Smaller renovation work on the rise: HIA

Anecdotal evidence from the Housing Industry Association suggests that small renovation work is on the rise while the overall renovations market remains flat.

According to the HIA, 80% of the national renovation market consists of jobs valued at $10,000 or less.

Refinancing for the purpose of renovation declined by 7% in 2011, according to ABS statistics.

At the same time, David Hallett, general manager of, the building advisory service run by the Australian Institute of Architects, says there has been an increase in clients approaching architects about renovations.

He says the main request for any house renovation is always more space and creating an open-plan kitchen and integrated outdoor living space.

“The biggest trend in the last several years is the development of an outdoor living space; that's the top of the list of things to have in the home," Hallett told The Weekend Australian.

"(But) sometimes they want to put extra bedrooms in, which usually means another bathroom.”

According to Archicentre, moving is an expensive exercise and can cost up to $50,000 when loan fees, agent fees, removalist fees and stamp duty costs are included.

Another reason for considering renovating now is the availability of skilled labour.

According to Dale, skilled labour is greater now than at times when housing activity is more buoyant.

"That's a tick in the box [for a house renovation] straight away," he says.

For tips and tricks for getting the most out of your renovation and what costly mistakes to avoid, watch Property Observer’s free webinar: Renovating for Profit.

 

 

 

Larry Schlesinger

Larry Schlesinger

Larry Schlesinger was a property writer at Property Observer

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