That means a lot more weekends at Bunnings and evenings spent glued to The Block.
“Australians are renovating about 30 per cent more than pre-pandemic,” Housing Industry Association chief economist Tim Reardon told Brisbane Times.
“There’s around 10 per cent more loans in volume and about 10 per cent in value on top of that.
“If you already own a block of land, renovating is a very good proposition at the moment.”
The increased appetite for renovations is likely to flow on to an increased shortage of tradies.
This means planning your project must be a top priority, taking into account potential delays or cost over-runs if tradies are in short supply.
Maximising DIY tasks is one way to minimise your reliance on tradies but be realistic about what you can and should do yourself.
Always have a professional take on electrical work. Safety first!
Plumbing is the other biggie that can have costly consequences if you don’t get it right.
Cosmetic changes like painting or small scale tiling might be a good place to start if the DIY bug bites.
But if the renovation dream looks like it may become a nightmare, selling up and moving on is still a great value proposition given the gains homeowners have seen in recent years.
Looking for a blank canvas to unleash your renovator? View our current listings for sale.
Renovated and ready to cash in? Find out how much your property is worth or talk to us about selling.
