Reno boom to the rescue

first_imgHousing commencements were expected to slow but renovation activity will hit record levels in coming years.A RENOVATION boom was expected to help take some of the sting out of a slowdown in new residential commencements, according to latest industry analysis.Master Builders national manager economics and housing Matthew Pollock said new dwelling approvals fell by 6 per cent in February and were down by around 600 new dwellings compared to the same month last year.More from newsParks and wildlife the new lust-haves post coronavirus20 hours agoNoosa’s best beachfront penthouse is about to hit the market20 hours agoCapital gains through renovations and upgrades will rise in coming years.“The fall in new starts is a good indicator that new housing commencements are likely to moderate towards the latter half of 2018,” he said. “However, approvals for new renovations continue to perform strongly, supporting an expectation of an elevated level of work in 2018 and laying the foundations for a forecast boom in alterations and additions over the next five years.” Family snaps up waterslide wonder More homes up for grabs HIA says housing market coolinglast_img

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