The Housing Industry Association (HIA) has released (23/04/2015) the latest autumn edition of Renovations Roundup which reviews the Australian renovation market.
Updates of the exclusive HIA Renovations Survey in this edition gives a detailed portrait of the renovations industry.
Shane Garrett, HIA Senior Economist, says that 2014 saw new home building hit record levels yet the renovations market continued to struggle.
The volume of renovations activity has continued to drop over the past three years by 15 per cent.
Mr Garrett highlighted the renovation performance in South Australia which seems to typify the national trend. SA renovation activity declined by 15.1 per cent to $1.78 billion over the 2012-13 period.
He says that the $29.66 billion home renovation market is often underestimated and in 2014 it accounted for over one third of all residential construction activity.
However, rising unemployment levels and slow economic growth has challenged the renovations sector.
The Autumn edition of Renovations Roundup expects a further 2.8 per cent decline in renovations activity in 2015 but predicts an 8.2 per cent uplift between 2015 and 2018 as a result of low interest rates and a slow recovery of economic activity.