Aussies love their DIY, which is why it's been a sad fact of the state of the economy recently that general handymen and DIYers have not been able to complete major projects at home because of the cost involved. The Housing Industry Association (HIA) has revealed however, that there is more renovation on the horizon.
Fortunately Kennards Hire has all of the tools you need for the job, which can save you a lot of outlay on buying equipment - helping you reduce the cost of your reno - so get ready to break out the Bobcat and do some digging!
Residential construction is on the up, but what about DIY?
The recent recovery in residential construction has been littered through the news recently. However home renovations have not featured so prominently. According to the HIA, investment in renovations only increased 0.3 per cent in 2013/14 from what was previously a decade low.
The good news, aside from the fact that there was at least some pick up, is that it is expected to increase this financial year. According to HIA Chief Economist Harley Dale, the factors that have been holding people back have been unemployment concerns, unavailability of credit and an increasing tendency for households to save money.
"That situation looks to be slowly changing. Growth of 0.9 per cent in renovations investment in 2014/15 is forecast to accelerate to 2+ per cent growth in the subsequent three years. That would be a great outcome, but it is a long road back for this important sector of Australia's domestic economy," said Harley Dale, chief economist for the HIA.
If you plan on being one of the many Australians renovating over this year, especially in the summer while the weather is good and people are on holiday, make sure to stop into your local Kennards Hire branch for everything you need to hammer, drill, fix and secure this year.