DIY boom as rates drop

The Weekend Post - Real Estate - - NEWS -

QUEENS­LAN­DERS have be­come so en­thu­si­as­tic about ren­o­vat­ing their homes that it has cre­ated a boom, with more than 57,000 ren­o­va­tions alone dur­ing the 2014- 15 fi­nan­cial year, ac­cord­ing to Mas­ter Builders Queens­land deputy ex­ec­u­tive di­rec­tor Paul Bid­well.

“When you think about it, now is a great time to ren­o­vate or build be­cause of the record low in­ter­est rates,” he said.

“There is a gen­eral feel­ing of im­proved con­sumer con­fi­dence, rea­son­able eco­nomic growth and on­go­ing pop­u­la­tion growth, which all play a part in set­ting the scene for a pos­i­tive build­ing en­vi­ron­ment in south­east Queens­land.”

Mr Bid­well said the av­er­age ren­o­va­tor spent $ 33,000 on do­ing up their home last fi­nan­cial year and over­all, ren­o­va­tions had been trend­ing up, with an in­crease of more than 5000 ren­o­va­tions since 2014-15.

He said the av­er­age cost of projects had re­mained fairly stable, with the av­er­age value hov­er­ing around the $30,000 range since 2009.

He said peo­ple look­ing for a car­pen­ter, tiler, brick­layer or con­creter had best book one far in ad­vance as th­ese were the most in-de­mand trades, ac­cord­ing to the lat­est Mas­ter Builders Sur­vey of In­dus­try Con­di­tions for the Septem­ber 2015 quar­ter.

The sur­vey also found builders ex­pected the cur­rent trend for more units to con­tinue, with three-quar­ters ex­pect­ing to see rel­a­tively more units than de­tached houses.

“While the ma­jor­ity ex­pect both de­tached houses and units to be smaller, there will be seg­ments of the mar­ket that will see de­mand for larger ver­sions of both dwelling types,” he said.

“Land size is ex­pected to con­tinue to get smaller. And it is ex­pected that there will be a growth in in­fill hous­ing rather than green­field de­vel­op­ment, with a shift to higher den­sity.”

With home­own­ers f re­quently cit­ing a lack of in­for- ma­tion about the build­ing process as a ma­jor stress fac­tor and trig­ger for dis­putes and mis­com­mu­ni­ca­tion, Mr Bid­well said Mas­ter Builders has in­for­ma­tion about the build­ing process de­signed to arm con­sumers with the knowl­edge they needed to bet­ter nav­i­gate the home build­ing process.

“Our web­site in­cludes in­for­ma­tion on is­sues like choos­ing l and, build­ing your dream home, find­ing a Mas­ter Builder, con­tracts and vari­a­tions, de­posits and progress pay­ments, build­ing ap­provals and in­spec­tions, the con­struc­tion phase and what to do be­fore you move in,” he said.

“The in­for­ma­tion will give you a more thor­ough un­der­stand­ing of the build­ing process and help you to im­prove com­mu­ni­ca­tion with your builder.

“You’ll also then know what to ex­pect through­out the var­i­ous stages of build­ing, which can as­sist in re­duc­ing stress and pave the way to a smoother and hap­pier build.

He said those search­ing for in­spi­ra­tion should visit a Mas­ter Builders dis­play vil­lage, where they could see the lat­est hous­ing de­signs, trends and prod­ucts on of­fer.

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