1. Skip to navigation
  2. Skip to content
  3. Skip to sidebar

Property News

Renovations proving popular with residential property owners

December 05, 2011

While the construction of new dwellings continues to fluctuate, data has emerged that shows the enduring popularity of renovations amongst homeowners.

The Australian Bureau of Statistics has released figures that show the number of major renovations has gone up four the fourth consecutive quarter.

Both alterations and dwelling additions were shown to grow by 1.1 per cent over the last three months to September - resulting in a record of $1.9 billion worth of residential work.

While nowhere near the $11.4 billion spent on the construction of new dwellings, the change is in contrast with the 1.1 per cent drop experienced in the housing activity market.

Speaking on the spending shifts, economist at the Housing Industry Association (HIA) Andrew Harvey said that the consistent popularity of renovations was proving to be a "shining light" for the industry as a whole.

"Not only because Australians love to renovate but also as households increasingly prefer to direct excessive property transaction costs towards improving their existing homes rather than trading up," said Harvey.

"At the national level, new home building has been on a consistent downtrend, while renovations have not only held up well but continue to grow."

Related Articles

Are units the future homes of Australia?

The current low interest rates have fueled Australia's hot property market, particularly in ...
read more

How affordable are Australian homes?

When it comes to buying a house, affordability is one of the most important aspects for any buyer. ...
read more

Residential growth refusing to slow

New details in residential housing growth mean the economy's strength will continue in the ...
read more

Latest Articles

How is Australian investment faring?

Looking at the investment property market, it appears that the industry is thriving. The Australian ...
read more

Council calls for property reform

Buying a property comes with a wide range of fees and taxes, depending on where you buy and the ...
read more

Home values just keep on rising

Despite an alleged peak in home building having passed and a cooling in growth, there is still a ...
read more