Any fans of House Rules out there? Do you find your mind wandering as you watch, thinking of all the changes you could make to your own home? Well, it looks like you’re not alone. According to data, more and more homeowners are opting to renovate their current homes rather than move to a new place.
The Renovations Roundup report from the Housing Industry Association predicts that this year we’ll be spending as much as $1 billion more on renovations across the country than we did last year.
Senior economist Shane Garrett from HIA reckons the reason for this is homeowners now have more money available to carry out renovations.
We’re not just talking about putting up some shelves and changing your colour scheme, either – this is serious stuff. Home renovations made up about 35% of total residential construction last year. This year, it’s predicted we’ll spend $31.23 billion on renovations as a nation – that’s 2.5% more than in 2015.
“The recovery in renovations activity is being supported by the environment of remarkably low interest rates and very strong dwelling price growth in key markets,” Mr Garrett said. “In this context, many homeowners have decided to shelve plans to move house and instead conduct major renovations work on their existing homes. The large pool of available home equity has made this possible.”
He added that as new home building is slowing in some areas, renovating will become more important for homeowners.
“The revival in renovations activity will provide a welcome offset to the more challenging situation emerging on the new home building side.”
Chipping in on the discussion were Luke and Cody Cook, stars of reality TV show House Rules whose renovation work received praise from the judges. The twins were in Brisbane last week to open Ribs & Burgers Woolloongabba.
“We always thought about practicality and then added design later,” said Luke, talking about his time on the show.
But it doesn’t look like he’s got any more projects in the pipeline. “I love my house, I’m not going anywhere,” he said.
Brother Cody agreed that they need a break from reno work.
“We want to just enjoy the house we’re in for now,” he said.
