Renovations outdoing home building

By |

Renovations are the only source of growth for the housing industry this year, it has been claimed.

Final figures released yesterday by the Australian Bureau of Statistics show residential building fell 4.1% in the June quarter. Meanwhile, major alterations and additions increased 2.6% in volume for the quarter. Housing Industry Association chief economist Harley Dale said the figures show "a tale of two halves" in home building activity.

"Renovations activity, both in terms of major jobs which we received an update on ... and smaller jobs valued at less than $10,000, is the source of growth in the housing industry post in 2011," Dale said.

Dale commented that the results indicate reticence on the part of households to move or upgrade, with many homeowners choosing to stay put and make improvements to their existing home.

"This situation reflects an inherently more cautious household sector post the GFC, together with the excessive taxation of new housing and very high stamp duty incurred when moving home," Dale remarked.

Can you afford to buy in this suburb? Find out how much you can borrow

Top Suburbs : westbrook , spearwood , padbury , springwood , willoughby east

go back

Get help financing your investment



Do you need help finding the right loan for your investment?


When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.

Just fill in a few details below and we'll then arrange for a local expert Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus, our mortgage broking service is at no cost to you.

How soon would you like a mortgage?
What is your Annual Household Income i $
Do you currently own any Investment Properties?
Do you own your own residence?
How much equity do you have in all your current properties?
First Name
Last Name
Where do you live?
What number can we reach you on?
E-mail address
We value your privacy and treat all your information seriously - you can check out our privacy policy here