There are potentially big profits to be made when renovating. But, it’s not always smooth sailing for those trying to manufacture a profit through a property refresh. You see…while renovating a property can be an exciting time, it also comes with a number of risks that you’ll need to consider. From damage to the property…
There were another 524 construction insolvencies in the March 2023 quarter, an increase of 93 per cent from a year earlier. 235 of the failures were in New South Wales, 149 in Victoria, and 89 in Queensland. The residential construction sector is known to have a high multiplier, and failures will ripple out through subcontractors…
HomeBuilder saw a surge in detached housing approvals yet little change in attached dwelling applications. Rising costs, and labour shortages alongside fixed price contracts have stuffed up a lot of building businesses, with many facing the wall. Some major construction firms are now thinking of pulling out of the residential sector altogether. Working for practice…
Dwelling construction was significantly delayed in mid-2022 due to the combined shortages of labour and materials, and the number of new dwellings under construction remained resolutely high until September at around 243,500. Although attached dwellings under construction eased in the two most heavily populated states, south-east Queensland did see in an increase in much-needed supply…
The Block was once again a hugely popular TV show this year. After three gruelling months of sleeplessness and renovations paid off for the couples competing to sell their properties for a profit. Not surprisingly it encouraged a new generation of property investors to turn their hands to renovation. But if you ran the renovations…
Aussies spent more on home renovations last year than in any other period since the 1970s. In fact, according to Australian Bureau of Statistics building approvals data, the value of alterations and additions approved hit a staggering $12.49 billion in 2021, surging 35% compared to the year before. In a recent Article, Eleanor Creagh, Senior…
The cost of building a new home continues to soar! CoreLogic’s Cordell Construction Cost Index (CCCI) for Quarter 3 of 2022 showed national residential construction costs increased at a record rate in the year to September 2022, the highest annual growth rate, excluding the period impacted by the introduction of the GST (10.2% over the…
Australia’s appetite for home renovations remains strong, with around A$1 billion worth of alterations and additions to homes approved in July. But rising interest rates and shortages in labour and material may have some would-be renovators wondering: is this still a good idea? Here are five questions worth considering. 1. What would a successful renovation…
With so many mixed messages currently surrounding property I thought I should give you some insights based on my close to 5 decades of experience in property and having built what some would suggest is a very substantial property portfolio. According to our big banks, Australians must brace for the worst housing correction on record…
What influenced Australians to no longer consider buying or building a home? According to Compare the Market’s latest research, 40.6% of Australians that were intending to build pre-COVID-19, one in ten have changed their mind and are no longer interested in pursuing a new home. The most common reason why people had given up their…
