· Dollars spent on alterations to an existing dwelling or non-structural renovations are over double the average for the last few years and are the highest they have been for the last 18 years.
· At its peak last year, dollars spent on construction of dwellings was 4 times higher than the average of the last 18 years. Currently it is still double the average.
· The dollars spent on purchasing vacant land was double the average over the last 18 years in 2021.
· Interestingly the purchase of newly built dwellings on land hasn’t seen the uplift in dollars spent like construction of new dwellings have, only around 1.5 times the average of the last few years. Meaning more existing homeowners are choosing to renovate rather than sell and buy.
Source: Australian Bureau of Statistics
Written by Tom Morison