HERC Index

Source: Cape Cod Australia www.capecod.com.au

April 2018

Home Extension & Renovation Cost Index

With the HERC Index remaining steady for April, we present the following comparison with the Residential Property Price Index (RPPI) for Sydney. While the housing market appears to have softened in recent months, it remains to be seen how this will affect the demand for renovations and extensions – per this recent article, it is often the turnover of housing stock that drives demand for renovations rather than the value of the stock itself. We await to see if a softening in the RPPI leads to flow-on effects on renovation and extension project pricing, to be revealed in the HERC Index in coming months.

Sources:
https://abs.gov.au (RPPI) and hercindex.com.au

Connect with us