“The renovations sector tends to respond more quickly to lower interest rates than new home building does,” Housing Industry Association Sunshine Coast/Wide Bay branch manager Adrian Langford told the Sunshine Coast Daily.
Langford was commenting on the 1% increase in the value of approvals for alterations and additions on the Sunshine Coast from 2006-07 to 2007-08.
In addition, Housing Industry Association analyst Darren Barlow said the higher the value of the land, the more likelihood there was that owners would decided to renovate rather than sell and move. This was simply because land was priced because of its position, and people with property in good locations were loathe to shift.
Rather than face the transition costs involved in selling and buying, there is a shift to put money into improving the liveability of the existing property, the Daily reports.
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