Australia’s construction industry will benefit from a boom in renovation projects over the next five years, according to a new report by Master Builders Australia.
Last year saw the beginning of a surge in alterations and additions (renovations) work for residential builders, reaching a value of $8.3bn, the highest seen for 10 years.
Matthew Pollock, Maser Builders Australia’s National Manager of Economics, said: “Importantly it has provided a much needed lifeline for small building businesses outside of Melbourne and Sydney who have seen the new housing construction side of their businesses struggle in the last few years.”
Much of the new building boom has been centred on the likes of Sydney and Melbourne, Australia’s two most expensive cities for real estate. However, something of a reverse has been highlighted by Master Builders Australia’s research.
Pollock added: “We expect growth to be strongest in South Australia, Western Australia and Queensland, which is great news for our members in those states who have been doing it tough.”
The study, Building and Construction Industry Forecasts, is available to purchase or free to access for members of Master Builders Australia, the country’s major construction trade association which represents the interests of 32,000 members.