Boom likely for renovations market

0
273
A predicted boom in the renovation market will provide a much needed lifeline for small building businesses, according to Master Builders Australia. File picture

A PREDICTED boom in renovations will be the strongest in South Australia, Western Australia and Queensland, which is great news for builders in those states, according to Master Builders Australia.

Master Builders Australia national economics manager Matthew Pollock said renovations could average $8.8 billion a year and top $44b during the next five years.

Mr Pollock said building and construction industry forecasts produced by Master Builders Australia showed the surge in the pipeline of alterations and additions (renovations) work for residential builders kicked off in 2017.

“Last year renovation building work reached a decade high with activity topping $8.3b,” he said.

“Importantly it has provided a much needed lifeline for small building businesses outside of Melbourne and Sydney who have seen the new housing construction side of their businesses struggle in the last few years.

“In fact, while the boom in new dwelling construction has been centred on the Sydney and Melbourne markets this is forecast to be reversed with the boom in renovation work.

“We expect growth to be strongest in South Australia, Western Australia and Queensland which is great news for our members in those states who have been doing it tough.’’