So will 2023 be any easier if you want to whack a deck on the back of your Queenslander?
We have some bad news and some not so bad news.
Global supply chains are still facing disruption as the conflict in the Ukraine continues, and the COVID hangover continues to slow the building industry’s ability to hire workers from overseas, reports Domain.
So labour and supply shortages may continue. That’s the bad news.
In terms of the not-so-bad news, interest rate hikes have slowed demand for new builds so the market is not as crazy as it was last year.
And the Housing Industry Association (HIA) is tipping a slowdown in price growth, of around 5 to 7 per cent, compared to 20 per cent in the 2021-22 financial year.
“We’ll still see prices grow, but by 2024 that rate of growth we expect to slow considerably,” said HIA chief economist Tim Reardon.
“The rises in the cash rate are taking demand out of the new housing market but, in contrast, we don’t expect renovations to slow at all.
“They’ll continue at that same elevated level as many people are now working from home and COVID lockdowns showed them how they wanted to improve their homes, while many households built up their savings.”
So do you need to be brave or stupid to take on a reno in 2023? Do your research and you may not be either – but you will need to be patient. Choose a reputable builder and make sure your contract has provisions that protect you from unforeseen price hikes or delays. Be prepared to be flexible on materials if your first choice of tap fitting or tiles might experience delays.
Talk to your builder about what they’re seeing in the local market and how you can plan your renovation to proceed as close to schedule as possible.
Looking for some creative inspiration in 2023? View our current listings for sale or check our listings for rent.
