As the “renovation nation” fever cools with rising interest rates, falling property prices and the end of the government’s HomeBuilder scheme, renovations this year will likely be less all-out luxury and more recession-proof practicality.
According to Australian Bureau of Statics (ABS) data, home renovations boomed for the 12 months to October 2021, with a massive $11.82 billion spent on renovations nationwide, most notably in Victoria and New South Wales. At the end of 2021, figures weren’t so explosive, with residential building approvals declining 7.7 per cent from the previous year, hampered by supply chain delays, labour shortages and input prices continuing to rise, increasing 17.3 per cent over the past 12 months according to the ABS.
As the cost of living continues to rise across the board for Australian households,…
