Home Extension & Renovation Cost Index
The HERC Index saw continued price stagnation in February, leaving the index standing at 106.9 – indicating an approximately 2.8% increase in home extension and renovation costs for the past 12 months.
Other interesting data of note to our readers:
- Design & Compliance fees typically account for 12-15% of the cost of a major home renovation project1.
- According to the February 2014 report published by the Housing Industry Association (HIA) Economics Group, total investment in major home renovation projects for 2013/14 is forecast to be $28,788 million, which is a 1.8% increase over the 2012/13 year2.
1. Data provided by Cape Cod Australia.
2. Referenced from HIA here.