Renovation costs are on the rise

Renovation projects have become increasingly costly over the past year, as the latest figures point to rising prices for most regions of the country. The Renovation Consumer Price Index from ServiceSeeking reveals that Queensland was the only state to have witnessed a fall in costs, as they were down 1 per cent over the course of the year.

As a result, tradies may turn to bobcat hire and other rented equipment in a bid to keep their prices as competitive as possible. With everyday costs rising, consumers are likely to be increasingly on the lookout for the most affordable price they can find.

ServiceSeeking claimed that the average renovation price has risen 3.9 per cent across the nation. The greatest increase was seen in Victoria where costs rose 6.5 per cent, although it nevertheless remains the cheapest state for affordable renovations.

New South Wales now has prices cheaper than the national average at around $1 per hour more affordable than elsewhere in the country.

The Housing Industry Association's (HIA) Autumn 2015 Renovations Roundup recently showed that the renovations market remains highly competitive. Subcontracted labour demand remains strong, as tradespeople are enlisted for a range of tasks from floor sanding to air conditioner installation.

According to the HIA, there is significant variation in the size of the jobs that are being undertaken. The majority of tasks are valued at less than $70,000, while detached properties are where the work is most likely to be carried out.

The most common job types were repairs, maintenance, bathrooms and kitchens. This may suggest that Australian homeowners are more likely to focus on improving their existing properties, as opposed to relocating to new homes.

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