Gold Coast Bulletin: What is driving the State’s renovation boom

In this article, Gold Coast Bulletin columnist Paul Weston delves into the driving forces behind Queensland's renovation boom. Focusing on the Gold Coast, Weston examines the evolving landscape of tradies' competitiveness and pricing in response to increasing demand for renovation services.

• Research by ServiceSeeking.com.au reveals insights into Queensland's affordability for home renovations, with the state experiencing a drop in the cost of hiring tradesmen.
• The analysis of over 52,000 quotes highlights a 1% decrease in renovation costs compared to the national average increase of 3.9%.
• Specifically, on the Gold Coast, the cost of renovating a home has decreased by a significant 13.5% year-on-year.
• Tradies on the tourist strip are offering services at a lower average hourly rate, attributed to heightened competition.
• While certain trades see price increases, others witness notable drops in quotes, reflecting shifts in demand and supply dynamics.
• Local tradies benefit from the surge in renovation jobs, preferring to work locally at slightly lower costs.

Weston underscores the significance of word-of-mouth referrals and local connections in sustaining tradies' businesses amidst regional shifts in demand.

Read the full article here.