After a slump last financial year, the 2013/2014 saw over $28 billion spent on renovations across the nation
According to a Housing Industry Association (HIA) report, last year was one of the worst years for home renovation in decades. However in the 2013/14 financial year the money spent on home renovations hit $28 billion.
The Housing Industry Association (HIA) estimates in three years we’ll see that figure reach $30.3 billion. This is due, in part, to two things:
- Lower interest rates
- More and more consumers being confident carrying out home makeovers.
There is no shortage of television programs like The Block and House Rules showing “everyday couples” designing, planning and renovating houses. Which creates the “if they can, I can” mentality. It has also seen an 8.52% increase in the cost of tradespeople for home renovations and building in Brisbane.
Renovating and extending your home
The HIA reported that baby boomers (those in their late 50s, early 60s) are using their superannuation payouts to renovate. The HIA go on to say that baby boomers are more likely to live in totally renovated homes longer than earlier generations .
The other end of the scale is first home buyers with tighter budgets who renovate in increments. Additionally, they live in the homes they renovate to reduce cost, and as their budget increases so too the work they carry out.
Once the renovations are complete, they sell their house for a tidy profit and start again. This is a trend that has increased in the last 5 to 10 years.
How MIB – Men In Building can help you
Whether you are looking to renovate or extend your home—we can help. Based in Brisbane, MIB-Men In Building service both the Gold Coast and Brisbane and offer a wide range of services from renovations and extensions to shop fit-outs and signage.
No job is too big or too small: we can help you with your kitchen, garage, or entire house. We offer:
- DIY kitchens
- Pre-assembled kitchens
- Custom-made kitchens to suit your budget
We have skilled employees in a variety of fields, including:
MIB-Men In Building are an Australian owned company and a member of the Master Builders Association.
Whether you are looking for a full house renovation or extension service, or to find out more about how MIB – Men in Building can help you, please contact us today.