The Rise of Home Renovations in Australia

A recent report from the latest edition of the HIA Renovations Roundup made much of Australia’s $30 billion-plus home renovations market. That’s excellent news for workers in the building industry.

The HIA Renovations Roundup is a unique quarterly industry survey. In terms of its reach, the renovations market is fairly substantial as the participants are focused on sole traders or small firms, with the growth extending to a number of subcontractors such as plumbers, electricians, plasterers, brickies, painters, etc.

According to the survey, repairs and maintenance jobs are the bread and butter of the renovations market, especially renovation work in kitchens and bathrooms.

This highly lucrative market reflects the popularity of the Trade Contractor Licenses:

QLD Restricted Building Program – Kitchen, Bathroom & Laundry Installation

NSW Kitchen, Bathroom & Laundry Installation

The strong upturn in dwelling prices since 2012 in Sydney and Melbourne has also influenced the amounts invested in renovation projects in those regions.

In 2016, renovation work across Australia increased by 2.7% amounting to a value of $33.06 billion. And while this year the growth is expected to decline ever so slightly, the growth on renovation projects in the residential construction market is projected to increase by 3.2% in 2018. There will be even further growth of 2.4% in 2019 and 2.5% in 2020.

Overall, the survey has given confidence to the sector, and resulted in positive financial outcomes for renovators and renovation projects in Australia.