Home Renovations in Australia at 14-Year High

It has not always been easy for Australia’s home renovations market over the past 10 years, but recent statistics reveal that the market is much larger than at any period from mid-2004.

Australia’s home renovations sector recorded its most active quarter in 14 years from July to September 2018.

GDP increased by a somewhat unsatisfactory 0.3% during the September 2018 quarter, but it was more positive for home renovations activity, with the volume of renovations work growing by 4.5% during the quarter alone and increasing by 11.0% from a year ago.

Solid performance of home renovations in the September 2018 quarter was attributed to very low and notably stable interest rates at present.

Due to the lending conditions becoming stricter, many families weren’t able to relocate over the past year. So, it looked like some of those have opted to renovate their current home as an alternative.

In the long term, experts are almost sure of further growth for home renovations.  Especially since a higher number of stand-alone homes were constructed in the late 1980s in Australia than in any other time before or since. It’s forecasted that many of these homes will require renovations in the coming years.