Australians are a nation of go-getters, but sometimes when the going gets tough, we prefer to stay put and renovate instead. As houses have become more expensive across the country, people have been spending more time and money on renovations instead to achieve their dream homes.
According to dwelling finance figures released by the Australian Bureau of Statistics on December 10, lending for renovations has increased. The data, which relates to the month of October, showed that fewer Aussies were taking out mortgages to buy existing homes (down 0.9 per cent), while more were refinancing and staying in the home they own (up 0.4 per cent).
Those working in the construction industry don't need to pack away their excavators and scaffolding just yet - people seeking finance for the construction of dwellings jumped up 0.8 per cent, while those that are securing a newly built home rose 0.1 per cent.
Renovation for the year
A December 3 release from the Housing Industry Association shows that renovations activity increased by 1.5 per cent in the year to September.
The healthy increase in renovations was matched by an aggressive increase in new home building, which Senior Economist Shane Garrett described as one of the healthier aspects of the nation's economy.
With all of the building and renovation activity going on around the country, it wouldn't be a surprise if you felt inspired to grab a drill and a hammer and start your own project.
Whether you're tackling a smaller job such as painting the dining room or a bigger task such as a retaining wall or house extension, make sure to talk to the experienced staff at your local Kennards Hire to find the best deals on tools in town. They'll be happy to recommend the right tool for the job and give some friendly advice.