If you’ve noticed more tradies’ trucks in your neighbourhood streets there’s an easy explanation: home renovation is on the up. New ABS stats released today show the value of “alternations and additions to residential building” rose 2.6% in the June quarter. Aussies spent a massive $1.8 billion on major renos like new kitchens, decks and media rooms.
Major alternations in a home are classified as all works over $10,000 although last time we did work on our place that was less than the price of a couple of vanity units and taps…
The Housing Industry Association says renovation works are the source of growth for their industry in 2011. New residential construction dropped 5.3% in the June quarter, the majority of the slump in apartments and other attached buildings.
It’s a regular feature of a quieter sales market. People stop building, move less and renovate like crazy. We last reported on this in December 2006 and no doubt we’ll see it again. In a way it’s great for our streets to see all that housing stock rejuvenated.