Renovation Value Hits Four-Year High
The value of residential alterations and additions has risen to the highest level in more than four years, according to the Australian Bureau of Statistics (ABS). The ABS Building Approvals for August found that the value of alterations and additions to residential buildings was substantial in August, up 7% to $784 million, to be the highest level recorded since April 2016.
The stellar result is likely partly due to the HomeBuilder scheme, but also an increase in the number of people undertaking renovations during the lockdown, according to a New South Wales renovation expert.
Author of The Happy Renovator and Newcastle local, Werine Erasmus, says many Australians are choosing to use the downtime to start or finish renovation projects on their homes or investment properties.
“The problem with many renovators who attempt to complete projects in their ‘spare time’ is that they often don’t have any time to spare,” Ms Erasmus says.
“However, the lockdown created the ideal conditions for many people to restart or finish their renovation projects.”
Ms Erasmus believes renovations will continue to grow in popularity in the months ahead as more people transition to working from home or perhaps move to part-time employment.
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