Renovation Boom On The Way

1980s houses are set to provide significant opportunities in the renovations market over the next three years.


The latest HIA Renovations Roundup forecast shows expected values of the renovations sector to increase from an estimated $32.228 billion in 2016/17 to $35.120 billion in 2019/20. That’s an expansion of almost 3 billion dollars over the next three years.


The growth has been helped by the large number of homes built throughout the 1980s which are now approaching the 30-35 year mark at which remodelling and renovation are common.


Home remodelling activity will be facilitated by changes in how people view critical areas of their homes such as kitchens and bathroom. In the 1980s these areas were predominately functional spaces however, now many home owners want these places to reflect greater style and comfort.


The outlook was also good for jobs in the renovations industry, with two out of every five employers expecting to boost their headcount in the next 12 months.


 The forecast shows for home renovations growth was a 0.2 per cent rise this year, 0.4 per cent next year, 4.9 per cent in 2019 and then 2.9 per cent in 2020.


Sources: HIA, Get Industry, Sourceable