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1.Market Observations, 8.Was Sticky

21 Sept 2019 (AFR) – The (home) renovation obsession is over

(21 Sept 2019, AFR, p8, Nila Sweeney, Reporter)

‘Despite the obsession with renovation, it appears that fewer homeowners and vendors are sprucing up their property this spring even as the markets have started to turn. An analysis conducted by ServiceSeeking, an online marketplace that lets consumers find and hire tradespeople, showed that the volume of renovation jobs posted over the past 12 months had fallen by 30.93 per cent. The average value of confirmed jobs had also plummeted, dropping by 36.93 per cent over the same period. The weakness in renovation activity was reflected in the latest data from the Australian Bureau of Statistics showing a 9.4 per cent drop in lending commitments for alteration and addition over the year to July.’

Read more at AFR.com (might need AFR login access, or try: AFR.com/trial)

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