Home Extension & Renovation Cost Index
June reveals no movement in the HERC Index, with input prices remaining stable in the last month of the 2015 financial year.
Residential property prices in Sydney, however, continued to increase over the month with a 2.38% rise in average house value*. With the commensurate increase in Stamp Duty costs (totalling almost $41,000 on a $1 million home), renovations and extensions of existing properties are becoming increasingly commonplace.
Readers are invited to examine the following article featuring commentary by Cape Cod Australia director Robert Moerman: Rising cost of stamp duty breathes new life into second story trend.