Renovation: all the rage?
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With the value of many people's homes experiencing a slump in recent months, Australians are turning to home renovation in record numbers. They're spending up big to add value to their property, in the hope of enjoying the returns when the property market rebounds.
According to the Housing Industry Association (HIA), Australians spent a record $30 billion on home renovations in 2008 and this figure is forecast to exceed $32 billion in 2010/2011.
Many baby boomers, who still consider the family home as the cornerstone of their wealth creation strategy, are picking up their tools to avoid all the expense of relocating or upgrading.
FAST FACTS
- Australian weighted average median house price: $447,659 (September 08 Quarter) vs $459,795 (June Quarter)
- Australian weighted average median 'other' dwelling price: $352,774 (down 1.3% in September quarter)
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