Renovation Boom Set to Hit the Residential Building Sector

The future of the Australian renovations market is looking very positive following the recent release of the HIA Renovations Roundup Report.

The 1980s boasted record numbers of detached house building. As a result, the number of houses in the key renovations age group is set to increase significantly over the next decade.

There is a strong link between the volume of renovations work and the age of the housing stock. The more houses that are between 30 and 35 years of age, the more demand there is for renovations and improvement.

The recent HIA Renovations Market Survey has also produced some encouraging results for the employment market, revealing that two in every five of those operating within the renovations market intend to increase their employee headcount over the next year.

We can expect to see all of this come into effect over the next few years. There is a forecasted +0.2 increase in activity within 2017, +0.4 increase in 2018, and an impressive 4.9 percent increase in 2019.