A Prime Time For Home Renovations In Perth
As the housing market is currently in hibernation mode and we ride out the ongoing global pandemic, more residents are turning towards home improvements and renovations projects to improve the value and comfort of their property.
For owner-occupiers, this time in isolation has reinforced the value of home renovations for accessibility, style and functionality. For investors, this period of slowing property prices has created a prime opportunity to renovate ahead of the eventual market recovery.
It’s A Prime Time For Planning & Financing
Since isolation laws and restrictions have been introduced, Perth residents have found themselves spending a lot more time at home than ever before with more headspace to begin planning that future renovations project that may have been previously earmarked for another day.
It’s also never been a cheaper time to borrow money thanks to The Reserve Bank cutting its rates to a record low interest rate of 0.25%, so it really is an ideal time to consider your future home renovation in Perth.
Booming Demand For Home Renovations in Perth
We’re big fans of home renovations not only here in Perth but Australia-wide and this trend is continuing in its upward trajectory. In a recent article from Domain it was reported that our nation is currently experiencing a “home improvement frenzy” with approvals for home renovations at an all-time high at the end of 2019.
Major renovations totalled $8.49 billion in 2019, up from $8.43 billion in 2018 which was already a year experiencing a skyrocketing increase for renovations projects. When you take minor renovations into account as well, the total figure for renovations in 2019 grows to $36.3 billion as reported by the Australian Bureau of Statistics.
“If you look at the latest figures for 2019, then the number of approvals for major home renovations is at the highest level we’ve ever seen. And, until the last little while at the beginning of 2020, I think the activity has only been increasing.”
– Shane Garrett – Chief Economist at Master Builders Australia
Emerging Trends In The Renovations Market
Last year Houzz & Home Australia conducted a survey of over 8,800 homeowners to measure the type of renovations projects that were the most common throughout the nation in 2019.
The survey found that kitchens were by far the most popular form of renovations, followed by living rooms, then bedrooms, bathrooms and laundries.
Some of the nation’s most popular reasons for renovating include:
- Driving up the house value to allow for a faster sale and higher selling price.
- Improving the functionality, quality and visual aesthetic tailored to lifestyle.
- Extending and renovating with new configurations to support growing families.
- Providing additional comfort and support for ageing residents and tenants.
Begin Your Planning Phase
Since the planning phase typically takes around 3 to 9 months, it’s an opportunistic time begin planning for your future renovations project. You can start formulating your non-negotiables, design preferences and inspirations, as well as your “wish list”.
Planning for materials, timelines and budgets can be done at your home as we are still conducting site visits. Alternatively, you can also begin the planning phase with us online as we are now offering virtual consultations to clients during this time of social isolation, as explored in our recent blog which outlines our new services in light of COVID-19.
Set Up Your Home Office
Now that Australians are increasingly working from home, this has further added to the renovations spike, with more residents choosing to introduce home office workstations and setups.
We recently introduced our exclusive Nexus Office Pods which provide the perfect option for residents wanting their own private workspace, studio or home office that is separate to the house. With the ability to build off-site and install within just days, these have been a welcomed service for those in need a private, detached area to focus on their profession.
Find Your Inspiration
Our team of expert designers and builders have extensive experience with renovations in Perth and are always available to help you find your inspiration from our previously completed jobs.
As explored in a recent article entitled 5 things to think about while renovating mid-COVID-19, Vanessa Walker from Houzz suggests searching for and saving inspiring designs and photos to begin your research phase before reaching out to begin your project.
Our Resilient Perth Property Market
Whilst there is a fair bit of uncertainty in the marketplace at the moment, mostly around the duration and level of impact the pandemic is expected to have on our economy, an important thing to remember is that the Western Australian property market has always remained resilient even in times of economic uncertainty.
As an example, after the impact of the GFC (Global Financial Crisis) in 2007 passed and economies eventually bounced back to normality, the Western Australian property market experienced one of its largest ever booms to date.
Even though we are in a state of uncertainty and the property market will no doubt experience some levels of impact, the robust nature of property (or shelter) being an essential item will stand the market in good stead for braving the storm with optimism.
As seen below in a recent post from property expert Michael Yardney, chief economists have predicted a “short, sharp” recovery to the economy with things expected the return to normality in 2021.
Even more reason to begin the planning phase for your future project!
Business As Usual At Nexus
As we explored in our latest blog, the team at Nexus have introduced a variety of new services and processes to keep things business as usual down at our headquarters.
By focusing on convenience, training and safer building techniques, we’ve been able to limit the impact of COVID-19 on our operations, helping to keep the team busy with a variety of ongoing renovations down at our Cockburn facility, as well as throughout Perth.
Considering a Future Home Renovation in Perth?
It really is a great time to begin the planning phase for your future project, so if you have a project in mind, we welcome you to contact us today for a free design consultation.
Our team of experienced designers and builders can walk you through our range of options, including our modular renovations which provide the additional flexibility of being built and managed off-site for minimal disruption to your household.