Home Extension & Renovation Cost Index
The HERC Index rose by 0.7% for the quarter ended June 30.
Despite concerns about the effects of COVID-19, demand for renovations has proven to be resilient. Domain reports that ‘recession rebuilds‘ have proven popular, with many architectural firms ‘as busy, if not busier, than they were a year ago’. This is supported by Smart Property Investment’s Property Market Update, which points out that isolation downtime has
Lastly, the Housing Industry Association is predicting a “slight increase in major renovation work (NSW) for the coming year” (HIA New Housing Outlook June 2020, p16).