A whopping $1.468 billion in alterations and additions in Queensland are forecast for the 2018-2019 financial year with that figure peaking at $1.618 billion in 2020.
The surge comes off the back of a drop in renovation activity last financial year, according to Master Builder’s Australia data published in news.com.au.
This is great news for tradies. It’s also great news for renovators if they play their cards right.
Renovation guru Cherie Barber warned new players could be easily fooled by the glitz and glamour or before and after designs on renovation TV shows.
“They watch the TV shows and they get bamboozled by the before and after designs, and that’s not what renovating or profit is all about,” Cherie told news.com.au. “It’s a very disciplined approach.”
So rather than investing all your time in researching the latest tapware and colour schemes, Cherie implored renovators to be strategic in their due diligence. Check out her tips for how you really pull off a profit-making renovation.
#6 things you must get right to cash in on Queensland’s reno boom
- Property type
- Suburb
- Purchase price
- Reno budget
- Value-adding changes
- Resale or rental price
Ready to reno? View our current listings for sale.