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$vuetify.icons.faPhone1300 650 620

Renovations boom set to continue in Victoria

Media Release

Renovations boom set to continue in Victoria

Media Release
“The boom in renovations activity in Victoria continues to break records and this activity is expected to be sustained for several years,” stated HIA Executive Director, Fiona Nield.

HIA released its economic and industry Outlook Report for Australia today. The Outlook Report includes updated forecasts for new home building and renovations activity for Australia and each of the eight states and territories.

“Annual renovations activity in Victoria is forecast to reach $10.5 billion in 2021, this is 11.8 per cent above last year and breaks the record set back in 2018,” added Ms Nield.

“The typical Australian household is saving significantly more than they were before and they are choosing to spend these savings on upgrading their homes. The boom in renovations is partly due to the shift towards online learning and working from home.

“All types of renovation projects are experiencing a surge in activity. This includes projects ranging from smaller DIY projects, to a kitchen or bathroom upgrade, through to major home extensions.

“People are spending more on their kitchen renovations than ever before as they get bigger and contain more appliances.

“HomeBuilder has supported larger renovations jobs with more than 5,900 applicants for major renovation projects in Victoria.

“We expect that this boom in renovations will be sustained over a number of years given the level of household savings and the shift to working from home. Even when overseas travel returns, home renovations will most likely remain a priority and within the household budget.

“However, renovations work has been severely impacted by recent lockdowns, with just over a third of all builders engaged in home renovations.

“We believe there are many jobs in the pipeline, but with the continued restrictions on working in homes in Melbourne, there is some uncertainty as to if and when some of the work will proceed.

“We continue to raise with the Victorian Government the need for financial support for our members who are unable to work in the current restrictions, together with returning to work in homes with COVID safe measures in place.

“At the same time, there is also a record volume of new detached homes under construction. This is seeing demand for labour, land and materials outstrip supply.

“Unlike the renovations market, this level of home building will not be sustained without a return of a stable and reliable pathway for skilled migration. Even with a return of migration, the current volume of new home commencements will not be sustained.

“There are also encouraging signs that demand for multi-units is returning ahead of population growth. Approvals for units have picked up in New South Wales and Queensland after a pause in 2020 as investors look through the haze of the pandemic and anticipate a return of migration,” concluded Ms Nield.

Renovations boom set to continue in Victoria

*HIA National and State Outlooks are Australia’s most comprehensive housing report card, encompassing renovations activity, new home building, policy updates, global and domestic economic analysis, and dedicated state and territory housing databases. For further information or for copies of the publication (media only) please contact: Kirsten Lewis on k.lewis@hia.com.au

For more information please contact:

Fiona Nield

Regional Executive Director - Victoria

Angela Lillicrap

Economist
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