Home Extension & Renovation Cost Index
Cape Cod Australia is pleased to provide the findings of this month’s HERC Index.
July figures reveal a price increase of just under 1% on an average project (for a reminder on how the Index is calculated, please click here). While most costs remained stable, two key factors contributed to this change:
- Our move towards a 6-star energy efficiency rating – this requires an additional insulation layer within external walls; and
- Increased tipping charges – a direct result of a 13% increase in the NSW Waste & Environment Levy which came into effect from 1st July 2013.
With no further changes forecast in these two areas over the next month, we expect August to provide a net result of zero percentage change to July prices. Beyond that, we will have to wait and see what effect the prevailing Australian political climate has on the building industry overall, and home renovation constructions in particular.