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Property renos hit 4-year high

renovation
1 minute read

Property renos hit 4-year high

by Emma Ryan 13 October 2020 1 minute read

New data from the Australian Bureau of Statistics shows that the value of home renovations has risen to its highest level in more than four years.

Property renos hit 4-year high
October 13, 2020

The ABS Building Approvals data for August has found that the value of alterations and additions to residential buildings was up 7 per cent to $784 million for the month, marking the highest level recorded since April 2016.

Commenting on the findings, “The Happy Renovator” author Werine Erasmus said the results are likely partly due to the HomeBuilder scheme, but also to an increase in the number of people undertaking renovations during the lockdown.

“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 said.

“However, the lockdown created the ideal conditions for many people to restart or finish their renovation projects.”

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Looking ahead, Ms Erasmus expects renovations will continue to grow in popularity as more people continue to work from home or perhaps move to part-time employment.

Despite this, however, she noted that it’s important to figure out exactly how much you have to spend before pushing ahead.

“While I advocate a part-time work and part-time renovation strategy, it’s vital that you don’t attempt a renovation or upgrade without educating yourself about what’s really involved,” Ms Erasmus said.

“The reason why we see so many half-finished renovation projects come up for sale is that people spend too much and run out of money or they make costly mistakes that they can’t afford to fix.

“Renovation projects are nothing like what you see on reality television, but by educating yourself on the process, there is no reason why anyone can’t complete a renovation that achieves their goals – as well as makes them happy most of all.”

Property renos hit 4-year high
Property renos hit 4-year high
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About the author

Emma Ryan

Emma Ryan

Emma Ryan is the deputy head of content at Momentum Media.

Emma has worked for Momentum Media since 2015, and has since been responsible for breaking some of the biggest stories in corporate Australia, including across the legal, mortgages, real estate and wealth industries. In addition, Emma has launched several additional sub-brands and events, driven by a passion to deliver quality and timely content to audiences through multiple platforms.

Email Emma on: [email protected]Read more

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