Renovations Outdoing Home Building

 

Port Douglas Houses

Port Douglas Real Estate

Renovations are the only source of growth for the housing industry this year, it has been claimed.

 

Final figures released by the Australian Bureau of Statistics show residential building fell 4.1% in the June quarter.

 

 

 

 

Meanwhile, major alterations and additions increased 2.6% in volume for the quarter. Housing Industry Association chief economist Harley Dale said the figures show “a tale of two halves” in home building activity.

“Renovations activity, both in terms of major jobs which we received an update on … and smaller jobs valued at less than $10,000, is the source of growth in the housing industry post in 2011,” Dale said.

Dale commented that the results indicate reticence on the part of households to move or upgrade, with many homeowners choosing to stay put and make improvements to their existing home. “This situation reflects an inherently more cautious household sector post the GFC, together with the excessive taxation of new housing and very high stamp duty incurred when moving home,” Dale remarked.
Source:  Your Property Investment Magazinewww.yip.com.au

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Port Douglas real estate - Real estate in Port Douglas is now sought after the world over. Our passion for where we live stems from Port Douglas being the only place in the world where two natural, world heritage listed sites (the Great Barrier Reef & Daintree Rainforest) exist side by side. If you would like buy or live in your own piece of paradise, please browse our real estate listings http://www.realestateportdouglas.com.au The views expressed in the Port Douglas blogs are not those of Century 21 Port Douglas Real Estate nor the Century 21 franchise.
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