Home Extension & Renovation Cost Index
Historical HERC Index data suggests that home renovation prices stay flat during the month of April, and this proved the case again this year with no change in the Index last month.
Our readers may find interest in two recent articles discussing current trends in home renovations:
1. NSW Homeowners Expected to Focus on Renovating, Despite Increased Tradie Costs – SMH
Key takeaways are the observations that:
- “In a climate of low interest rates and declining property prices, NSW homeowners are expected to focus on renovating their properties rather than purchasing new ones” and
- “Consumers need to be aware of the experience and knowledge of the trade contractors they engage”, according to the Housing Industry Association.
2. Hot Spots in the Reno Boom – Switzer report
Drawing on HIA’s Renovation Roundup report, real estate industry magnate John McGrath discusses the drivers behind increased renovation activity in Sydney and Melbourne. He also highlights some interesting figures (e.g. 13% of home renovations in these markets have a budget of between $200,000 and $400,000) as well as offering some sage advice about planning your own renovation.