Home Extension & Renovation Cost Index
The HERC Index shows that Sydney home extension and renovation costs rose 2.4% during the quarter ending December 2018. This increase reflects higher input costs across most categories, with the biggest increases being for painting (+10%), plumbing (+5%), stairs (+5%), and vinyl cladding (+17%). The overall increase in costs reflects the historical trend for the December quarter (2-3%).
It is interesting to note the November 2018 HIA forecast of an increase of 7.2% for the value of housing renovation work in NSW over the next three years (to $12.8 billion), compared to a 10% decline in new housing construction value over the same period*