Home Extension & Renovation Cost Index
The HERC Index increased by just under a quarter of a percent to June 30, driven by a rise in the cost of bricks. This brings the total 12-month increase to 4% at financial year-end.
Looking at the property market in general, Sydneysiders considering a home addition may take comfort in recent predictions that the housing market is recovering, with a projected bounce-back of up to 10% in spring. This may be further helped by the major banks easing their mortgage lending rules, effectively increasing borrowing capacity. How this recovery will affect home extension and renovations costs remains to be seen.