In this article, we delve into the soaring costs of home renovation across Australia, with a particular focus on the significant increase experienced in Melbourne.
The data, sourced from ServiceSeeking.com.au, sheds light on the notable rise in renovation expenses, especially in comparison to the national average and inflation rates. Here's a summary of the key points discussed:
- The article discusses the significant increase in home renovation costs across Australia, particularly in Melbourne, where costs rose by 6.5% over the 2014-15 financial year.
- ServiceSeeking.com.au conducted a nationwide survey that revealed Melbourne's renovation cost increase was almost twice the national average and more than four times the overall inflation rate.
- While Sydney experienced substantial housing market growth, renovation costs remained relatively stable, with only a 2.5% increase.
- ServiceSeeking.com.au's CEO, Jeremy Levitt, attributes the rise in renovation prices to the buoyant housing market, which drives up demand for renovation services.
- Melbourne's tradies continue to offer competitive rates, although there have been slight increases in hourly rates across various trades.
- Perth is the most expensive city for home renovations, with notable hourly rate discrepancies compared to other major cities.
- Despite higher wages for tradespeople in Perth, the struggling housing market in Western Australia may lead to a slowdown in renovation activity, potentially affecting job opportunities for tradesmen.
Read the full article here.