TRADE INDUSTRY NEWS: An Improving Outlook for Home Renovations
The Housing Industry Association, the voice of Australia’s residential building industry, has released the inaugural edition of Renovations Roundup, a comprehensive insight into the nation’s home renovations sector.
The Renovations Roundup report includes the results of a unique HIA survey of Australia’s renovation builders, as well as forecasts of the medium-term outlook for renovations activity in each of the eight states and territories.
“The $28.5 billion renovations market has endured a downturn over the past few years, in the wake of the GFC,” explained HIA Senior Economist, Shane Garrett.
“In this context, consumers have been reluctant to engage in big ticket expenditures such as larger renovations work,” added Shane Garrett. “The renovations market is highly sensitive to economic conditions and to the mood of householders.”
“Our exclusive survey results indicate that the renovations market is highly competitive one, with a large number of small operators. Dependence on subcontractor labour is high as a result,” Shane Garrett pointed out.
“Latest indications suggest that the market is starting to turn for the better, with renovators modestly optimistic for the year ahead,” Shane Garrett said. “Activity is benefiting from a prolonged period of very low interest rates and growth in home prices over the past eighteen months,” added Shane Garrett.