Home Extension & Renovation Cost Index
This month, we provide a comparison between HERC and the Residential Property Price Indexes for Sydney, based on latest available RPPI data. Whilst median property prices have declined by 10.3% over the last 12 months, home renovation costs increased 4.0% over the same period. Of interest, HERC data for the quarter ending March 2019 shows an increase of only 0.32%. By way of comparison, CPI is currently tracking at 1.3% pa.