Property owners' focus on renovating tipped to grow: Master Builders Australia

Property owners' focus on renovating tipped to grow: Master Builders Australia
Property owners' focus on renovating tipped to grow: Master Builders Australia

Property owners will be knuckling down to tackle renovations over the next few years, with Master Builders Australia’s Forecast of Building and Construction predicting strong growth in the amount of home alterations.

Housing alterations and additions are expected to grow by 14.9% ($96.4 billion) over the period to 2016/2017, according to Master Builders CEO Wilhelm Harnsich.

“The robust outlook is in stark contrast to the languid performance experienced over the last three years, when it contracted by an average of 3.2% per annum,” said Harnisch.

“The strong growth in renovations will be a shot in the arm for builders across Australia and complement the solid pipeline of work indicated by the solid lift in new building activity,” he said.

Where our renovating aficionados are expected to be found:

Northern Territory – Expecting the largest growth in renovations, with an average yearly growth of 27.8% up from a 9.7% average, the renovators are likely to be strongest up north.  

New South Wales – 19% per annum average growth expected.

Western Australia – Just slightly behind New South Wales, they’re expected 18.6% per annum annual growth.

ACT – 16.9% per annum annual growth

Queensland – 14.6% per annum annual growth

Victoria – 12.5% per annum annual growth

South Australia – 3.1% per annum annual growth

Tasmania – 1.5% per annum annual growth

Jennifer Duke

Jennifer Duke

Jennifer Duke was a property writer at Property Observer

Tags: 
Renovation

Community Discussion

Be the first one to comment on this article
What would you like to say about this project?