The number of existing home owners carrying out renovations on their properties is on the rise, according to new figures recorded by the Housing Industry Association (HIA).
Harley Dale, the body’s chief economist, remarked that activity in the renovations sector is in direct contrast to the new home building sector.
With growing expenses associated with buying a new home, more people are looking to repair their existing property rather than make a move, he said.
Dr Dale explained: “The total investment in renovations increased in both the March and June quarters of 2011, driven by both small and large renovation jobs.”
He added that the renovations market in Australia is worth billions of dollars and is likely to rise further in the coming years.
“Following a bare easing of 0.3 per cent in 2010-11, total renovations investment is forecast to grow by 2.3 per cent to $31.6 billion in 2011-12 and to increase by a further 4.6 per cent to $33 billion in 2012-13, which would be approaching a record high,” he explained.
Many householders choose to refinance the mortgage for their existing property to fund large-scale home improvement projects. You may wish to find out more about a refinanced mortgage – or your other financial options – by speaking to a trusted adviser to learn about your options.