Pick up your tool belt and start drawing up some plans because Australia is on the verge of a home renovation boom worth up to $40 billion until 2023.
Houses constructed in the boom during the 1980s are starting to turn 30 and hitting the time they are due for a makeover.
Housing industry Association’s Shane Garrett said the link between home renovation activity and the age of housing was strong.
“Homes, particularly in the 30 to 35-year age group, do seem to drive a disproportionate amount of renovation work around Australia,” he told The Australian.
“It’s a statistical relationship based on past data, but it’s something that stands to logic well.”
“Homes as they age tend to require more remedial work just because of the process of physical degradation, and the style of the home tends to look more dated.”
Speaking to The Australian, Mr Garrett said the housing construction boom of the late 1980s and early 1990s was driven by low interest rates and population growth.
“Australia became a good place to find work in the second half of the 1980s and the population boost would’ve increased the amount of new home building activity,” he said.
According to Danita Wawn from the Master Builders Association, homeowners are forecast to spend around $40 billion over the next five years on home renovations.
“The boom in renovations is good news for residential builders facing a moderation in new home building,” Ms Wawn told The Australian.
“But I would urge the state and territory governments to ensure there is adequate investment in training new building apprentices to ensure there is sufficient skilled labour and capacity to meet the demand over the next five or so years.”
The classic brick veneer homes built in the 1980s look set to be knocked down and rebuilt over the coming years, phasing that style out and bringing those homes into the 21stcentury.
Those homes closer to the city are more likely to be renovated first because of the higher price of buying into the area and the desirability of the location.