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Feb 20, 2013
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Will Renovations ContinueProperty markets may vary, but are as unpredictable now as Morgan Freeman’s driving skills. Does this mean that home renovation will cease or continue?

Australian house prices have recently suffered from their first nationwide price drop. You can look at any statistic figures and verify this. Hit TV show like “The Block” and “Trading Spaces” are now things of the past. Does this mean that due to the price drop it will be the end of people profiting from home renovations? If no one can profit through things like polishing a floorboard, paint walls, changing bathroom and/or kitchen faucets, or knocking out a wall, does it mean it will be the end of renovation as we know it? People who are in the business may be in denial, but they don’t think so.

The Housing Industry Association has pointed out that most of the housing stock in Australia is old. Older dwellings need regular maintenance and renewal than those built in the last 30 years with building techniques that rely more on origami and flimsy than solid materials. This keeps the need to renovate continuing, even if the market swing is down.

Simply put, renovation will still be needed, so therefore, it will continue to exist. It will keep happening even if it isn’t like it was some years ago when “Trading Spaces” was the top show on TLC, or in 2003 when the debut of “The Bloc” was introduced. Then, it seemed that all you had to do was knock down a few walls or slap on a unique paint color to increase your home by hundreds of thousands of dollars. The HIA predicts there will be an industry increase this financial year in the near future. This is very good news for those of us who are in some way involved in the renovation business.

New home building has been low in Sydney, so there will be a particularly large need to renovate in that city. Even homes built in the last 10 years now are now in drastic need of new paint and flooring.

Experts say more than half of the people in Australia renovate at some point or other during their lifetimes. Some experts believe there are plenty of renovators out there who aren’t ready to throw down their tools and walk away from the field because of property uncertainty.

Obsession for things like dream kitchens, open floor plans, or fancy bathrooms may not be what drives our need to renovate in the future. It may be to retro-fit our homes energy usage that becomes the real drive to renovate. This will be especially true if the dollars continue to stack up in favor of eco-friendly, “green” living.

There are thoughts on both sides of whether or not the hassles of renovation are worth it. Whether that’s true or not, the “Go Green” revolution will have an effect on the way we renovate our homes. Whatever the reason—market upswing, eco-friendliness, or simple up keep, renovation will continue.

 
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