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Queensland renovations hit historic high

Queensland renovations hit historic high

Queenslanders are renovating in record numbers, up 13.2 per cent during the past year, according to Master Builders deputy executive director Paul Bidwell.

In monetary terms, Brisbane renovators spent more than a billion dollars on improving their homes from 2014 to 2015; the Sunshine Coast paid $120 million; and Rockhampton $95.9 million.

Bidwell says there are signs that it’s nearing the peak of the renovation busy season, with each of the results over the past three months dropping.

“Now is the time to get out there and get work done. Builders are geared up but may not have the large amounts of work on their books that they’ve had the past year,” he says.

Chris Lewis, principal of My Pad Real Estate, says renovations are a great way to add value to your home or investment property.

“If done right, it creates immediate capital gain to your property, which you can then choose to reinvest,” he says.

“If you’re selling, renovations enhance buyer interest, or it can be done simply to improve the appeal of your own home for you to enjoy.”

According to the Australian Bureau of Statistics, from 2014 to 2015 most of the activity was located in southeast Queensland,  which reflects current housing affordability pressures that have made renovating more viable.

Brisbane was up 17.3 per cent, Gold Coast 14.2 per cent and the Sunshine Coast 9.9 per cent.

Central Queensland produced an exceptional result, with a 36 per cent increase in renovations due to Cyclone Marcia repair work, which has largely come to an end.

Much of the focus in Wide Bay Burnett has been on new construction, so this has detracted from renovation work, which is down 5.9 per cent.

Darling Downs and southwest Queensland continues to struggle with the resource downturn and the drought, experiencing a 4.3 per cent drop.

 

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