Australia is in the midst of a home-improvement frenzy, with the number of people undertaking major home renovations hitting an all-time high.
March 30th, 2020
Driven by historically low interest rates and rapidly rising house and apartment prices, the nation’s suburbs are alive with the sound of drills and hammers.
“If you look at the latest figures for 2019, then the number of approvals for major home renovations is at the highest level we’ve ever seen,” said Shane Garrett, the chief economist at Master Builders Australia.
“And, until the last little while at the beginning of 2020, I think the activity has only been increasing,” according to Domain.
Rising prices mean that some home owners are eager to renovate and sell for more money than they paid, while others are more eager to improve their homes so they don’t have to move and pay higher prices.
The Reserve Bank’s decision to cut rates to yet another low, of 0.25 per cent, means it’s cheaper than ever before to borrow money to make improvements.
No one quite knows how coronavirus will affect the renovation craze but it could be that, with more time spent at home, people will be eager to undertake fresh projects.
The economic slowdown, however, could mean they’ll be more nervous about borrowing funds, despite the low interest rates, and there’ve been reports of shortages of materials traditionally imported from China.
“Another factor driving this movement is that more detached houses were built from the mid-1980s in Australia than at any time before, and now more 30 to 35-year-olds are moving into these as older people move out, and we see this group doing a disproportionate amount of renovation work.
“We reckon this will help drag the number of renovation sites up even higher, although we’re now in unprecedented circumstances. But we’re hoping the government will offer a stimulus to help medium-sized renovations continue,” according to Domain.
Article original appeared on Architecture and Design
INDESIGN is on instagram
Follow @indesignlive
A searchable and comprehensive guide for specifying leading products and their suppliers
Keep up to date with the latest and greatest from our industry BFF's!
The undeniable thread connecting Herman Miller and Knoll’s design legacies across the decades now finds its profound physical embodiment at MillerKnoll’s new Design Yard Archives.
For Aidan Mawhinney, the secret ingredient to Living Edge’s success “comes down to people, product and place.” As the brand celebrates a significant 25-year milestone, it’s that commitment to authentic, sustainable design – and the people behind it all – that continues to anchor its legacy.
Welcomed to the Australian design scene in 2024, Kokuyo is set to redefine collaboration, bringing its unique blend of colour and function to individuals and corporations, designed to be used Any Way!
London-based design duo Raw Edges have joined forces with Established & Sons and Tongue & Groove to introduce Wall to Wall – a hand-stained, “living collection” that transforms parquet flooring into a canvas of colour, pattern, and possibility.
The internet never sleeps! Here's the stuff you might have missed
At the NGV’s Making Good: Redesigning the Everyday, design becomes a force for repair. From algae-based vinyl to mycelium earplugs, the exhibition proves that rethinking the ordinary can reshape our collective future.
The American Hardwood Export Council (AHEC) has collaborated with leading Indonesian designer Hendro Hadinata on the KARANA Collection, unveiled at Indonesia Design Week (IDW).
Foster + Partners has recently delivered two significant projects in Sydney, working across both commercial and public transport infrastructure.
Overlooking Berlin Zoo, the suites of the 25hours Hotel Bikini Berlin curate the sustainability ethos in an entirely unique and dynamic aesthetic. Think natural fabrics and materials, jewel-hued colours, curves and cushions, spa-like bathrooms and hammocks with views over urban greenery.