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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 Tasmania is forecast to reach $715 million in 2021, this is 11.2 per cent above last year, and it is the strongest year since 2015,” added Mr Collins.
“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, as well as significant house price growth in Tasmania that is providing equity to borrow against.
“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 490 applicants for major renovation projects in Tasmania.
“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 remain a priority and within the household budget.
“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,” concluded Mr Collins.
“Home building materials have continued to experience only modest cost increases, up by 1.6 per cent in the 2024/25 financial year,” stated HIA Senior Economist, Maurice Tapang.
“Today’s interim report from the Productivity Commission overwhelmingly backs what HIA has long been saying - that the regulatory burden on businesses is getting worse in this country and there is need for a major overhaul on the approach to regulation,” said HIA Managing Director, Jocelyn Martin.
“The Housing Industry Association (HIA) welcomes the release of the Queensland Productivity Commission’s interim report into construction productivity It is a significant and necessary step toward overcoming the housing supply challenges facing Queensland,” said Michael Roberts, HIA Executive Director Queensland.
“New home building approvals in the 2024/25 financial year were up by 13.9 per cent compared to their 2023/24 trough,” stated HIA Senior Economist Tom Devitt.