With the memory of successive lockdowns still burning, many more are now deciding to draw up plans to make their houses and apartments more comfortable in case they’re ever stuck inside for long periods again renos renovations property
The COVID-19 renovation frenzy is set to continue throughout 2022 as property prices continue to climb and home owners decide to use some of their extra equity to finance improvements.
On Australian Bureau of Statistics figures, over the 12 months to October 2021 an astonishing $11.82 billion worth of renovation approvals were given around Australia. The vast majority of these were in NSW and Victoria – the states hardest hit by the pandemic lockdowns – with Queensland next and Western Australia following.
The costs of moving home, plus stamp duty and agents’ fees, made many decide that money could be put to better use with renovations, says Belinda Botzolis, senior property strategist at Metropole Property Strategists.“We’ve just had the biggest year for renovations ever, but it will still continue into the future,” she said. “It’s been so hard to get tradies to finish jobs, so there’ll be a lot of demand for them into 2022 too.
“Then, if there’s any cash left over, they want to build a deck and add lighting and smart features like custom garage doors. But we find those are always secondary to the kitchens and bathrooms and flooring.”
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