985 and 1995. This large stock of homes is becoming increasingly ripe for major renovations work,” he said.
According to the March 2017 edition of the HIA Renovations Roundup report, renovations activity grew by 2.7 per cent in 2016 to $33.06 billion. The pace of growth is projected to slow to just 0.3 per cent in 2017, before reaching 3.2 per cent in 2018.