Renovation value hits four-year high

The value of residential alterations and additions has risen to the highest level in more than four years, according to the Australian Bureau of Statistics (ABS).

The ABS Building Approvals for August found the value of alterations and additions to residential buildings was strong in August, up seven per cent to $784 million, to be the highest level recorded since April 2016.

The stellar result is likely partly due to the HomeBuilder scheme, but also to an increase in the number of people undertaking renovations during the lockdown, according to a Australian renovation expert.

The Happy Renovator author Werine Erasmus says many Australians chose to use the downtime to start or finish renovation projects on their homes or investment properties.

“The problem with many renovators who attempt to complete projects in their ‘spare time’ is that they often don’t have any time to spare!”