Queensland Renovations Finally On the Rise
After a long period of sitting in the doldrums, the Queensland renovation market is finally on the rise - up 13.2% during the past year. Master Builders figures show that during 2015 Queensland homeowners spent $1.66 billion on renovations with most of the activity in South East Queensland - reflecting housing affordability pressures that have made renovating more viable. The Brisbane market was up 17.3%, Gold Coast 14.2%, and the Sunshine Coast 9.9%. Repairs post Cyclone Marcia contributed to a 36% increase in Central Queensland, while the Darling Downs and South West Queensland who are struggling with the double whammy of the resource downturn and drought fell by 4.3%.
The strong renovation market complemented what has been confirmed by final 2015 Australian Bureau of Statistics figures as the strongest year ever for new home building activity - just over 220 000 new dwellings were commenced.
Master Builders Deputy Executive Director (and TQ Director) Paul Bidwell said there are signs that the renovations market may be at or near the peak and that the current level of unit approvals is levelling off.
"I am confident that detached housing will continue to grow long-term, but believe the investor-led boom in unit approvals is waning," said Paul Bidwell.
"Units currently comprise about 52% of the total dwelling approvals. However, units only make up 20% of Queensland's 1.8 million dwellings," he said.
Source: Timber Queensland Timber Talk 26/04/2016
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