Renovations proving popular with residential property owners
While the construction of new dwellings continues to fluctuate, data has emerged that shows the ...
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."