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$65 billion renovation boom drives up prices and slows completion

$65b renovation boom drives up prices and slows completion

$65b renovation boom drives up prices and slows completion Home renovators are being warned to expect even bigger price hikes and more shortages. Share A record boom in home renovations and unprecedented demand for timber and other building products is increasing costs by up to 30 per cent, causing shortages and delaying completion. Suppliers warn timber costs have risen by up to 15 per cent and say there will be more rises before year-end due to “serious constraints” on imports because of global competition. Home renovation boom is causing cost blowouts and delays.   Pixland Low interest rates, rising property prices, the federal government’s HomeBuilder scheme and strong demand for extensions and renovations following COVID-19 lockdowns have resulted in record volumes of renovation applications and approvals, according to the Australian Bureau of Statistics.

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