Reno fever hits QLD

WHETHER it’s renovating to sell or just to improve value, Queensland home owners are behind a surge in remodelling activity.

As at June, spending on renovations in Queensland (according to the Australian Bureau of Statistics) was $1.56 billion.

And, according to Master Builders Queensland deputy CEO Paul Bidwell, that figure was set to steadily rise, with renovation activity in the state ‘very strong’.

As well as the ABS figures, Mr Bidwell said QBCC (Queensland Building and Construction Commission) data also showed a steady increase. It collects data on any renovation worth more than $3000 (plus $300 GST) as it needs to have home warranty insurance.

“Those numbers have been really steadily increasing,” Mr Bidwell said.

He said some renovations were just being done to improve houses which owners intended to keep, but that was also done with the knowledge it was adding future value.

“I assume most people, when they renovate, do it with an eye to ‘will I get this money back, will it actually add value,” he said.

His biggest tip for those wanting to embark on a renovation project – no matter what the reason – was to make sure those carrying out the work were licenced.

Also, he said it was essential to get a couple of quotes, to find out if your cost expectations were realistic.

“In a very busy market if you don’t shop around you are doing yourself a disservice,” he said.

“In some parts of the market you might find there is very sharp pricing because people are looking for the work. Either way, it is just for peace of mind. You want to shop around and get at least two or three quotes.”

Also, have a clear idea of what you want to achieve before everything starts.

“If you just rush in like a bull at a gate, you are going to be very disappointed,” he said.

Mr Bidwell said, particularly with older homes, it was hard to know what additional costs could come up until the work was started. It could include having to remove asbestos or structural damage that is uncovered in the work.

According to figures from Archicentre, generally renovations (where there were no structural upgrades required) cost between $700 per square metre and $2800 per square metre.

But homeowners should also allow extra in their budget for the possible removal of hazardous material such as asbestos sheeting.

Figures show fitting out a wet area could be much more expensive and that was without factoring in the cost of white goods.

Bathrooms and ensuites ranged between $12,000 to $27,000, a kitchen was between $15,000 and $43,000 and a laundry was between $6000 and $17,000.

The figures are indicative costs are for a "shell and the extended roofline’’ over the shell.