All About the Renovation Boom Across the Nation of Australia
Following the news of the increase in property prices, it’s the renovation boom that’s currently getting all the attention of industry players and investors. Home renovations are booming due to low-interest rates, incentives provided by the government, and the unwillingness to buy and sell in a rising property market. According to a recent study conducted by the Australian Bureau of Statistics, homeowners are opting to stay put and spend big.
Information from ABS revealed that the value of home renovation-related lending in January increased to 47.4 percent compared to the same time in 2020. Of course, different factors last year were at play this is why this came about. While some predicted that there will be some decrease in spending too much due to the effects of the pandemic, turns out that more people have become more interested in investing in home improvements.
Last year, the federal government introduced the HomeBuilder scheme, designed to provide financial support to those who have always wanted to renovate their homes but had to postpone it due to the effects of the virus such as lockdowns, restrictions, etc. This was established by the government to get the economy charged up by creating more jobs and increase investments. Unfortunately, after an extension, the scheme will finally end on March 31st and industry experts are expecting a surge in rush applications before the deadline.
Federal government figures as of January 29, showed that the HomeBuilder grant applications reached 81,917 and about 16,504 these were all for major renovations all across the nation.
According to experts, the number could be likely higher for actual renovations. Aside from the HomeBuilder scheme, we have mentioned that low-interest rates are fueling the interest among homeowners. Because of the imposed lockdowns last year that forced so many to do work from home, people had to really take their time doing things at home and surprisingly, acknowledge the importance of having their own space. This very thing sparked the interest in doing renovations and improvements to create a space that is perfect for them.
Experts have added that people would rather renovate than sell or buy a home. As it gets expensive, there is no doubt that renovation projects will continue to grow. While some go for personal loans or credit card finance, others have actually entertained the idea of going DIY.
Whatever option you decide on, it’s important to talk to experts about it so your money wouldn’t go to waste. For all your building and construction needs, Hillbrook Projects will always be of service.