Home Extension & Renovation Cost Index
The HERC Index shows an increase of 1.6% for the September quarter and 4.2% year-on-year. This represents a slight decrease from the comparative period in 2018 (2.0% and 4.8% respectively)
Renovations over relocations?
Per this recent article, Sydney homeowners who have benefited from property price growth are increasingly tapping into their equity to finance renovations at today’s current low interest rates. The choice to renovate rather than relocate could also be driven by a current shortage in listings and, according to Glenn Haslam, Suncorp’s General Manager Lending, by people wishing to avoid stamp duty costs associated with relocating.