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$vuetify.icons.faPhone1300 650 620

Renovations have picked up strongly in Tasmania

Media Release

Renovations have picked up strongly in Tasmania

Media Release
“Renovations activity has picked up in Tasmania in 2021, and is set to perform well for some time to come,” stated HIA Executive Director, Stuart Collins.

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.

Renovations have picked up strongly in Tasmania
*HIA’s 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 further information please contact: 
 

Stuart Collins

Executive Director – Tasmania

Nick Ward

Senior Economist
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